The April market trends report from the Denver Metro Association of Realtors showed that the price increases in the first months of 2022 aren’t slowing. The new average cost for a detached home in the Denver area jumped by nearly $60,000 over the course of a single month, landing at $797,700, an all-time record. And while this average is skewed by the inclusion of luxury home sales, the median price for detached homes in March also leapt up, to $660,000.
Even homes in more modest neighborhoods are seeing huge increases. As of late January, the median sales price in the 80216 zip code, which encompasses much of Globeville and neighboring Elyria-Swansea, stood at $399,000 — a relative bargain by current Denver standards. However, that number represented a 21.6 percent increase over the previous month, and a hefty 47.74 percent leap from two years earlier. The impact is epitomized by a two-bedroom, one-bathroom, 1,162 square-foot house at 4455 Pennsylvania Street. The property sold for $150,000 on December 8, 2015. A little over six years later, on December 30, 2021, it went for $631,000 — a difference of $481,000.
And the increases are just as dramatic in other parts of the city. We tracked five houses located everywhere from Sloan’s Lake to West Highland, as well as the Virginia Village, Congress Park and Speer neighborhoods, that are slated to go on the market this week or already listed. All are priced in what has become the average range — from $745,000 to $890,000 — and the value of each has climbed by at least $500,000, with the biggest jump exceeding three-quarters of a million bucks.
Granted, that particular increase stretches back 25 years. But all of the homes were sold between then and now, and the largest price hikes have taken place in recent years.
While some of the listings tout updated features (new appliances or air-conditioning systems, for instance), none appears to have undergone a major renovation or expansion. This is simply what they’re worth now, which is a lot more than they used to be — and it’s unlikely that they’ll go for their asking price. The latest DMAR trend report estimates that the average closing figure for a detached home in Denver last month came in at 106.73 percent of list.
Continue for details about the five homes from their original listings, including earlier sales prices and what their price tag is now (or when they hit the market), ranked from the smallest to the largest increase in value.
The home at 3384 West 29th Avenue.
Google Maps
5. 3384 West 29th Avenue
$745,000
Three bedrooms
One bathroom
1,183 square feet
Neighborhood: Sloan Lake
Oldest sales price listed: $225,000 (December 7, 2005)
Value increase: $525,000
Other sales prices listed:
$210,000 (February 28, 2006)
$249,000 (May 13, 2006)
$420,000 (July 20, 2016)
$505,000 (January 7, 2020)
The home at 3720 Lowell Boulevard.
Google Maps
4. 3720 Lowell Boulevard
$810,000
Three bedrooms
Two bathroom
1,350 square feet
Neighborhood: West Highland
Oldest sales price listed: $284,000 (March 6, 2006)
Value increase: $526,000
Other sales prices listed:
$423,000 (August 28, 2014)
$540,000 (August 31, 2017)
3. 1265 South Honey Way (See photo at top of post)
$725,000
Four bedrooms
Three bathrooms
2,172 square feet
Neighborhood: Virginia Village
Oldest sales price listed: $130,000 (December 18, 1997)
Value increase: $595,000
Other sales prices listed:
$172,500 (July 5, 2002)
$202,500 (December 6, 2007)
$462,500 (October 27, 2021)
Available April 14
The home at 2706 East 12th Avenue.
Google Maps
2. 2706 East 12th Avenue
$890,000
Three bedrooms
Two bathrooms
1,952 square feet
Neighborhood: Congress Park
Oldest sales price listed: $200,000 (April 4, 2002)
Value increase: $690,000
Other sales prices listed:
$272,000 (October 31, 2011)
Available April 13
The home at 68 South Grant Street.
Google Maps
1. 68 South Grant Street
$875,000
Three bedrooms
Three bathrooms
2,149 square feet
Neighborhood: Speer
Oldest sales price listed: $117,000 (July 24, 1997)
Value increase: $758,000
Other sales prices listed:
$185,000 (March 28, 2001)
$402,500 (September 12, 2006)
$474,500 (June 29, 2012)
$575,000 (September 1, 2015)
Available April 14
