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.
The homebuyer demand remains Mile High in March.
Central Denver neighborhoods are among the hottest areas in Denver.
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 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.
This is reflected in the ever-increasing median price-per-square foot, which hit $611 in February, 53.5 percent above last February’s numbers. For new construction, East Wash Park homes are beginning to fetch above the $700 price per square foot threshold.
376 South Gilpin, which sold for $3.615 million on March 3, reflects this. That price reflects a $708 price per square foot.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 16 | 700% | 14.3% |
| Closed Sales | 3 | -40.0% | -75.0% |
| Closed Average Price | $1,831,183 | 48.7% | 35.5% |
| Sale / List (Median) | 100% | -2.0% | 3.1% |
| Median Price Per Square Foot | $611 | 29.4% | 53.5% |
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.
A recent sale in the neighborhood had something happen I’ve never seen. Listed for $1.229 million and went under contract soon after at roughly $200,000 over asking, the buyers offered to pay the sellers moving costs. I’ve been doing real estate a long time and I’ve never seen that. Another example of the neighborhood’s — and the market’s — demand.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 10 | 25.0% | 11.1% |
| Closed Sales | 7 | 40.0% | -30.0% |
| Closed Average Price | $1,166,714 | -5.2% | 30.1% |
| Sale / List (Median) | 103% | 1.0% | -1.0% |
| Median Price Per Square Foot | $553 | 17.2% | 31.7% |
Cory-Merrill
As demand continues to spread to all parts of the central Denver neighborhood corridor, which Cory-Merrill is benefiting from. In all of 2021, only one home in the neighborhood went for over $2.5 million.
So far in 2022, one home — 1257 South Saint Paul Street (which went under contract the same day as list for $2.895 million) — is under contract. Another, 1147 South Adams Street, sold for $2.475 million on February 28.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 8 | 14.3% | 33.3% |
| Closed Sales | 5 | 25.0% | -16.7% |
| Closed Average Price | $1,139,000 | -0.1% | 8.0% |
| Sale / List (Median) | 100% | -7.4% | -2.9% |
| Median Price Per Square Foot | $381 | -25.0% | 15.1% |
Bonnie Brae
Quiet Bonnie Brae is one of those neighborhoods where a strong real estate agent network makes a huge difference. In recent weeks, I’ve heard about some compelling off-market deals.
Because of the neighborhood’s demand and low inventory, sellers are selling on their terms at their price. I anticipate we’ll see more of this. This is one reason why I maintain a strong agent network in my core Denver neighborhood area. It works. I found a great home recently for a client by doing a routine “what’s your inventory look like” check-in with another agent.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 4 | 3 | 0.0% |
| Closed Sales | 3 | 200.0% | -40.0% |
| Closed Average Price | $815,000 | -33.5% | -47.6% |
| Sale / List (Median) | 96% | -13.5% | -3.0% |
| Median Price Per Square Foot | $174 | -68.2% | -62.3% |
Congress Park
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.
Developers are increasingly turning their eyes to this neighborhood. The prices great homes in the neighborhood can fetch are starting to bring remodelers and new-builders in. I expect this to continue and increase in Congress Park this year.
| Stat | February | % Change (M/M) | % Change (Y/Y) |
| New Listings | 8 | 14.3% | 14.29% |
| Closed Sales | 5 | 50.0% | 66.7% |
| Closed Average Price | $1,139,000 | 9.3% | 45.5% |
| Sale / List (Median) | 100% | 4.2% | -1.0% |
| Median Price Per Square Foot | $381 | 10.8% | -1.6% |