Building Costs Per Square Foot in the City of Denver (CO), USA

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Newly Renovated House in Denver 215 Hudson Street CO-80220 - 4 Bedrooms 4 Baths with Attached Garage on Gross Floor Area 3,219 sqft - Built in 1957 - Price $1,650,000 (4)

Newly Renovated House in Denver 215 Hudson Street CO-80220 – 4 Bedrooms 4 Baths with Attached Garage on Gross Floor Area 3,219 sqft – Built in 1957 – Price $1,650,000 (4)

Residential Construction Market Analysis in the City of Denver (CO), USA

Building costs are 8% above the national average in the City of Denver in Colorado. Everyone dreams of owning their own home, but not everyone can turn that dream into reality. Buying a residential property can be a challenge, but that doesn’t make it impossible, you just have to give it your all to make it happen.

In this article, we will tell you everything you need to know about the real estate market in the city of Denver Colorado. From the city’s construction outlook to current residential property values, expected trends, and upcoming projects that will be ready in the near future, you’ll find it all in one place.

Denver (CO) Construction Outlook

Denver is a city that has the spirit of the midwest but is much more modern. If you see its skyline, you will see that it contrasts with that of other cities in the region, or even with other cities in the state of Colorado.

Large buildings are welcome in Denver. There aren’t that many either, but there are a few that exceed 15 stories, and there are many more than you would find in other Midwest cities.

Denver also has high-class neighborhoods, where there is no shortage of mansions with more than 6 rooms, large garages, and infinite gardens. These neighborhoods are scattered throughout the city, there is one near the center and another one on the outskirts of the city.

The University of Denver and the University of Colorado have offices in this city, so there are university neighborhoods. An advantage is that they are not so big universities so they do not have so many sororities or sororities, so you can easily avoid those neighborhoods.

There are also middle-class and even lower-class neighborhoods. The constructions are usually a little more flimsy here, but in the case of the middle class, they are the typical brick and cement houses prepared to receive the storms of the rainy seasons that plague Denver.

Denver (CO) Housing Market Analysis and Forecast

Denver is an authentic jewel of Colorado and of the midwest in general, for that very reason, it has a real estate market that does not stop growing. In the last year, the average price of houses increased by 7%, however, even with that increase it is still much cheaper than the average price of other cities in the United States.

During the first six months of 2022, a total of 1,100 residential properties were sold, which sounds like a good number but is actually 30% less when compared to the same period during 2021. During the past year, they sold 1600 properties, however, specialists attribute this decrease to the fact that there are fewer properties listed, and that is why fewer properties are selling (not because there is less interest in Denver).

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Houses in the city of Denver take an average of 15 days to sell. Some sell out in less than a week, although of course this is an average number and they may take longer to sell. Last year the average time was 20 days, so there was a significant improvement for residential property sellers.

In addition, houses or residential properties, in general, tend to sell above the listed price, this shows that there is interest in buyers. Denver is a real estate market for sellers, since there is demand but not as much supply, many people are competing for the same property, causing prices to rise.

This trend is expected to continue through 2022, with values ​​even rising further through 2023. Residential property values ​​are expected to rise 10% throughout 2022, but of course, we will have to wait and see. occurs.

Denver (CO) Average House Price (Median Home Price)

The current value of the median home in Denver is $590,000. This is 4% more when compared to the values ​​in July 2021 when it was $560,000. Remember that the value of the median home is based on single-family homes, so this average may vary depending on the type of property.

Another important factor is that of the territory in which you find yourself, some neighborhoods are more expensive than others, and others are for luxury houses. In Denver, an external factor that greatly influences the price of homes is the number of educational institutions in the area. If there are colleges, or if there is a good school district, then property values ​​go up to 5% compared to other neighborhoods in the city that are flawed in that regard.

In the case of condos/coops, the average value during July 2022 is $360,000, which is 16% less than last year. In July 2021 the average value of these properties was $432,000 so there was an interesting drop in values.

In the case of townhouses, the average values ​​are $450,000, which is quite similar to the same period last year. In July 2021 the median townhouse value was $445,000, so the difference isn’t that big by comparison.

Proposed Residential Building Projects in Denver (CO)

Denver is a constantly growing city, so its residential construction projects are quite varied. One thing we can tell you from the start is don’t expect to see any new skyscrapers any time soon.

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There is no skyscraper project in downtown Denver, so the city’s Skyline will not be modified, at least not in the next 2 years. You never know when this may change, and although there were some groups of developers and investors who tried to get land to build large buildings (similar to those in NY, Chicago, and Seattle), it is not something that will happen soon.

There are many residential homes under construction. I have some projects of luxury houses, which are not exactly mansions but quite modern houses. These have more than 3 rooms, a garage, and a large garden. They are luxurious houses that have an average value of between $700,000 and $900,000, so they are designed for upper-middle-class families.

There are condominium projects and simpler houses on the outskirts of the city of Denver. These houses have between 2 and 3 bedrooms, they also have a garden, but they are not luxury, so their price is cheaper. These houses have an average value of $300,000 to $500,000 so they are much more affordable.

Newly Renovated House in Denver 52S Pearl Street CO-80209 - 3 Bedrooms 3 Baths with 2 Parking Spaces on Gross Floor Area 1,650 sqft - Built in 1900 - Price $625,000

Newly Renovated House in Denver 52S Pearl Street CO-80209 – 3 Bedrooms 3 Baths with 2 Parking Spaces on Gross Floor Area 1,650 sqft – Built in 1900 – Price $625,000

Building Costs Per Square Foot for Single Family Homes in the City of Denver (CO), USA

Building costs are 8% above the national average in the City of Denver in Colorado.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Denver City ranges from $372.48 per sqft to $571.00 per sqft, with the average being $439.58 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Denver City ranges from $226.38 per sqft to $347.00 per sqft, with the average being $267.15 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Denver City ranges from $146.34 per sqft to $222.27 per sqft, with the average being $171.33 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Denver City ranges from $106.80 per sqft to $163.78 per sqft, with the average being $126.04 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Denver City ranges from $86.69 per sqft to $132.76 per sqft, with the average being $102.22 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Denver City ranges from $68.37 per sqft to $104.80 per sqft, with the average being $80.66 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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