Denver and Surrounding Areas Home Value
If buyers are currently looking for a home in the Denver area, it might be to the buyer’s advantage to seek a home in the areas that surround Denver. In the areas of Denver-Aurora Metropolitan, Lakewood, Thornton, Brighton, and Littleton, the market value of homes has increased by anywhere from 15 – 19 percent in the last year. In the same areas, the market value of homes is projected to increase another 4.5%, on average. Although the immediate effects of a home value increase are beneficial to the seller, eventually, a buyer will be able to see the return on the investment.
Between August 2014 and September of 2015, the average home valued increased by 17.0%; it is expected to jump another 5.0% in the next year. The average home value index of properties in Denver is currently listed at $322, 500. Although the market at this point is a buyer’s advantage, home value is increasing; therefore, if someone buys a home, they will benefit by the jump in value that is expected to occur. Depending on what a buyer is looking for, the homes in Denver at the aforementioned listing price may be smaller than what individuals or families are looking for. The houses listed as this price are typically less than 2,000 sq. ft.
However, if a buyer were to consider living in Littleton, Colorado (35 miles from Denver International Airport), they will find homes around the same price but with more bedrooms, bathrooms, and square footage. In many scenarios, a buyer could find a home listed at $325,000 with nearly 2,500 sq. ft.
If buyers would like to stay more close to Denver without getting in the heart of the city, Thornton is another viable option. Thornton, Colorado is a mere eleven miles from Denver International Airport and has a great housing market. The homes there are on par with the homes in Littleton; for a comparable price, buyers would be able to purchase a home with just under 4,000 sq. ft., and the same amount of bathroom and bedrooms. The increase in square footage allows for large living spaces, to include bedrooms.
Finally, a buyer might also consider purchasing a home in Lakewood, Colorado. The homes in Lakewood are very similar to those in Denver. The prices exceed $300,000 but the square footage may be less than what an individual is willing to receive for the price paid.
If as a buyer, someone has their heart set on living in the Denver area, it may be to their advantage to do extensive research to ensure they are getting exactly what they want i.e., square footage, number of bedrooms, size of bedrooms, number of bedrooms, size of the lot, etc. Even if the buyer is adamant on living in the Denver-area, it would be notable to look in the areas that surround Denver. Although some may be further away than expected, there are several other towns around Denver that have great prices as well as square footage in the homes on the market.
Even though it may seem like $300,000 is a lot to spend on a home, it is important to consider how the buyer will benefit as the years go by. Denver (and its surrounding areas) is a persistently growing area and homes in that area are increasingly more desirable. If someone buys a house in that area now, in 2015, there is a near guarantee that the market value of the home will increase and allow the purchaser to make a profit later on down the road.