Which neighborhoods are hot in Denver?
The Denver real estate market is a hot commodity currently, as decreased inventory, low foreclosure rates and improving home prices are driving home purchases. As a result, certain neighborhoods feature houses for sale in Denver that are becoming particularly popular with homebuyers.
"Highland is without a doubt the hottest neighborhood. We’re selling the new stuff under construction when it is still being framed. But it is everywhere. Whether it is Congress Park or Mayfair, brokers are saying if you hear of anything coming on the market, let us know first because there is nothing out there," said Deviree Vallejo, a local real estate expert, according to Inside Real Estate News.
Highland features a median sales price of $292,500 for the first quarter of 2012, a 22.4 percent (or $53,500) increase from last year. The area has a relatively low crime rate, according to the Denver Department of Safety, and is located just west of Route 85 and North of Hirshorn Park.
Congress Park is located on the east side of Route 25. It also underwent a significant increase in home prices in the first quarter of 2012, with a median sales price of $374,500. This neighborhood's homes increased in price by an average of $20.8 percent during the past year.
These communities and others in Denver have undergone significant increases in value over the course of the year, and are expected to continue rising throughout 2012.