February 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.
The Denver market remains blazing as we moved into 2022.
Central Denver neighborhoods are among the hottest areas in Denver.
February 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 become ground zero of the central Denver neighborhood demand and attraction. It’s an iconic neighborhood surrounded by an iconic park that has fairly close proximity to downtown. On Google Maps, the park sits basically as a bulls eye in the middle of the city. That’s a trifecta for demand.
Part of this demand is driven by out-of-towners, relocating often as a result of Covid and the ability to work remote, who are looking to live the classic Colorado lifestyle.
New construction homes in the neighborhood selling for $2.7 million a year ago are not selling at $3.5 million. The median price jump in January of 37.1 percent from a year ago reflects this growth.
I’ve begun to see the spine of parks that establish the core of core Denver neighborhoods – Wash Park, Congress Park and Cheesman Park — as those most in demand and offering great Denver quality of life. I’ve started calling it the Denver Neighborhood Park Corridor.
| Stat | January | % Change (M/M) | % Change (Y/Y) |
| New Listings | 2 | -50.0% | 0.0% |
| Closed Sales | 5 | -68.8% | -58.3% |
| Closed Median Price | $1,315,000 | -26.8% | 37.1% |
| Sale / List (Median) | 111% | 8.8% | 18.1% |
| Median Price Per Square Foot | $568 | -6.4% | 36.9% |
West Washington Park
West Wash Park, the more affordable of the two Wash Park locations, has become attractive to those looking to stretch to get into the park before being priced out altogether, as prices continue to rise. The median price is on the $1 million trajectory with a January median price of $975,000. Buyers are looking at homes on Corona Street, one block off the park, and Ogden Street, two blocks off the park.
| Stat | January | % Change (M/M) | % Change (Y/Y) |
| New Listings | 8 | 33.3% | -46.7% |
| Closed Sales | 5 | -58.3% | -28.6% |
| Closed Median Price | $975,000 | 10.9% | 14.7% |
| Sale / List (Median) | 102% | -1.9% | 2.0% |
| Median Price Per Square Foot | $472 | 11.6% | 17.7% |
Cory-Merrill
As demand continues to spread to all parts of the Denver Neighborhood Park Corridor, I’m seeing things I’ve never seen before. For example, a home in the 1600 block in Cory-Merrill, which is closest to the freeway, recently sold for $2.3 million. That is crazy, as homes closer to the freeway typically go for less, because of the noise.
Homebuyers are looking to pay top dollar on central neighborhood fringes.
| Stat | January | % Change (M/M) | % Change (Y/Y) |
| New Listings | 7 | 600.0% | -12.5% |
| Closed Sales | 4 | -50.0% | -20.0% |
| Closed Median Price | $795,000 | -48.4% | -49.5% |
| Sale / List (Median) | 108% | 9.1% | 10.2% |
| Median Price Per Square Foot | $508 | 30.6% | 45.1% |
Bonnie Brae
Bonnie Brae has become the scrape queen of central Denver neighborhoods. It has bigger lots and the value of the land itself is prompting many of these. While close to Wash Park, it is quieter and more removed, with less pass-through traffic. It’s more reserved and tranquil. The price points, with a median price-per-square-foot of $548 in January, reflect that.
| Stat | January | % Change (M/M) | % Change (Y/Y) |
| New Listings | 0 | -100.0% | -100.0% |
| Closed Sales | 1 | -66.7% | 0.0% |
| Closed Median Price | $1,225,000 | -8.4% | 75.0% |
| Sale / List (Median) | 111% | 6.7% | 11.0% |
| Median Price Per Square Foot | $548 | 1.5% | 116.6% |
Congress Park
Congress Park is on the upswing. Record sales appear to happen every month. For example, a pending sale at 909 Madison Street, a new construction home from TJ Homes, has a record price-per-square-foot for the neighborhood of $535.
Milwaukee Development, the standout home development firm I partner with, has another one under contract that will even beat this.
The scrape, new-build and renovation trend seen in other Park Corridor neighborhoods appears to be coming to Congress Park. It’s a hidden secret of Denver. It provides walking distance to cherry creek, but not the busyness of it, has access to great restaurants like Blue Pan Pizza and proximity to grocery like Trader Joe’s.
| Stat | January | % Change (M/M) | % Change (Y/Y) |
| New Listings | 10 | 900.0% | 11.11% |
| Closed Sales | 6 | 50.0% | 0.0% |
| Closed Median Price | $1,042,000 | 17.4% | 45.6% |
| Sale / List (Median) | 103% | 4.0% | 3.0% |
| Median Price Per Square Foot | $419 | 40.1% | 12.9% |