We posted this on our Mile High Urban Living Facebook page last week and want to get this positive news on the blog as well. The Today Show recently ran a piece about rebounding housing markets around the United States. Their expert selected Denver, CO as the real estate market most likely to experience a housing rebound, see the video below:
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The Characteristics of Rebounding Housing Market
According to segment, there are 8 major characteristics of a real estate market ripe to rebound. They are:
- Good job growth potential.
- Growing population.
- Location and good weather (Denver has over 300 days of sun a year!).
- Lot’s of first time home buyers.
- No overbuilding of condos and office space.
- Vital downtowns where people can live without a car.
- Well educated community.
- Large number of foreclosures early.
Based on these criteria, Denver was chosen as the housing market most ready to rebound . Rounding out the top 5 where also Raleigh, NC, Austin, TX, Seattle, WA, and San Fransisco, CA.
The Future for Denver Homes and the Real Estate Market
Given the push toward green and investments in renewable energy, the Denver area is well positioned to take advantage of this shift in the economy and have job growth on this front. The $8,000 tax credit for first time home buyers is also doing a lot to stimulate activity and help reduce the available inventory of lower priced homes. In addition to these factors, Colorado is experiencing population growth, picking up a good number of new residents leaving California as they hit some bumps in the road.
All in all, this is great exposure and good news for Denver home owners and home buyers. A favorite expression among real estate professionals is that all real estate is local. There may be national trends but local markets may have very different activity taking place. Even within the Denver real estate market, we have areas that are still declining along with neighborhoods that have continued appreciating. In a recent post about the Case-Shiller Index and Denver , we mentioned that Denver housing prices are now at about 2002 levels and one of the best performing in the 20 cities included in this Index.
Contact Mile High Urban Living for more information on specific communities to see how they’re performing or check out our free online home search tool .
{ 2 comments… read them below or add one }
Great information Derec. Don’t forget about the opportunity for expansive job growth with Colorado having a great platform to support renewable energy development. Sure am glad I live here!
The more I’m learning about Colorado, the more it makes sense that housing is doing comparatively well. I’m lucky that DocuSign is in Seattle (another city you mentioned) and I’m able to be in Colorado (with the #1 rebounding housing market).