July 2024 Denver Housing Market Update: Rising Prices and Inventory 

Thank you sir! Yeah, I was interested to see that condo inventory too, especially downtown. We'll see what the next few months bring!

@@livingindenvercol I keep hearing that Denver has a lot of new condos and apartments. Is that true?

@@ohiorealestate Condos, not really. In the last 2 years there's less than 1000 closed condos built after 2020. So not really. But, apartment wise there's quite a bit that's new. With condo defect laws it made more sense for developers to build apartments vs. condos.

There's a few things to unpack here I'd say. Lots of restaurants have been shutting down early since covid. I don't like to see that. But they can't get enough people to work. Traffic, meh, I actually think it's not bad at all, but that's in reference to big cities. Car thefts are high, but violent crime, we're actually really low on. Its nationwide with prices honestly. I'm in the business and I question where a lot of the money is coming from too. BUT, on the monthly payment side our taxes are so low that it offsets nearly 20% of our pricing because people aren't paying $10-$15k/year in property taxes.

@@livingindenvercol how can you say that the average Colorado home gained 37% value in two years? They tried to pass prop, HH which was supposed to be property tax relief, but really it just took tax away from Tabor. If property taxes are as reasonable as you say they are they wouldn’t have to try and pass property tax relief. Also, property taxes are calculated based on home value so the higher the value of your home the higher your property tax rate is. Even if you bought your home 30 years ago, it’s the based on the current value of your home. You also did not touch on the rising homeowner insurance rates because of the extreme weather (hail damage) and fire risk (Marshal fire) Increase car theft leads to increase car insurance rates. Crime is disproportionately high compared to the amount of people living in the Denver metro area. Denver PD is so short on police officers that they have stopped enforcing “minor” traffic violations such as expired tags, missing lights… which leads to lots of people just remind their plates.

@@Dfgbuiiyyyybb I didn't say house prices are up 37% in the last 2 years. We're exactly flat in the last 24 months. 5 years were up about 40%. We didn't pass prop HH. We're the 3rd lowest state for property tax rates. Only lower is Alabama and Hawaii. If you're in Aurora and you have the average house at $500k, you pay approx. $2100/year for property taxes. That same house in say Texas, would be $8,000/year. It is cheap, in comparison to 46 other states. That's correct, property taxes are a percentage of the county appraised value. Which is always low in comparison to market value. Almost always. We also live in amazing state. Not trashing on other states, but, this isn't Nebrasaka, or Oklahoma, or Ohio. We have cool shit here. Homeowners insurance is only starting to catch up to us. And I have seen it this year. I did not mention that. But I also didn't mention that our health care is some of the lowest in the country. Lots of things I didn't mention of why we're awesome. But, yes, insurance rates are getting scary in some places here in Denver. I don't see a solution there unfortunately. Do you? Increase in car insurance yeah, we have a lot of hit and runs and dumb stuff that's starting to jack us up there too. That's more recently though. Again, not sure what we can do about that. That's most of the country unfortunately. I did touch on the crime part in downtown Denver. That part is sad to see. I haven't had much experience with it, but I know it's real.

@@livingindenvercol prop HH didn’t pass because voters know it’s BS and just a bandaid and a way to slowly drain Tabor. That doesn’t mean property taxes aren’t sky rocketing. I have a friend who lives in Denver proper he told me his property tax went up 100% in the last 2 years %50 each year. The solution cap spending and start cutting back. Auto theft… means jail time. The problem with Colorado is they spend like NYC but they don’t have NYC money. Stop inventing new social programs.

@@livingindenvercol How long have you lived in Colorado? the traffic is horrendous compared to 10 years ago shoot even 5 years ago! people need to stop moving here, there ruining everything that was great about the state!