$606,330…that was the average price for a detached home in August, up 5.56% year to date. Record low inventory and high buyer demand continues to push up home prices in the Denver area.
- Denver has the fifth-best real estate market out of the cities with more than 300,000 people. Seattle scored the highest, followed by Nashville and Austin. Colorado Springs came in at number four.
- It appears millennials are on the move. As this demographic ages, they are outgrowing high-rise living and leaning towards areas that offer more space.
- COVID-19 induced supply chain problems are causing lumber shortages from US and Canadian suppliers. This most certainly will have an impact on buyers looking to buy a new home. On the CBOE, lumber is currently trading at record highs up 142.5 percent from a year ago.