Metro Denver's housing market value hits $628B
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Metro Denver's once red-hot housing market is finally cooling — dipping $10 billion in value over the past year — but its overall worth still totals $628 billion, per a Zillow analysis out this month.
Why it matters: Signs of buyer's market continue to emerge, with metro Denver residential listings hitting a 14-year high in July, the Denver Post reported this week.
By the numbers: The region's $10 billion decline in value ranks 41st among the nation's 50 biggest metros, according to Zillow's analysis. Though only a 1.6% dip, it's notable after years of runaway growth.
- Since February 2020, metro Denver has still added $175 billion in housing wealth.
Zoom in: New construction since early 2020 has helped cushion Denver's slowdown, making it slightly easier for buyers to find their footing and boosting the metro's housing value.
- The share of market gains tied to new builds is up 12% compared to five years ago.
What they're saying: Though home values are down on a year-over-year basis, "Denver area homeowners still have plenty of equity built up," Zillow senior economist Orphe Divounguy tells us.
- Typical homes here are "still worth much more than before the pandemic" by about 30%, Divounguy says.
The big picture: Denver's year-over-year downturn mirrors a broader reshuffling of housing wealth across the country.
- Pandemic boomtowns in the South and Mountain West are losing steam, while the Northeast and Midwest are driving fresh growth, Zillow's analysis found.
- Nationally, housing wealth hit $55 trillion in June — a record high and up 57% from 2020 — but just 1.6% higher than last year as growth has cooled.