What The Denver Housing Market Looks Like As We Get Deeper Into 2023

According to the Census Bureau’s 2021 American Community Survey 5-Year Estimates, Denver is now the 19th biggest city in the United States, with a population of 711,463, as of 2021. Denver has witnessed dramatic growth in recent decades. From 1990 to 2021, Denver’s population increased by 52.1%, from 467,610 to 711,463. As with cities of the Pacific Northwest and West Coast in general, much of Denver’s growth over the course of the 2000s and 2010s was due to a large influx of Millennials.

Given this substantial growth, the Denver housing market experienced a striking rise in home prices and demand. Based on data sourced from Redfin
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, the 12-month average (March 2022 to February 2023) median sale price for a home in Denver is $584,548. That is up 46.2% over the last five years, from a 12-month average (March 2017 to February 2018) median sale price of $399,804. However, like many other housing markets across the United States, rising mortgage rates in 2022 helped contribute to a cooling off housing market activity, such as rising levels of housing inventory, in several of the cities that comprise the Denver metro area.