Home News Denver just below New York on Zillow list of most costly homes

Denver just below New York on Zillow list of most costly homes

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California is still home to some of the most expensive housing in the United States, but the Denver metro was just $4,176 less than New York City in 2022. Zillow House Price IndexAnd home prices here have shattered markets like Washington, DC, Portland, Oregon, and Miami.

Denver’s ranking on the Zillow HPI was the eighth highest among the 51 cities tracked at the end of last year with $614,979, just behind New York at $619,155 and Sacramento, Calif. at $582,243. surpassed. However, a Zillow report found that the slowdown in housing was more pronounced in Denver than in many other markets, and if it became cheaper to buy a home in New York City than in Denver, the slowdown could be delayed. I have.

“It’s true that with higher mortgage rates, demand experienced the biggest pullback in the most expensive markets and the markets that were the most enthusiastic during the pandemic, and Denver has stepped into both categories. “Affordability is a key factor in the market cooling, and we’re seeing more activity in areas with lower home prices,” said Jeff Tucker, senior economist at Zillow.

Assuming a 20% down payment, the average mortgage payment to support a typical Denver home was $3,107 in December, the seventh highest overall. Due to lower mortgage rates, his monthly payments fell 1.1% from November. But the person who bought a typical Denver-area home in her December paid 56% more than she did in December 2021.

In December 2021, the Denver subway took a median of five days for homes to ship off the shelf in December 2021, up from 30 days to 35 days last month, according to Zillow. Nationally, the median number of days it took him to sell a home increased from 17 days to 30 days. Denver recorded his ninth-largest increase in days in the market, but not as severely as Las Vegas, Phoenix and Austin, Texas, where he added more than 40 days to the median number of days in the market.

Despite that rapid rise, Denver’s market days were around 28 in December 2019 and around 27 in December 2018, not much above pre-pandemic levels.

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