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Congratulations Denver, Colorado!

Posted by The Team at iHOMES COLORADO on Friday, July 10th, 2015 at 7:00am.

Today's blog post is to congratulate Denver, Colorado on being such a hot and growing housing market. We've done some research to see where we stand amongst other cities and the numbers are quite surprising.

Congratulations Denver, Colorado!

Image Source: Original image Sheila Sund via Flickr, creative commons 2.0. Text and color edits: iHOMESCOLORADO

 

According to Realtor.com, in their article Titled “The 20 Hottest U.S. Real Estate Markets in June” article published June 29th 2015, Denver ranks number 3 in their top 20 list; with San Francisco, CA coming in at number 1 and Dallas, TX at number 5. Surprisingly, Realtor.com has put Denver on the top of their list when it came to median number of days (8) that homes were on the market before a contract was signed as seen in their “Home Buyer's Guide to a Seller's Market” article published May 26th 2015. It is very exciting to see the Denver real estate market growing so rapidly because its given home buyers and opportunity to sell their homes for significantly more than what they most likely paid.

 

Congratulations Denver, Colorado!

We've done some research as to what has contributed to the rise in the real estate market and have found 3 big reasons that have helped. Mortgage rates are low (below 4% in the month of May according to Realtor.com) Lower interest rates are a great incentive for people to buy a home and it also means that buyers' dollars can stretch further. Reason number two is a growing economy which is helping families to buy a new home. Denver's job growth has risen by 3.6% since 2013 according to Forbes.com and has as its major industries: Aerospace, Telecommunications and Technology. Finally, the legalization of recreational Marijuana in the state of Colorado has helped our local economy a lot as well. The Pot business has not only created more jobs in that industry but its also helped to strengthen other supporting professions such as electricians, security systems and HVAC according to a CNN article published June 4th, 2015 titled “The Pot Effect on Denver's Housing Market”.

And, since Denver ranks #3 in the top 20 hottest U.S. real estate markets, we went ahead and researched the top 5 most popular Colorado counties (we wanted to show our whole state some love!). Here they are in order according to Trulia.com: #1 Jefferson County, #2 El Paso County, #3 Weld County, #4 Boulder County, and #5 Larimer County.

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