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The Centennial housing market remains highly competitive. On average, homes in Centennial receive two offers and sell within approximately 30 days. Last month, the median sale price of a home in Centennial was $628,000, reflecting a 3.8% decrease compared to the previous year. Meanwhile, the median sale price per square foot rose by 1.2%, reaching $251.
In October 2024, the median home price in Centennial experienced a 3.8% decrease compared to the same time last year, settling at $628,000. Homes in the area are now spending an average of 30 days on the market, a significant increase from just 13 days the previous year, reflecting a slower pace in buyer activity or heightened market competition. However, sales volume showed a notable uptick, with 125 homes sold this October compared to 85 in October 2023. This suggests that while prices are moderating and homes are taking longer to sell, demand remains steady, potentially driven by increased inventory or favorable market conditions for buyers.
Centennial remains a highly competitive real estate market, with homes typically selling in an average of 21 days. Many properties attract multiple offers, with some buyers opting to waive contingencies to strengthen their bids. On average, homes sell for approximately 1% below the asking price and enter pending status within three weeks. However, "hot" properties—those in high demand—often sell for about 1% above the list price and can go pending in as little as five days. This dynamic reflects a market where well-priced and desirable homes are quickly snapped up, indicating strong buyer interest despite varying negotiation strategies.
As of November 2024, Centennial, CO is firmly a seller's market, characterized by a higher number of buyers than available homes. This imbalance often drives competition among buyers, leading to faster sales and, in some cases, offers above the asking price. For sellers, this market environment presents an opportunity to maximize their property's value, while buyers may need to act quickly and strategically to secure a home in this competitive landscape.
For detailed, up-to-date information on buying a house in Centennial, including legal considerations and market trends, you can talk to us.
Centennial offers several family-friendly neighborhoods, each with its unique appeal. Cherry Knolls is a popular choice, known for its spacious homes, tree-lined streets, and proximity to excellent schools. Willow Creek is another family favorite, featuring a strong sense of community, walking trails, and easy access to parks. Southglenn also stands out, with its vibrant mix of shopping, dining, and recreational facilities, as well as highly-rated schools nearby. When considering a neighborhood, assess proximity to amenities like schools, parks, and healthcare to ensure it aligns with your family’s needs.
The home-buying process in Centennial typically starts with securing mortgage pre-approval to establish your budget. Once pre-approved, work with a local real estate agent to identify properties that fit your needs. Given the competitive nature of Centennial's market, it’s essential to act quickly when you find a home you love. Offers often include contingencies, such as inspections or financing approval, although some buyers waive these to make their bids more attractive. After the seller accepts your offer, you’ll go through inspections, appraisals, and closing. Closing typically takes 30-45 days, so planning and flexibility are key.
Centennial is a haven for outdoor enthusiasts. Homes in the area are often close to parks, trails, and open spaces. Cherry Creek State Park is a local gem, offering miles of hiking and biking trails, a reservoir for water sports, and picnic areas. Centennial Center Park, a family-friendly destination, features interactive play areas and hosts community events throughout the year. The High Line Canal Trail is perfect for walkers, runners, and cyclists, connecting residents to nature and nearby communities. Many neighborhoods have direct access to these recreational areas, making outdoor activities a seamless part of daily life.
Improving curb appeal, making necessary repairs, updating kitchens and bathrooms, and ensuring your home is well-maintained can significantly increase its value. Staging your home to highlight its best features can also make a big difference in how quickly it sells and the price it fetches.
Preparing your home for sale in Centennial involves a mix of cleaning, repairs, and strategic staging. Start by decluttering and deep cleaning to make your space look well-maintained. Address minor repairs like chipped paint or leaky faucets, as these can deter buyers. Staging your home with neutral decor and maximizing natural light can help it appeal to a broader audience. Consider enhancing curb appeal with landscaping or fresh exterior paint. Finally, consult a real estate agent familiar with Centennial’s market to price your home competitively and market it effectively.
While Centennial’s real estate market is generally active year-round, spring and early summer are typically the best times to sell. Warmer weather and longer daylight hours encourage more buyers to tour homes, and families often aim to move during the summer break to minimize disruptions to school schedules. That said, Centennial's competitive market can yield strong results even in the fall or winter, especially if inventory is low. Consult with a local real estate agent to assess your specific circumstances and market conditions.
When selling a home in Centennial, you’ll typically encounter several closing costs. These often include real estate agent commissions, which are usually 5-6% of the sale price and are split between the buyer’s and seller’s agents. Additional costs include title insurance, prorated property taxes, and transfer fees. You may also need to budget for repairs requested by the buyer or pay a portion of the closing costs as part of negotiations. Working with an experienced agent can help you understand and plan for these expenses, ensuring a smooth transaction.
Whether you're dipping your toes into the market for the first time, searching for your dream home, or considering selling your property, Lisa is here to illuminate the path forward. With expert insights into the competitive Centennial market and a passion for making your real estate dreams come true, Lisa is your go-to resource for all your property needs.
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Dive into our neighborhood guide to uncover the hidden gems, local favorites, and essential insights about Centennial's vibrant communities. From serene parks and recreation to bustling shopping districts and top-rated schools, our guide covers everything you need to know to navigate and appreciate the rich tapestry of life in Centennial.