Home prices in the Denver metro area have risen by an average of $94 a day over the past decade

Colorado residents who were fortunate enough to have owned a home in 2011, and with the foresight to have kept it, have reaped some of the largest home value gains in the country outside of California, according to a study of Point2Homes.com, a real estate portal.

Point2Homes studied house price gains in 187 metros between 2011 and 2021, converting this increase into an average daily gain for each metro. Two Colorado metros – Boulder and Denver – made the top 10 in daily gains, while Fort Collins and Colorado Springs led the total increase in mid-size metros.

“Boulder is one of eight subways where prices have increased by more than $100 a day for 10 years. Additionally, Colorado Springs and Fort Collins were also among the top 10 mid-size metros that saw the largest home price increases over 2011, with 10-year additions of $245,700 and $264,820. , respectively,” said Andra Hopulele, Point2Homes Senior Writer. .

Boulder ranked seventh nationwide with average net worth gains of $107 per day and ranked second among midsize metros after Naples, Florida, where prices rose on average $117 per day. Home prices in Boulder have risen from $353,100 to $782,700, a 121% gain in 10 years, according to home price figures from the National Association of Realtors.

Metro Denver ranked 10th out of 187 metros, with an average daily home price gain of $94 per day and a price increase of $231,400 to $607,100, a gain of 162.4%. The study did not cover the first half of 2022, when prices soared even faster. Hopulele said the index used by the study puts Denver’s typical home price at $695,800 as of June 30.

Detroit posted the largest percentage gain in home prices of any metro surveyed at 356.6% after prices rose from $53,800 to $245,700. Although impressive, the starting point was low and the average daily gain was $48.

Demand markets that started with high house prices saw the largest average daily gains. The four were all California metros – San Jose, San Francisco, Anaheim and Los Angeles – where average daily earnings ranged from $266 to $123. But some high-priced markets in 2011 lagged, including New York, New Jersey and Connecticut.

“Even right now, Colorado is a seller’s market, with demand far outstripping supply, and that’s the main reason prices have been rising at such a dizzying rate,” Hopulele said.

The state has a high concentration of millennials reaching the age where they want to buy a home, and the state has found itself a popular destination with remote workers, she said. The pandemic has also pushed more homeowners to try a size increase in a market where new builds were hampered and unable to keep up with demand.

“Low interest rates have distorted the market to quite a significant extent, especially as they have dampened the impact of rapidly rising house prices. Today, rising interest rates, combined with record home prices, have forced many buyers to simply pause their buying process to see what happens next,” Hopulele said.

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