Best Locations For Denver Real Estate Investment
It’s hard to beat living in Denver. The metro area is large enough to give you a big-city feel, without compromising opportunities to stretch out or enjoy the gorgeous surroundings. Of course, lots of people are realizing the city’s potential, which is why real estate is such a hot commodity. With a strong economy and excellent long-term growth, Denver makes a great choice for real estate investment. Check out the best places in Denver to invest in real estate.
Denver Real Estate Market Update
Denver real estate investment is a hot and tricky prospect in 2022. Although many metro areas nationwide are facing low numbers of available housing, most of the Denver area has less than a month of inventory. The median time on the market for most properties is four to six days. At the end of 2021, Denver homes sold for about $615,000, an annual increase of nearly 22%. With rent averaging about $1,900 per month, the best investment depends on the area.
Best Neighborhoods for Denver Real Estate Investment
While Denver properties are getting snatched up in record time and the prices keep rising, there are still areas with a lot of potential for investors. With a metro population of about 3 million people, Denver is full of neighborhoods with their own trends. Here is a list of the best
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Chaffee Park offers a lot of flexibility to the investor, with a combination of moderately priced single-family homes and affordable condo units. After plenty of volatility in 2021, it seems that the neighborhood market is starting to level out. The median sale price has shifted significantly as a result, ranging from $300,000 to $600,000, depending on the source. Rent is about $1,400 per month, mostly reflecting properties on the lower end of that range. Investors who want a neighborhood with a lot of advantages and a little more room to negotiate may want to start here.
There’s a lot of demand to get into the Highlands neighborhood, and for good reason. Its tree-lined streets and Victorian homes sit a short distance from downtown Denver, with a distinct feel that combines urban and suburban. Median housing prices here are about $700,000 to $800,000, with a broad range spanning $400,000 to $1.5 million or more. Since rent runs about $2,300 per month, it can be a great investment for one of the neighborhood’s many condo units.
Compared to other parts of Denver, Hampden is a bargain for investors looking to buy and fix to rent. This neighborhood is full of parks and green spaces, positioned next to Cherry Creek State Park. Median sale price runs about $400,000. Over the past year, Hampden has trended toward a buyer’s market, which means that prices have dropped somewhat from last year’s peak. With rent at $1,500 to $1,800 per month, there’s a lot of potential to get a property at a good price and make steady rental income for years.
North Park Hill
Investors looking for a quick return may want to check out the neighborhood of North Park Hill. With the median sale price around $650,000 and double-digit growth in the past year, the current market for North Park Hill is hot. This desirable neighborhood is known for its beautiful homes and great schools. There are plenty of properties in the area that need a little extra care, which could provide a good opportunity for fix and flip investors. Take a look at Renovo’s loan programs to learn more.
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There are still a few neighborhoods on the low end of the price range for Denver investment real estate, and Windsor is a great one. This area provides wonderful opportunities for investors who want to fix and flip or buy and rent. At about $250,000 for a median sale price, homes in Windsor are much lower than the other neighborhoods on this list. With 15-20% growth in the past year and rent around $1,800 per month, buying in this neighborhood could be an excellent choice for almost any kind of investment project.
The best areas in Denver to invest in real estate have a combination of steady growth, moderate supply and strong rent prices. All the neighborhoods on this list would make a wonderful investment. Contact us at Renovo Financial to get started.
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