Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Denver, CO, is certainly worth considering. Located in the heart of Colorado, the city of Denver is famous not only for its elevation (known as The Mile High City), but also for its modern Western culture. Nestled at the base of the Rocky Mountains, the city has a rich history, as it was founded during the Gold Rush. In the centuries since, it has expanded into a bustling metro surrounded by abundant nature for residents to enjoy. But what about the Denver real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you. Here are some of the top trends for January, 2024 in the Denver real estate market:
Denver General Statistics
- Population (city proper): 693,279 (down -3.3% since 2020)
- Population (metro area): 2,985,871
- Area (city proper): 153.1 sq. mi.
- Area (metro area): 8,344.6 sq. mi.
- Median Age: 35.1
- GDP: $288.8 Billion
- Unemployment rate: 3.2%
- Top employers: Denver International Airport, HealthONE Corporation, Lockheed Martin, Centura Health, SCL Health Systems, CenturyLink, Kaiser Permanente, Liberty Tax Service, Western Union Co., Comcast Corporation, University of Colorado health, Children’s Hospital Colorado, United Airlines, Wells Fargo.
- Highest paying jobs: Oral Surgeon, Oral and Maxillofacial Surgeon, Trauma Surgeon, Cardiologist, Senior Vice President - Operations, Vice President/Managing Director, Psychiatrist, Urologist, President/Chief Executive Officer, Oncologist.
- Median income (per capita): $59,271
- Median income (household): $88,271
Denver Real Estate Market Statistics
- Neighborhoods: 195
- Homes for sale as of January 2024: 1,975
- Median list price: $580K (down 9% Since September 2023)
- Median sold price: $530K (down 2% since September 2023)
- Sale-to-list price ratio: ~99%
- Median price per square foot: $386
- Median days on market: 71 (up 43 year-over-year)
- Rental vacancy rate: 9.8%
- Homeowner vacancy rate: 5.6%
- One-year appreciation rate: -1.7%
- Average rent: $1,979
- Price-to-rent ratio: 26.2
- Most expensive neighborhoods:
| Neighborhood | Average Monthly Rent | Median Listing Price |
| Country Club | $2,913 | $1,749,998 |
| Hilltop West | $4,953 | $1,512,387 |
| Four Square Mile South | $3,027 | $1,450,793 |
| Washington Park | $4,609 | $1,236,924 |
| Cherry Creek | $4,000 | $1,246,011 |
- Least expensive neighborhoods:
| Neighborhood | Median Monthly Rent | Median Listing Price |
| Crossland | $2,136 | $391,625 |
| Monbello Southeast | $3,118 | $424,411 |
| Western Hills | $2,373 | $417,461 |
| Westwood South | $2,150 | $326,318 |
| Northeast Denver | $2,315 | $428,501 |
Final Thoughts: The Denver Real Estate Market in January 2024
The Denver real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Denver real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Denver home or one hundred, you don’t have to go it alone. If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
- Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
- Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
- Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
