An article in the Rocky Mountain News this morning about our Denver real estate market alerted me to the fact that many popular areas of Denver are still appreciating quite impressively. The focus of the piece was in regard to the Arvada zip code of 80007, where the median home price stands at $519,989 - leading the Denver metro area.
We all know that statistics need to be put in proper context to allow for proper interpretation and this one is no different. Many areas in the metro area (Cherry Hills, Cherry Creek) have a much higher median price, but share zip codes with less affluent areas. In fact, for buyers that are looking for a home in the $500k+ range and most value quality, square footage and space, the 80007 zip code is actually quite a bargain!
One of the most interesting tidbits in the article that I found helpful were the zip code statistics listed at the bottom. The zip code with the highest price appreciation since 2006 (peak period for Denver metro median home price) was 80202. This zip code covers much of lower downtown Denver (LoDo) and helps to build a case that hot Denver neighborhoods are still hot. Another zip code 80212 that is located in the up and coming Highlands neighborhood, is 8th on the list for highest appreciation.
I know that some buyers and agents have traditionally turned their noses up at Highlands Ranch. I've even heard them throw around terms like "urban sprawl" and "cookie cutter" for the area. But low and behold 80126 that covers much of Highlands Ranch appears 3rd on the list for highest appreciation with 13.9%.
Comments(0)