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Out-of-town buyers can spend 11.8% more for Denver homes, report says

Homebuyers flooding Colorado from elsewhere may be edging out locals struggling to buy.

DENVER — Newcomers moving to Denver have bigger budgets to spend on purchasing homes, according to a recent study from Redfin. 

Denver ranked No. 8 on a list compiled by Redfin that tracked the difference between home budgets for out-of-towners compared to locals.

The real estate company’s report shows that out of towners could spend 11.8% more for home purchases than locals. For individuals moving to Denver, their average maximum budgets were $983,761, while locals could only spend an average maximum of $879,964, according to the analysis. Median sale prices in Denver were $610,000 in June 2022, according to Redfin. 

Homebuyers flooding the state from elsewhere may be edging out locals struggling to buy. Denver's housing market — which has been frenzied amid the influence of the coronavirus pandemic — recently saw an increase in inventory but homebuyers are still typically paying over market price as of June.

Read more at the Denver Business Journal

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