Buying a home in Denver and the surrounding area is expensive! With the lack of inventory and the rise in pricing, it can be very hard for a Denver first time home buyer to purchase a home. Although Denver home prices have skyrocketed, there are some areas that can still be affordable for a first time home buyer, but you do have to be ready to strike while the iron’s hot! The current median home value in Denver is $383,200*, but you can still find some great homes priced under $300,000 in these areas:
In Denver (not to be confused with Windsor, Colorado), this neighborhood is sandwiched between South Quebec Street and South Havana Street, and just North of East Mississippi. Homes in the Windsor neighborhood sit comfortably, surrounded by the peaceful waters of Windsor Lake and the High Line Canal. Residents appreciate the serenity of living within minutes of scenic parks, golf courses and walking trails.
>> Windsor Home Value (median): $186,800 with a prediction of values rising 7.5% in the next year.
Nestled just west of 225 and Illiff Avenue, the Heather Ridge community includes the charming Heather Ridge Country Club. It was purchased in 2010 by the homeowners, after being a private club for 30 years. It has some of the best greens in the state!
>> Heather Ridge Home Value (median): $224,900 with a prediction of values rising 6.9% in the next year.
A small parcel of land at the southeast corner of Denver, just east of South Quebec Street. If you’re looking for a safe, tight-knit community, just outside of the downtown Denver bubble, this area may be for you.
>> Indian Creek Home Value (median): $248,500 with a prediction of values rising 4.3% in the next year.
Located in the northeastern section of Denver, west of Havana Street and north of I-70. According to NAR, this area ranks as the “hottest” suburban market, not just in Denver, but in the entire country. This decent-sized neighborhood is located right near Rocky Mountain Arsenal and Dick's Sporting Goods Park, and has a convenient commute to the Denver International Airport and Downtown Denver.
>> Montbello Home Value (median): $270,700* with a prediction of values rising 5.8% in the next year.
Being a Denver first time home buyer is tough right now, but these few areas make the dream of homeownership in Denver more plausible. Affordable homes in Denver are in high demand so before starting your search, be sure to speak with a lender to get pre-qualified and find a knowledgeable Denver Real Estate Agent. Please contact us if you’re ready to consider buying your first home!
*Based on Zillow median values in June 2017