Remote Work Drives Denver Housing Market

Dee Chirafisi and team members Kevin Garrett and Matt McNeil of Kentwood City Properties see people relocate due to flexibility in the workplace.

Kentwood City Properties | Market Watch | Home & Garden Colorado
A LODO CHARMER 1735 19th St. #7B, Denver; 5,884 square feet; three bedrooms, five bathrooms; asking price: $4,700,000. Photo by Teri Fotheringham.

There is no question that the pandemic drastically changed the way we live and work. Kentwood City Properties team member Matt McNeil relates, “The fact that people can work remotely is driving the market. Many people are moving to be close to family, to their hobbies and to their dream location since they can now work from wherever they want.” Their clients span all ages and demographics, but the one thing they seem to have in common is the desire to live in the city or city-close neighborhoods. Downtown neighborhoods like LoDo, RiNo, Highlands and LoHi are very attractive, as well as Sloan’s Lake. With all these hot areas, Kentwood’s Dee Chirafisi says, “Buyers are having to reconsider where they can actually purchase based on price points.” Supply and demand still rule the day. As for market trends, she says “We are seeing all price points selling quickly. Single family homes are selling a bit faster than condos, but the condo market is starting to heat up. Buyers are coming back to the condo/loft market. Values are strong and inventory is lower than demand, so we expect values to continue to improve.” McNeil adds, “Buyers are still having to overbid. Those that want central are sometimes having to push a bit more into the suburbs.” As this trend continues, many buyers are likely to find happier, more convenient lifestyles as they rejoice in the end of those long commutes.

The Numbers

Median Closing Price: 2021: $475,000; 2022: $578.250

Average Closing Price: 2021: $576,321; 2022: $682,749

March Median Days on MLS: 2021: 5; 2022: 4

March Closed Listings: 2021: 7,625; 2022: 6,715

Photo courtesy of Kentwood City Properties.