September ‘22 Market Stats - Denver Metro

September’s market data is in! What you need to know…⁣
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𝘓𝘰𝘤𝘢𝘭⁣
🚚A record # of homebuyers are relocating from more expensive parts of the country to more affordable ones. On a list of metros ranked by the outflow of residents, Denver came in #10!⁣
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🌱Denver was voted the 7th “Greenest City in the US” due to our Bring Your Own Bag tax and other systems that will make recycling and composting free in 2023 with a required fee for trash service bins, along with rebates for eBikes and electrical vehicles.⁣
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📉Denver is 2nd only to Boise, ID in price reductions among 97 cities with 58% of homes experiencing a price drop.⁣
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📍Investors poured money into existing properties in Denver. Southwest Denver neighborhoods Barnum, Westwood, Mar Lee and Harvey Park, were some of the hottest neighborhoods for property flips in 3032 and early 2022.⁣
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𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣
🔨Lumber prices are back down to pre-COVID levels.⁣
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🚨The National Association of Realtors 2022 Remodel Impact report found that refinishing hardwood floors, installing new wood flooring, replacing roofing an installing new garage doors topped the list of projects with 100% or greater cost recovery.⁣
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🔻Rents dropped nationwide for the first time in two years.⁣
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💲Mortgage rates hit 7% in September after bonds sold off in the EU.⁣