If you have been thinking of contacting real estate brokers in Denver, CO, to ask about the prospect of selling your house, now may be a good time to do so.
The median home price in the city rose 10% in May to $420,000, according to Denver Metro Association of Realtors (DMAR) data. The higher price already caused listed properties on the market to increase by more than 9% year over year.
Houses For Sale
More than 6,400 homes went for sale by the end of May, based on DMAR’s figures. Metro Denver’s high-end residential market also continues to reap the benefits of rising home prices, as luxury houses continued to sell for at least $1 million.
The most expensive house sold in the city’s Cherry Hills Village cost $4.4 million in May. It has six bedrooms and 9,206 square feet of space. Other homeowners can still make a profit even if they live in lower-tier markets. By finding the right property broker, you can sell your house in Platt Park, Washington Park and Harvard Gulch for a premium.
Homes in Denver sell for a premium due to a strong demand. Some buyers are even willing to pay more than the seller’s asking price, which could be a reason for inflated home values. Industry experts said that the trend might continue in the near future.
Hence, home builders have decided to launch new projects to curb prices as much as possible. According to the Census Bureau, there were almost 17,200 housing approvals in the state year to date.
Before planning to put your house for sale, it’s important that you are well-acquainted with pricing trends to gain the best value for your property. You should also consult with brokers who are capable of putting your listing on the best position in the market.