Housing costs are going into the stratosphere in the Mile High City. They’re rising faster than wages, as new luxury homes pop up and push housing values higher across the metro area.
Redfin says the average home sells for $450,000 and is on the market just 12 days. Denver homeowners who want to sell and get out are most often considering Seattle.
“People looking to leave high-tax metros for a city with mountain views and top-notch hiking are more likely to pick Seattle over Denver because Washington state doesn’t have an income tax,” says Daryl Fairweather, Redfin chief economist.