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
Washington Park housing market forecast 2023
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
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
Washington Park median home prices
Washington Park real estate market: should you invest?
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.