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Denver-Aurora-Lakewood, CO housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $281 | $299 | $296 | $287 | -4.7% | 6.4% | -1% | -3% | |
| Active Listing Count | 4,618 | 4,948 | 7,022 | 12,052 | 145% | 7.1% | 41.9% | 71.6% | |
| Median Days on Market | 59 | 61 | 74 | 63 | 55.3% | 3.4% | 21.3% | -14.9% | |
| Share of listings with price increase | 1.1% | 1% | 0.9% | 0.8% | |||||
| Share of listings with price decrease | 18.9% | 19.5% | 24.1% | 27.4% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Denver-Aurora-Lakewood, CO MSA Overview
| Area | City/town | Population | Density | Income | Quality of Schools | Crime level | Property tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Central Core | Denver | 731,868 | 4,781/sq mi | High ($91,681 median household) | GreatSchools 4-10 | Moderate-high | 0.62 county avg | Urban hub, diverse neighborhoods |
| Central Core | Aurora | 407,211 | 2,498/sq mi | Medium | GreatSchools 3-9 | High in parts | 0.70 Arapahoe avg | Multicultural, growing suburbs |
| West Suburbs | Lakewood | 157,014 | 3,613/sq mi | Medium-high | GreatSchools 5-9 | Moderate | 0.58 Jefferson avg | Family-friendly, near mountains |
| North Suburbs | Thornton | 147,813 | 4,049/sq mi | Medium | GreatSchools 4-8 | Low-moderate | 0.65 Adams avg | Rapid growth, affordable |
| North Suburbs | Westminster | 114,964 | 3,636/sq mi | Medium-high | GreatSchools 5-9 | Low | 0.65 Adams/Jefferson | Commercial centers, parks |
| South Suburbs | Centennial | 109,015 | 3,615/sq mi | High | GreatSchools 7-10 | Low | 0.70 Arapahoe avg | Upscale, excellent amenities |
| South Suburbs | Littleton | 44,699 | 3,542/sq mi | High | GreatSchools 6-10 | Low | 0.58 Jefferson avg | Historic charm, top schools |
| Foothills | Arvada | 121,250 | 3,111/sq mi | Medium-high | GreatSchools 5-9 | Low | 0.58 Jefferson avg | Proximity to recreation |
| East Suburbs | Commerce City | 72,109 | 1,974/sq mi | Medium-low | GreatSchools 3-7 | Moderate-high | 0.65 Adams avg | Industrial, developing residential |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- MSA population around 3 million in 2025, up from 2.96 million in 2020.
- Median household income in Denver County at $91,681; suburbs like Centennial and Littleton exceed $120,000.
- Statewide median personal income per capita $65,000; higher in Douglas County at $80,000+.
- Bachelor's degree or higher: 45% in Denver, 55%+ in Boulder-adjacent areas like Broomfield.
- High education levels drive tech and professional jobs; 35% median age reflects young professionals.
- Income inequality evident: central Denver mixes high earners with lower-income renters.
Key Economic Sectors
- Technology and aerospace: Lockheed Martin, Ball Aerospace hubs in Jefferson, Broomfield counties.
- Energy: Oil/gas in Weld-adjacent areas, renewables growing in Adams County.
- Healthcare: UCHealth, Denver Health employ 100,000+ across MSA.
- Tourism and recreation: Ski resorts in Clear Creek, Gilpin draw seasonal workers.
- Professional services: Finance, law firms concentrated in Denver core.
- Logistics: Denver International Airport supports distribution in Aurora, Commerce City.
- Government: Federal centers in Lakewood, state jobs in Denver.
Housing Buying Market: Supply Drivers
- Zoning openness varies: Denver upzoned for multifamily in 2022, but suburbs restrictive.
- Regulatory strictness high: Impact fees rose 20% in Adams County since 2023.
- Construction workforce costs up 15% due to labor shortages, migration slowdown.
- Building permits down 31.5% in Denver from 2021 peak to 2023.
- Land scarcity in core areas; foothills limited by topography.
- New supply focuses on townhomes in Thornton, Commerce City.
Housing Buying Market: Demand Drivers
- Net migration to MSA fell 66% since 2014, 70% slowdown by 2024.
- Domestic in-migration declining sharply; international steady but small.
- Growing industries: Tech/biotech in Boulder corridor pulls to Westminster, Broomfield.
- Remote work sustains demand in exurbs like Castle Rock, Parker.
- Declining sectors: Traditional energy slows east side growth.
- Projections: Net migration peaks 2028 at 29,272, then drops 20% by 2029.
Key Challenges on the Housing Market
- Affordability crisis: Median home price $550,000, up 50% since 2020.
- Inventory shortage: Months of supply under 2 in most areas.
- Migration decline reduces buyer pool amid high interest rates.
- Insurance costs rising due to wildfire risk in foothills, Park County.
- Water rights constraints limit new development in south exurbs.
- Homelessness up 20% strains urban rental markets.
- Property taxes increasing: Average mill levy 70-100 statewide.
Investment Potential Differences Between Geographic Areas/Regions
| Area | Appreciation potential | Risk | Key drivers | |||||
|---|---|---|---|---|---|---|---|---|
| Central Core (Denver) | Medium | High | Urban renewal, job density; crime, density risks | |||||
| South Suburbs (Centennial, Littleton) | High | Low | Top schools, low crime, family migration | |||||
| North Suburbs (Thornton, Commerce City) | High | Medium | New construction, affordability, airport proximity | |||||
| West Suburbs (Lakewood, Arvada) | Medium-high | Medium | Mountain access, balanced growth; wildfire risk | |||||
| Foothills/Outer (Clear Creek, Park) | Low | High | Scenic appeal; supply limits, disaster risks | |||||
| East Exurbs (Elbert County) | Medium | High | Land availability; commute times, water scarcity |
To view all table columns, please open this table on a laptop or desktop screen.
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