The Denver housing market in 2023
You can’t beat the amenities in Denver, Colorado.
Denver, Colorado, also known as "The Mile High City," has a beauty that few other cities possess. Situated at the base of the breathtaking Rocky Mountains, the view is spectacular from just about anywhere in the city.
Close to snow skiing and winter sports, Denver also offers urban amateur sports leagues and activities in the form of lacrosse, softball, soccer, white water rafting, fishing, and much more. If you are into professional sports, Denver boasts all the major sports leagues, including the NFL, NBA, and MLB.
There's little need to worry about a game being rained out, since Denver averages nearly 300 sunny days per year. The Mile High City offers something for everyone, and there is no lack of things to do.
This dog-friendly city has world-class museums such as the Denver Art Museum, the Denver Museum of Nature and Science, and a breathtaking botanic garden sprawled over 24 acres. Perhaps the most unusual museum in Denver is the International Church of Cannabis, which features art, light shows, and yes, a nondenominational church.
If museums, sports, and outdoor activities aren't your thing, there's plenty more to love about Denver. Breweries, diverse cuisine, great shopping, and a lively nightlife contribute to creating an engaging urban environment. The housing market in Denver is stable and leveling out from the last few years.
The housing market in Denver, Colorado
At the beginning of 2022, the Denver housing market was a feeding frenzy, with houses having multiple offers as Americans played "musical chairs" between U.S. cities. Interest rates were low. To say it was a seller's market is an understatement.
Then, inflation hit, and the Federal Reserve started raising interest on mortgage loans. According to Forbes in March of 2023, "The average mortgage rate for a 30-year fixed is 7.09%, a steep climb from 3.22% in early 2022. The average cost of a 15-year, fixed-rate mortgage has also surged to 6.31%, compared to 2.43% in January 2022."
With interest rates so high, buyers have slammed on the brakes, waiting and hoping for rates to go down. In Denver, according to Redfin, “House prices in January 2023 were up 1.3% compared to January 2022, and spent about 44 days on the market, up longer than the 36 days from a year ago.” Although Denver is still a seller’s market, it may flip this year.
The exodus from Denver
Despite the numerous benefits of living in Denver, many people are leaving. According to Redfin, in December 2022, 25% of people in Denver searching for houses were looking outside of Denver.
Most experts put the reason down to high housing prices and high cost of living in the metro. Of the Americans moving to Denver, most are in the high-income bracket.
Various ways to sell your house in Denver
If you want to escape the high cost of living in Denver to live where your money goes further, you may be considering selling your house in order to move.
Selling the traditional way through a real estate agent is complicated, lengthy, and costly. Agent commissions generally run around 6%. If your home is worth $200,000, the commission amounts to $12,000.
Additionally, with inflation rates so high and the cost of materials and labor so outrageously expensive, especially in Denver, you may want to consider selling to a reputable cash home-buying company that buys houses “as is.” We Buy Ugly Houses® is considered by many to be one of the best companies that buy houses for cash.
When you sell your house in Denver to We Buy Ugly Houses, you don’t have to pay exorbitant prices to get your house ready to sell. Since we buy houses “as is,” there’s no need to clean up your property or make repairs. You can even leave behind any unwanted possessions. We’ll take care of them.
Why trust We Buy Ugly Houses®?
Of the companies that buy houses for cash, only We Buy Ugly Houses is America’s #1 home buyer. We have been in business since 1996 and have bought over 140,000 houses in Denver and across the nation. We’re proud to say that our satisfied sellers give us a 96.1% approval rating and terrific reviews.
We make selling easy. Simply give us a call to set up a free, no-obligation consultation with one of our local property specialists at your house. While there, our specialist will answer all your questions and take a tour of your property. We can frequently give you a fair cash offer on the house the very same day. If you accept our offer, we can close quickly, often in as little as three weeks.
Call us today at 866-200-6475 to sell your house without having to make expensive repairs and pay high real estate agent commissions.