Washington Park Real Estate Market Prices, Trends, & Forecasts 2023

Washington Park Real Estate Market Prices, Trends, & Forecasts 2023

Washington Park is an attractive community that residents love for its single-family properties and extensive nature amenities. As mortgage rates rise and low inventory replenishes itself, the Washington Park real estate market continues to cool. Buyers have more options available to them but should still expect competition in a home search. Here’s everything to know when entering the local housing market this year.

Washington Park housing market prices, trends & forecasts 2023

As a neighborhood of Denver, Washington Park’s housing market reflects many of the same trends as the city. Decreasing buyer demand is visible in the amount of sold listings which have declined 12.6% compared to last year. With fewer buyers searching for homes, properties’ listing times have shot up 230.8%. The inventory of active listings is rising, up 50% compared to last year.

Washington Park housing market forecast 2023

Washington Park remains a desirable Denver neighborhood, visible in high median prices. However, with increasing mortgage rates and a high owner population, it may not be the best place for landlords to invest.

Home values decreasing

Home values in Washington Park are decreasing. The average sales price for properties in the area is $1.49 million, a 2.5 % decrease compared to last year. However, properties still receive 101% of the percentage of their listed sale price.

Rising interest rates

According to NAR, the average monthly mortgage payment in Denver County is $3,183. This is $1,163 higher than the average payment a year ago. Across the state, the average interest rate for a 30-year fixed loan is 6.86%, while 15-year fixed loans average 6.12%.

Investing indicators will not favor landlords

Landlords in Washington Park may find it difficult to invest in the area. The average rent for a 1-bedroom apartment decreased 2% compared to the same time last year for an average rate of $1,773. Most residents in Washington Park are homeowners, which may make rental demand lower than in other areas of Denver.  

Negative net population migration

Washington Park supports 10,051 residents, which is a 2.5% decrease compared to last year. Washington Park has a slightly smaller male population which may be a result of a sharper decline in the demographic, down 3.3% compared to 1.8% of the female population.

Denver County housing market trends 2023

Denver County market trends are similar to the Washington Park real estate market. The median sales price for single-family homes is $615,000, a 6.5% decrease compared to last year. Listings aren’t receiving as much of their listed price as usual, with the rate down 7.1% compared to last year. Sold listings are also down 13.9% compared to 2022 levels. Less buyer demand has bumped up the number of days a listing spends on the market and overall inventory levels. Months supply is a low 0.8 months but is still a 100% increase.

Sellers listing their townhouses or condos can expect a median sales price of $423,500, which is a 3.5% decrease compared to last year. Demand for these property types is dropping, with sold listings down 38%. Townhouses and condos spend an average of 47 days on the market, which is 123.8% longer than last year. Buyers should prepare for low inventory levels, as the county only has 1.1 months of supply.  

How COVID-19 affected Washington Park real estate market

Denver neighborhoods like Washington Park were one of the areas across the United States that benefited from COVID-19. The onset of the pandemic created a buying surge that shot up median prices, depleted inventory, and made Washington Park a hot sellers’ market. As the area recovers from record highs, the market will continue navigating tight supply and higher home prices. Throughout the pandemic, rental prices remained steady, although more people today are turning to renting when confronted with high homeownership costs.

Washington Park foreclosure statistics 2023

Foreclosure statistics across Denver reflect a corrective influx caused by a moratorium on foreclosures during pandemic highs. Between 2021 and 2022, foreclosure filings rose 255% in the area.

Washington Park median home prices

Single-family homes in Washington Park have a median list price of $950K, which is a decrease compared to last year. Condos and townhomes have a median list price of $350K which is also lower than the same time last year.

Washington Park real estate market: should you invest?

Buyers have good reason to invest in the Washington Park real estate market. Although the community may not provide the best conditions for landlords, long-term investment in owning property in the area remains valuable for buyers. With its convenient location, natural amenities, and quality real estate, Washington Park’s buyer pool attracts a range of home searchers, from new families to retirees.

Washington Park

Washington Park
, known as Wash Park by locals, is a lush neighborhood with a family-friendly energy and two large lakes offering waterfront views and recreation. Bungalow and Tudor-style homes are nestled within grassy lawns and mature trees, creating a quieter community away from the city’s bustle. It’s a common site to see residents jogging the trails, doing yoga on the lawn or paddle boarding along the shoreline.

Washington Park is right by the high-end retail and wine and cocktail bars of South Pearl Street. Gems like Denver Folklore Center, one of the most renowned music shops in Denver, are located here. For even more fun, residents can visit the historic shopping district of Old South Gaylord. Shoppers here can explore the retail stores, galleries, and restaurants in converted 19th-century homes.

Ready to invest in Washington Park?

The Washington Park real estate market is currently experiencing cooling trends after hot sellers’ market highs. Median prices are declining in the neighborhood and across greater Denver city and county as high mortgage rates dampen buyer demand. Whether interested in buying, selling, or investing in the area, it’s always best to partner with a local agent. When you’re ready to make a home transaction in Washington Park, contact experienced agent Mandy Stehle to guide you through the process.

Work With Mandy

Best known by her clients for her unmatched authenticity and integrity, Mandy loves working with past clients, friends, and family referrals as she forms genuine long-lasting connections. Contact Mandy today to discuss all your real estate needs!

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