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Are homeowners really fleeing the city?

There’s been a lot of talk about urban real estate lately and whether people are moving out of city centers around the country to flock to the suburbs. For some people, this is definitely true. Some homebuyers believe the “work at home” trend is here to stay and they want the type of space only larger suburban homes provide. Some cities, including Denver, have seen a sharp rise in homelessness and fear the impact it will have on their lives and their home values, so some buyers are avoiding urban areas because of this. In many cities, the urban core is the most expensive part of town, while the suburbs are more affordable. This is also influencing some buyers and steering them toward the suburbs.

But what are we really seeing in Denver? In the city, more homes sold this past July than at any point during the past five years. While some people may interpret that as “flight” from the city, it’s important to understand that all those homes found buyers, so people were moving into the city, too. From May through all of September, the average home in the city of Denver sold after fewer than 10 days in the MLS. If there wasn’t much demand, it would be taking longer for these homes to sell. Last month in Denver, the average sold price for a home was $469,500, which isn’t the highest it’s been in the past five years, but isn’t far off. The highest average price in the city was in July when homes sold for $480,000. The past seven months have seen the highest average home prices within the city of Denver during the past five years. If people didn’t want to live in the city, prices would be heading down, not up.

So, while urban living isn’t for everyone and some people ARE selling homes in the city for a variety of reasons, there’s still high demand for homes downtown. Those of us who have lived in Downtown Denver know that city living has a ton to offer – the ability to walk to stores, restaurants and parks, a variety of types of homes, easy access to transportation and – believe it or not – a fantastic sense of community and neighborliness.

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Call David and Tom at The Principal Team at 720-408-7409.

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