In recent years, the real estate market has been making a comeback, both nationwide and right here at home in Denver. In a post-recession rebound, Denver’s market has been strengthening over the past couple years and there are a few hints we can take from 2017 real estate data pointing to the hottest neighborhoods on the rise in the Denver area.
The strength of the market is in sellers’ favor at the moment. In 2017, home prices were up between 8 and 9 percent, which is strong but points to an inventory issue. With high demand and fewer houses on the market, prices get pushed up, favoring sellers. Last year, the average sales price in the Denver metro area was $428,237, up 8.1 percent over the previous year.
The luxury market is especially booming, with the number of listings priced above $1 million up 11 percent and values continue to rise in a number of highly-coveted neighborhoods in Denver, making them some of the hottest areas to live in and buy in right now:
BONNIE BRAE / WASHINGTON PARK
Developed in the 20s and home to one of Denver’s most vibrant neighborhood commercial districts, Bonnie Brae is a charming community whose beautiful original constructions help the community maintain its nostalgic character. The community is centered around a small elliptical-shaped park and offers outstanding amenities to its residents. Quiet, unique and with homes ranging from cozy 20s and 30s architecture on expansive green lots to modern new construction, Bonnie Brae has quickly become one of Denver’s most desirable communities to live in.
Located a few blocks away, 161-acre Washington Park and its namesake neighborhood provides residents with endless opportunities to enjoy all that Colorado living has to offer. With large playgrounds, walking and biking trails, immaculate gardens and gorgeous lakes, Washington Park provides green living in the city. The tree-lined streets around the park feature homes in several styles, blending historic and contemporary designs all within minutes of the park as well as Downtown Denver. There’s no doubting why Washington Park is one of the top neighborhoods for Denverites in 2018.
Offering its residents privacy, stunning views and charming historic homes, Hilltop is one of Denver’s most coveted neighborhoods. With Hilltop’s position above the city as well as its elegant residences sitting along quiet streets and large lots, this neighborhood provides peace of mind not found elsewhere in Denver. With 23-acre Cranmer Park at its center, Hilltop is filled with ample green space, picnic areas, playing fields and beautiful spots to enjoy panoramic mountain and city views and sunsets. Hilltop offers a mix of luxury real estate from 1950s ranch styles to large contemporary estates. Highly sought-after views, stunning residences with high-end fixtures, and plenty of privacy, Hilltop continues to be one of Denver’s most exclusive and attractive communities.
CHERRY HILLS VILLAGE
Located six miles south of downtown Denver, Cherry Hills Village is an airy rustic community and one of the country’s most affluent suburbs. Strict zoning laws keep commercial developments out of the residential neighborhood, keeping traffic to a minimum and maintaining the privacy of the community. Buell Mansion, a gated community, with homes designed by world-renowned architects feature stunning views of the surrounding mountains, provides even more seclusion and peace of mind to its residents. Cherry Hills Village’s sprawling luxury estates are unmatched by any community in Denver, quickly making it one of the city’s rising neighborhoods.