December core Denver neighborhood market report
This report analyzes the current real estate activity in a few of my core central Denver neighborhoods, where I do a bunch of my business, and where I experience market changes first hand, daily.
After 18 months of a real estate frenzy, the Denver market continued at a torrid pace in December, typically when things slow down. The record-low inventory, the continued bidding wars and speedy sales still happening on a daily basis suggest that this market, defined by low inventory, will continue into 2022.
December Denver neighborhood market report
Because so much of my business centers on this area, I want to dive in to provide readers a better understanding of what’s happening in this extremely popular, unique aspect of the Denver real estate market.
Interested in learning more about these great Denver neighborhoods? Reach out to me at kharris@milehimodern.com
This report covers East Washington Park, West Washington Park, Cory-Merrill (where my family and me live! :)), Bonnie Brae and Congress Park. (This report leaves out Cherry Creek for now).
East Washington Park
East Wash Park has increasingly become the go-to central Denver neighborhood. Among all the neighborhoods covered in this report, the median price per square foot of homes sold in November ranked the highest at $511. That’s over 25 percent higher than the November 2020 rate. This is one of Denver’s premier central neighborhoods and the numbers show it.
| Stat | November | % Change (M/M) | % Change (Y/Y) |
| New Listings | 10 | -37.5% | 333.3% |
| Closed Sales | 15 | 66.7% | -21.1% |
| Closed Median Price | $1,310,000 | -3.5% | -0.4% |
| Sale / List (Median) | 103% | 0.0% | 6.2% |
| Median Price Per Square Foot | $511 | 8.0% | 25.6% |
West Washington Park
West Wash Park is also seeing increased demand, spurred, like East Wash Park, by proximity to downtown and the great park. This translated into a 20.8 percent year-over-year closed median price increase in November to $875,750.
| Stat | November | % Change (M/M) | % Change (Y/Y) |
| New Listings | 7 | -12.5% | 40.0% |
| Closed Sales | 18 | 0.0% | 20.0% |
| Closed Median Price | $875,750 | 1.2% | 20.8% |
| Sale / List (Median) | 100% | 0.0% | 2.0% |
| Median Price Per Square Foot | $408 | -8.3% | 11.2% |
Cory-Merrill
The closed median price of $652,500 for Cory-Merrill homes sold in November may be a bit misleading. The neighborhood, which is fast becoming one of the most desirable in central Denver, still has a subset of inventory at lower price points, but, increasingly, investors and homeowners are updating homes and selling them for higher prices. The median close price, for example, was $1.3 million in October.
| Stat | November | % Change (M/M) | % Change (Y/Y) |
| New Listings | 3 | -57.1% | 50.0% |
| Closed Sales | 6 | 0.0% | 0.0% |
| Closed Median Price | $652,500 | -59.9% | 8.3% |
| Sale / List (Median) | 93% | -7.9% | -9.7% |
| Median Price Per Square Foot | $396 | -5.0% | 27.7% |
Bonnie Brae
Sales are less frequent in small Bonnie Brae, but the area has seen increased demand, as reflected in its median price per square foot, which jumped 18.7 percent year-over-year in November to $470.
| Stat | November | % Change (M/M) | % Change (Y/Y) |
| New Listings | 3 | -57.1% | 0.0% |
| Closed Sales | 11 | 57.1% | 120.0% |
| Closed Median Price | $1,585,000 | 13.2% | 30.5% |
| Sale / List (Median) | 100% | -2.0% | 0.0% |
| Median Price Per Square Foot | $470 | 8.8% | 18.7% |
Congress Park
One of the few central Denver neighborhoods still with a sub-$1 million median close price, Congress Park has seen a steady demand, though its median price per square foot ranks among the lowest of the neighborhoods in this report. At a median of $392 per square foot in November, it was just below Cory-Merrill’s $396 to record the lowest number that month.
| Stat | November | % Change (M/M) | % Change (Y/Y) |
| New Listings | 4 | -20.0% | -33.3% |
| Closed Sales | 12 | 200.0% | 71.4% |
| Closed Median Price | $833,500 | 1.5% | -27.5% |
| Sale / List (Median) | 97% | -7.6% | 1.0% |
| Median Price Per Square Foot | $392 | -3.2% | 15.6% |