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Denver Housing Market Overview

[0:00] Denver's housing market just did something we haven't seen since the 2008 crash. Active home listings jumped 44% signaling that people aren't just selling, they're leaving the Denver metro area. And in this video, I want to show you the seven Denver suburbs losing residents the fastest right now. Exactly how many people have left, the real costs of living in these areas, and what's actually pushing people to finally say, "I'm done. I'm out." Now, I'm not just reporting this. I'm a real estate agent right here in the Denver metro area and have been since 2010 and I've helped dozens of clients move in and out of these exact suburbs. So, if this market shift has you secondg guessing your next move, reach out so I can help you make sense of it. Now, starting with Lewisville. And this one might surprise you because it's often thought of as one of Boulder County's most charming familyfriendly towns, but the reality is Lewisville has lost 585 residents since 2021, dropping from 20,975 down to 20,390. Now that's a 2.8% population decline in just 2 years. So what's going on? Well, first there is the obvious. There was the Marshall fire and it was catastrophic. You know, this devastating wildfire in late 2021 destroyed over 500 homes in the area.

Lewisville Population Decline

[1:17] And while some folks have rebuilt and returned, a lot of others just didn't. Either because insurance didn't cover enough or they decided to start fresh somewhere else. Then there's the cost of living. The median home price in Lewisville is currently sitting around 875,000. And for that price, you're still likely looking at homes that were built in the 80s or '90s. And to give you some ideas, let's just pull up a few examples here. Some condos, some single family, and the top end of luxury. So, starting with this condo around 450,000. This is going to be pretty common in the Lewisville area. Nothing too flashy, pretty affordable for Lewisville everyday sort of condo.

[2:02] single family wise, you know, you got to get into the 800s, 900s to have any property with any sort of space to it with a couple thousand square ft. Now, this is on the nicer side. Floors, doors, carpet, paint, new kitchen, new baths. It's a nice home, but in a lot of other areas, you know, 850 would get you quite a bit more. But then there's the luxury side at 2.6 million. You know, Lewisville tops out somewhere around 3 million and only a couple sell every year in that price point, but at 2.6, you've got a new build here on a fair amount of land. And it is a beautiful home. So, if you want to be close to Boulder, but maybe you can't afford Boulder, you have some options here in Lewisville. This is actually a really lovely home, but for a lot of people, it has priced them out of the market. So there's also very little new construction here and land is limited so prices do stay high and affordability keeps shrinking. A lot of the people who have left are families and retirees who just couldn't justify the cost anymore when you compare it to places like Erie or Lafayette which are right next door and they're getting more square footage, newer homes and offer better amenities for a lower price. Now, don't get me wrong. Lewisville is still a great place to live, but this population dip shows that even the most desirable suburbs aren't immune to big changes, especially when affordability and rebuilding challenges come into play. Next up is Boulder. And I'll be honest, this one might raise a few eyebrows because Boulder is known for its views, its vibe, and the outdoorsy high tech lifestyle. Boulder bubble. I lived there for about 10 years. But even with all of that going for it, Boulder's population has dropped by about 3,220 people since 2017, going from 109,118 down to 105,898, which is roughly a 3% decline.

Boulder's High Prices

[4:00] So, what's driving people out of one of Colorado's most iconic cities? First and foremost, cost. Boulder's medium home price is around 1 million right now. I don't think anybody's really surprised by that. And that's just not starter home territory. And even if you're earning six figures, it's harder to justify spending that kind of money, especially when property taxes, maintenance, and insurance are all going through the roof as well. But let's take a look at what you can actually buy right now in the Boulder market. So, taking a look at a cool 650,000. Now, this is going to be close to downtown and Pearl Street. And so, if you're looking for nightife in Boulder, like you're going to get it here. You're not going to get something that is all fixed up with high-end finishes in the 600s in Boulder. You're just not going to. You're going to get a mildly okay location and you're going to get Boulder, right? And you're going to get a couple bedrooms, maybe you're going to get two bathrooms, uh, and that's going to be about it in the 600s. If you're on the single family side, ah, this house was right across the street from me back when I used to live there. And this is not going to be a big home. 1,300 ft² listed at 950,000. Okay. Now, this looks like it has been updated, but these are not high-end finishes as well. A lot of these are builder grade upgrades, and you're looking at a million-doll home.

[5:22] So, this is where you start feeling more of that California vibe, right? I mean, that's a $1,200 range in there. That is not a $8,000 10 $12,000 Viking or Wolf. like they're just regular properties, but it's in Boulder, so you're going to pay the premium. Now, if you are looking to spend quite a bit, you have no ceiling in Boulder. Heck, you can spend up to 30 million right now in Boulder. But this one at 10 million is nestled right in the foothills pool. Great property. Looks like it's a new build.

[5:55] Looks like some of these are rendered images. Uh, and you know, for being in Boulder, right outside the foothills, like this is what you're going to pay to be in one of the most desirable cities in the country. Now, beyond price, there's limited growth, right? Boulder has very strict building zoning regulations to protect open space around Boulder and limits sprawl, which is great for preserving the landscape, but it also keeps housing supply really tight and prices really high. That means unless you already own here, getting in is almost impossible. I've seen folks leave because of the change in culture, too. And Boulder's vibe has shifted, and it's not quite what it was 20, 30, 40 years ago. It's not as laid-back as it used to be. Some longtime locals feel like the city has priced out the middle class and lost some of that downto-earth feeling it used to have. So, while Boulder will always have that prestige, it's clear that for a growing number of people, it's just not worth the big price tag anymore. Coming in at number three is North Glenn. And while it's not as well known as Boulder or Denver, it's a spot for a lot of firsttime home buyers and working families that have turned to more affordable housing. But even with that, North Glenn's population has dropped by 1,200 people since 2017, going from 39,368 down to 38,164. That's a 3.1% decline. Now, the thing is, North Glenn used to be one of the go-to places if you wanted to stay close to Denver without spending Boulder or Arvvada sort of money, but now it's kind of stuck in the middle. The median home price here is around 475, which sounds reasonable on paper for the Denver metro area, but what you're getting for that price isn't always appealing to a lot of people, and a lot of the homes here were built in the '60s and '7s. Smaller square footage, limited curb appeal, and outdated infrastructure have made it a little bit less attractive, especially compared to neighboring cities like Westminster or Thornton where newer builds are popping up. So, to show you a few places in North Glenn currently, uh there is only a couple of condos on the market and this for 3.95. And so, there's only a couple of condos on the market right now. And this for 3.95 is a two-bedroom, two bath everyday property built in the '9s. it looks like. And this is what North Glenn condos are going to run you.

North Glenn Market Analysis

[8:14] There are some more inexpensive ones in the low 300s occasionally that do pop up. Just not a ton of inventory right now. As far as single family, this is pretty much run-of-the-mill. 3-bedroom, three bath, 2500 square ft everyday house in middle America. Now, this is updated, which is nice, which is nicer than most of them that you are going to find in North Glenn. So, this is the appeal to going out to North Glenn, but things like crime have been up. The commute has been getting worse, and it just hasn't been as appealing for many people in the last few years. The most expensive house on the market in North Glenn right now is 695,000. And it's a newer build home built 20 years ago. Uh, that would be newer build for North Glenn. and it's just an everyday builder sort of home.

[9:05] You know, you're getting four bedrooms, three baths, and 3,700 ft². So, it's a fair amount of square footage for North Clinton. But another issue here, uh, that I alluded to a little bit, crime, and then the schools. Northland has a mixed reputation in kind of both departments. Okay? I've worked with plenty of clients who ruled it out early in their search after reading reviews or driving through certain areas. uh you know, and once that perception gets out, it's really hard to shake. So, while the price is lower than most Denver suburbs, a lot of folks are deciding it's worth spending a little bit more if for a better long-term fit. And that's exactly why North Glenn's slowly shrinking. Now, if you want to keep as up to-date as possible on the Denver market, just get on my weekly email below to get the best information you can. Now, on to number four, which is my favorite suburb in the Denver metro area. Littleton. Littleton.

Littleton's Aging Population

[9:55] And this one stings a little bit because people love Littleton. I do. It's charming. It's historic. Has that walkable downtown. It backs right up to the foothills. But even with all that going for it, Littleton has lost about 1,549 people since 2020, dropping from 46,000 down to 44,451. That's a 3.4% population decline. So, what's the deal here? Well, beyond it being a little bit higher on the price side for around the Denver metro area, we have an aging population. Okay? But that aging population isn't necessarily selling their homes. They're staying in it while unfortunately one of them has passed on.

[10:40] And you have some of these properties where people are stuck that we only have one person living in the house. So over the last 5 10 15 years uh we have just seen Littleton you know kind of hover around a similar population but in the recent years has been declining as more people just feel stuck. But most of the homes in this area aren't new builds. A lot of them are older ranchstyle homes or mid-century modern houses that are really neat and a lot of them need a lot of updating. So for buyers, it can feel like you're paying a lot of money for something that's still going to take a lot of money to put into. Let's show you a couple right now on the market. So on the condo side, this three-bedroom, three bath condo exterior is well taken care of, and the inside is going to be, you know, a decent layout. Built in the 90s, just going to be a nice all-around place for you in the 400s. Um, nothing too fancy. Then kind of at the middle of the road, right at that median price right now, which is about 660 in Littleton, 2400 square feet, three bedrooms, three baths, just kind of your everyday properties. A lot of tri levels, a lot of ranches here. But again, you could come in here and put 75 to $125,000 into a property like this easily to bring it up to today's standard. If you are looking for more room, if you are looking for more land, maybe you're looking for horse properties, Littleton's got you covered there, too. It tops out in oh, about the $5 million mark for some certain areas.

[12:15] This one, 3.2, it's 6,000 square ft, five bedrooms, six bathrooms, beautiful home, almost like an estate. Uh, and it's going to have high-end finishes throughout. Big sprawling landscape, tons of windows, beautiful home. The Littleton higherend properties are among some of the top in the Denver metro area. In my opinion, Littleton is a little bit of an older suburb, but it used to not really connect to the rest of the Denver metro area. So, you had your own little town feeling there. And since, you know, the last 50 years, the whole metro area has filled in a bit.

[12:55] Littleton has just become a part of the Denver metro area. Uh but it's still one of my favorite suburbs in the whole Denver area. Now, there is a little bit of an inventory issue here. Uh there's just not a lot of turnover. You know, people that own in Littleton tend to stay in Littleton. It makes the market a little bit tight. And as of 2023, going back to the aging population, about 20% of the population here is over 65 years old. And then you add in commuting challenges, especially for folks working in downtown Denver or the tech center, and you start to see why people might be looking to places like southern Denver or Englewood, where you might be able to get a better deal, but a lot closer to work. Littleton will always be one of those places that feels like home, and it's one of my favorite suburbs. But for a growing number of people, it's becoming harder and harder to afford and harder to grow in, and that's why the numbers are starting to dip. Number five, Centennial. You know, on the surface, Centennial looks like one of the safest bets in the Denver metro area, but the numbers are actually telling a little bit of a different story. Centennial has lost 4,468 residents since 2018, dropping from 111,351 down to 106,883. That's a 4% population decline, and it's one of the biggest on this list. So, why are people leaving a suburb that shows up on the best places to live rankings? Well, it comes down to perceived value, right? The median home price here is around 650,000. And while the neighborhoods are nice, many of the homes were built 20 to 30 years ago.

Centennial & Highlands Ranch

[14:25] That means buyers are paying a premium for homes that might still need renovations. And for that kind of money, they're expecting a little bit more. Now, on the condo end, your money can go quite far. We've got this property in the mid500s. 2500 square ft², three bedrooms, four bathrooms, modestly updated, and it's just a great all-around property. Then on the single family side, you've got something like this in the high 600s, 2700 ft², five bedrooms, three baths with a threecar garage. Your kind of everyday home built in the '9s, not lavishly updated. It's a large house, a lot of original features to it. But in the high 600s, that's what you're going to see in Centennial. Then if you wanted to look on the upper end around 1.9, you have something like this. 4,300 ft², five bedrooms, four bath, beautiful home all throughout.

[15:18] There are some pockets of Centennial, which are really nice, which have big homes to spread out on. Not many horse properties in Centennial. Not anymore at least. You got to go down to Parker for that. You know, one of the great things about Centennial is that if you work in DTC, you're going to be always close to things. But you've also got a lot of original homeowners aging out of their properties as well, just like Littleton.

[15:40] Many bought in the early 2000s, built up a ton of equity, and now are ready to cash out and move somewhere with a lower cost of living, either further south, out of state, or into something smaller and newer. Another issue, Centennial's traffic. It used to be a prime location between the tech center and downtown. But now that convenience is getting eaten up by congestion on Arapjo, Smoky Hill and I25. That Arapjo stretch as they do more building out east is getting tougher and tougher. So depending on where you live, sure DTC can be really accessible, but it can also be a real pain to get to. Buyers today have options in places like Parker or Castle Pines further south starting to win people over with newer homes, modern layouts, and often just a better overall value. So yeah, Centennial still a strong suburb, but for a growing number of people, it's just not worth what it cost. And that's what's fueling the quiet exodus. Number six, if there's one suburb that really shocks people to see on this list, it's going to be Highlands Ranch. This place has been a go-to for families, professionals, even retirees for years. But the numbers don't lie. Highlands Ranch has lost 5,580 residents since 2020, dropping from 107,000 down to 101,437. That's a 5.2% population decline, making it one of the biggest drops anywhere in the Denver metro area.

[17:00] So, what in the world is going on here? Well, part of it is what I call the maturity problem. Highlands Ranch grew fast in the late 90s and early 2000s, and now a lot of the original buyers are aging out of their homes. They're downsizing, moving closer to their grandkids, or heading to places like Arizona, Texas, where their money goes a lot further. Then, of course, there's the cost factor. The median home price here is about 730,000 right now. And while you do get well-kept neighborhoods, parks, recent for many younger buyers, that price tag just feels too steep for 20 to 30 year old homes that often still have builder grade finishes. So, right now today in Highland's Ranch, if you're looking for a condo, this one's about 1,200 square feet, two bedrooms, two bathrooms. Now, it is nicely updated, but the HOAs here are starting to get rather expensive.

[17:50] Insurance premiums are kicking a lot of people out. So, for this property itself, $315 a month for their HOA, and that's going to be on the low side. If you're looking on the single family side, you really kind of have to start in the 700s. There's a few in the 600s, but it's not going to get you a whole lot or you're going to be on a busy street. Uh, this one is 728, 2600 ft², four bedrooms, three baths, and this is kind of your everyday Highlands Ranch home, right? This is kind of the Californiaication of the Denver area.

[18:23] When people drive through Highlands Ranch, a lot of times they do feel like they're in California. A lot of these areas are developed similarly to the sprawl that happened in California around the same time. Now, you can spend some good money here. 7,000 square ft², five bedrooms, seven bathrooms on a hill with views, beautiful home and a beautiful kitchen. Like, there's there's not much you can hate about this property other than if the style doesn't fit what you're looking for. The size is there. Locations are great. you have so much access to hiking and biking, the highway right there. Um, but if you work in downtown Denver, it starts to get into quite the commute, 45 minutes plus on most days. And while Highlands Ranch is safe, clean, and a family-friendly area, it's also kind of maxed out.

[19:14] There's almost no new construction anymore. Very few areas left to build. So, if you're not already in, your options are going to be limited and expensive. I'm seeing a lot of buyers skip over Highlands Ranch entirely now in favor of places like Castle Rock where you can get a newer home, more land, and often pay less. Highlands Ranch isn't declining because it's bad. It's declining because it's aged out of its growth phase. And now a new generation of buyers is looking for something a little bit different. Number seven, and I bet you it wasn't what you thought it was going to be. Cherry Hills. And this one's a bit different from the rest. We're talking about one of the most expensive and exclusive suburbs in the country, celebrities, CEOs, generational wealth. It's all here in Cherry Hills Village. It might come as a surprise that Cherry Hills actually had the largest percentage of decline on this list with the population dropping from 6,722 people down to 6,273 people over a 5-year period. That is a 6.7% decline. Now, sure, we're talking about relatively small numbers here in comparison to these other cities. So, a few hundred people leaving makes a big statistical impact, but it's still worth paying attention to. Median home price here, woo, it depends on the day you look at it. Could be anywhere from 2.5 million all the way up to 5 million depending on what's closed that month. That's just not out of reach.

Cherry Hills Luxury Market

[20:38] That's a different planet for most people. And as Denver's overall luxury market shifts, some high- netw worth homeowners are choosing to relocate. Whether it's to the mountain homes, out ofate tax havens, or more walkable luxury areas with a stronger social scene. So, what's available today in Cherry Hills Village? Not many. And the cheapest one today at 2.1 million for 3200 square ft, five bedrooms, five baths, is this beautiful property. Now, this is far more updated than I thought it was going to be, but there's some different pockets of Cherry Hills Village that aren't as exclusive as the others. 2 million is kind of your entrylevel home into Cherry Hills, as crazy as that sounds. Now, on the upper end, you have plenty to shop from. And for a cool $20 million, $22,000 square ft, six bedrooms, 11 bathrooms, you have this property. And it is just remarkable. I mean, these are customuilt homes that people did not buy or build as an investment. They bought these built these as family homes. And they're just remarkable estates. Everything you could possibly want. Multiple kitchens, uh, multiple living areas, east wings, west wings, um, fireplaces galore. like these are dream houses and they belong on cribs, right? Their bathrooms are the size of my house. Um, I'm only exaggerating a little bit. Uh, if you added up all the bathrooms in this house, it's actually probably bigger than my house. Uh, that's just the reality. And sometimes they have very particular taste like this picture. Um, it's Cherry Hills Village. You know, these neighborhoods when you drive through them are very different. They don't have curbs. You may not even know there's a house back there. Uh there's a lot of gated properties, not gated communities, but gated properties um that I mean, Payton Manning lives in Cherry Hills. Uh you just never know what you're going to come across. And most of the people there are very lovely. They're out walking around.

[22:51] They're just regular people, too. Uh, but they do live in one of the most exclusive, fabulous communities in the country. As to population decline, a big one here is going to be aging and estate turnover. A lot of the properties in Cherry Hills are owned by older residents. Now, as those homes hit the market, whether it's due to downsizing, inheritance, or death, we're just not seeing a onetoone replacement. These homes can take a long time to sell. In many cases, they're being torn down or rebuilt, which means fewer occupied homes in the short term. And Cherry Hills is still an elite, gorgeous, and still one of the most desirable zip codes in Colorado. But this decline shows us something important. Even at the top, the market is shifting. Now, here's the twist most people don't expect. While these seven suburbs are losing residents, the Denver metro area as a whole is still growing. Between 2020 and 2024, Denver metro's population grew by roughly 82,000 people. That's a 2.8% increase overall, driven mostly by immigration, natural populations, which are births, outpacing deaths. So, it's not that Colorado is shrinking. It's that certain areas are shifting. We still have a large influx of young people moving to the state because our quality of life is incredible. And because of that, we actually have a lot of retirees moving to Colorado as well because of the lifestyle. And a lot of times their kids or grandkids moved here. What we're seeing is a bit of a rebalancing. Okay. As some longestablished suburbs slow down or age out, growth is picking up in places like Castle Rock, Erie, Windsor, northern parts of Douglas and Weld counties, places that offer newer homes. Denver proper is still growing. Better bang for your buck is definitely the top priority of most people. So, if you're seeing a for sale sign pop up in your neighborhood that used to be rock solid, it's not a collapse, it's a rotation.

Population Shifts & Conclusion

[24:46] People are still moving to Colorado. They're just choosing different places than they used to. And if you're debating things in your own life, whether that's moving here to the Denver area or moving out of it and you want some clarity, just give me a call or shoot me a text message. I'd be happy to shed some light where I can't. But if you're wondering what it's really like to live in Denver and you've heard some things about our city or state that you want the real scoop on, you need to watch this video which talks about the top misconceptions about this amazing