Wednesday, September 29, 2010

Consensus: Denver-area housing holds value

It’s an opinion shared by many in the residential real estate industry – the local housing market is better off than most of the country.  The U.S. Census Bureau recently released data that indicates they are correct.  

The median value of a home last year in the Denver-area, described as the Denver-Aurora-Broomfield Metro Area by the Census Bureau – was $248,500 in 2009 - only a 0.48% drop from the median price of $249,700 in 2008.  By contrast, the U.S. median price fell about 5.9% in 2009 to $185,200, from $196,700..   

“I think it is fair to say that home values in the Denver MSA (metropolitan statistical area) did hold their values better than the U.S. did, as our market sustained a very small drop, while the U.S. overall, fell far more,” said Patty Silverstein,  principal of Economic Development Research Partners and chief economist for the Metro Denver Economic Development Corp.

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