Buying a house is not easy in Denver, but some people are pulling it off.
The real estate market is sluggish, high interest rates are keeping many current homeowners in place and potential buyers out of the market.
And none of this is expected to change much in 2024. After years of rocketing prices, things are predictable, if still prohibitively expensive for many.
The median price for a metro Denver house in November was $580,000, down 1.69% from the same time in 2022, but nearly 40% higher than the median price in the November before the pandemic.
New data from the Denver Metro Association of Realtors shows just who purchased a home in 2023.
Older Zoomers and Millenials dominated homebuying, with 25- to 44-year-olds comprising more than half of the people who purchased homes.
The median age of Denver homebuyers was 43.
The households buying in 2023 were making a median income of $146,900.
What about family status?
Married couples made up 60% of the homebuyers, while 10% were unmarried couples.
Another 16% of homebuyers were single women and 10% were single men.
Just 27% of buyers had children under 18 living at home, suggesting the city continues to be a place dominated by people without kids in their households.
Intergenerational families living together are also in short supply in Denver, where just 11% of buyers were purchasing a multi-generational home.
Having families live apart potentially decreases the possible density within single-family homes and could drive prices higher.
Of the people buying in 2023, just 34% were first-timers.
As far as race goes, white people made up 82% of the buyers.
Latinos made up 5%.
Black buyers made up just 2%.
Asian and Pacific Islanders comprised 8%.
Another 3% identified as "other."
In short, Denver's homeowners are becoming whiter, younger and wealthier, with fewer family obligations in their households.
