DENVER (KDVR) — As warmer weather approaches, Colorado’s housing market is expected to heat up.
Ron Throupe, an associate professor of real estate for the University of Denver, said there is likely to be a trend down in interest rates as the year goes on, but nothing drastic.
Denver rent prices increased in January
“The supply of houses in Denver has been low compared to the demand over the past four to five years, in particular,” Throupe said. “Even now, with interest rates high, the demand is down because less people can afford, but there’s sufficient demand that still eats up the supply that’s on the market, so that’s why you haven’t seen prices come down.”
Based on data from the Colorado Association of REALTORS , the cheapest month to buy a home in the Denver metro area last year was December with a median price of $593,500 while the most expensive month to buy was June with a median price of $625,000.
“You’ll see them on the market February, March, April,” Throupe said. “That tends to be where people are looking the most these days. It used to be summer, now it’s gone to spring and that being the case, there’s many more buyers in the market during that time period, so you’re going to compete more.”