March 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.
Home prices have jumped in February, but inventory remains very low.
March 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 continues to be one of the most-desired central Denver neighborhoods. It really offers the best neighborhood living the city has to offer. The average February closed price for homes in the neighborhood measured nearly $2.3 million, 24.1% above February 2022!
This reveals just how much of a neighborhood-by-neighborhood story Denver real estate continues to be.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 12 | 71% | -25.0% |
| Closed Sales | 10 | 150.0% | 233.3% |
| Closed Average Price | $2,273,200 | 6.5% | 24.1% |
| Sale / List (Median) | 95% | 2.2% | -0.05 |
| Median Price Per Square Foot | $598 | 37.2% | -2.1% |
We have a great listing active now in the neighborhood, 619 South Gilpin Street. Renovated by Milwaukee Development, the central Denver neighborhood development firm I work closely with — the lovely crafstman sits a block from the park, features six bedrooms and four bathrooms on 4,092 square feet.
619 South Gilpin Street.
West Washington Park
In West Wash Park, which has smaller lots than its sibling to the east, the average price of homes closed in February dropped 14.4% from a year ago. The neighborhood, though, remains in demand.
I love the recently sold home at 1051 South Downing Street, which sold for $2.55 million on March 13. It faces the park and the architecture stands out, including an accordion nano door that opens toward the park. The design thoughtfully connects the home to the park. The close price reflects this — at $686 per square foot, this is a record-breaking per-square-foot price for the neighborhood.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 7 | 0.0% | -30.0% |
| Closed Sales | 5 | 25.0% | -28.6% |
| Closed Average Price | $999,000 | 3.3% | -14.4% |
| Sale / List (Median) | 100% | 0.0% | -2.9% |
| Median Price Per Square Foot | $495 | 23.1% | -10.5% |
Cory-Merrill
Cory-Merrill continues to be an in-demand neighborhood in central Denver. The home at 1417 South Fillmore Street, which is under contract listed at $825,000, stands out as a recent listing. This is a great price to get into the neighborhood. The home, which is older, sits on a strong block with other newer homes and a close proximity to the coveted Bonnie Brae neighborhood. It went under contract within three days of its March 2 listing.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 2 | -60.0% | -75.0% |
| Closed Sales | 1 | -85.7% | -80.0% |
| Closed Average Price | $1,725,000 | 11.5% | 51.4% |
| Sale / List (Median) | 86% | -3% | -14.0% |
| Median Price Per Square Foot | $382 | -11.78% | 0.3% |
Bonnie Brae
There was only one sale in Bonnie Brae in February. It’s a smaller neighborhood with less turnover, so that number makes sense.
The listing at 925 South Garfield Street, a sprawling ranch with 2,500 square feet on the main floor listed for just under $3.3 million jumps out at me. An original-style home for the hood, it captures the essential essence of Bonnie Brae and nearby Belcaro — a classic home on a large lot.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 1 | -66.67% | -75.0% |
| Closed Sales | 1 | -50.0% | -66.7% |
| Closed Average Price | $2,795,000 | 223.3% | 242.9% |
| Sale / List (Median) | 98% | 1.0% | 2.1% |
| Median Price Per Square Foot | $598 | 42.4% | 243.7% |
Congress Park
Congress Park continues to be hot. The sale-to-list price ratio came in at 101% for the five homes sold in the neighborhood in February, the only of the neighborhoods in this report with a ratio above 100% for February.
The under-contract listing at 775 Columbine Street in the neighborhood’s historic district caught my eye. It feeds coveted Bromwell Elementary and East High School, and features walkability to Cherry Creek, Cheesman Park and some nice restaurants on 7th Avenue.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 6 | 20.0% | -25.00% |
| Closed Sales | 5 | 0.0% | 0.0% |
| Closed Average Price | $1,020,400 | 38.3% | -10.4% |
| Sale / List (Median) | 101.0% | 17.4% | 1.0% |
| Median Price Per Square Foot | $422 | 33.5% | 10.8% |