Last year, it was announced that Denver was expected to be one of the hottest housing markets in 2021.
The city, and Colorado in general, has been experiencing more sales, meaning prices are at an all-time high. Earlier this year, FOX31 reported that the average price of a home in Denver had topped $600,000.
In addition, Colorado is seeing a record low inventory of homes for sale, which is also causing prices to spike.
A year ago, there typically would have been 14,000 units for sale in the area. As of now, there are only 2,300 available units on the market from Colorado Springs to Fort Collins, reports FOX31.
Homes that cost a million dollars are become more and more common, especially in Denver.
To update residents on the current housing situation, FOX31 decided to check out what $1 million would get you in Denver's housing market today.
In Denver's West Washington Park neighborhood, a house on Emerson Street was listed for $995,000 last week.
Realtors told FOX31, the days of a million-dollar home meaning it's a mansion are behind us.
Another home in Broomfield with 3 bedrooms and 3 bathrooms is on the market for $990,000. In Boulder, a five-bedroom and 4-bath home is listed at exactly $1 million.
"The one in Boulder that’s a million dollars, it’s not very big. It’s a lovely house, but it happens to be on kind of a busy street. But it will sell. It’s priced properly for the area," Kelly Moye with the Colorado Association of Realtors told FOX31.
Moye believes it'll be at least one to two years before residents can expect home prices to level off.
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