Greenwood Village Real Estate & Homes For Sale
Find your dream home in this neighborhood famous for its urban amenities and picturesque suburban landscapes.
Find your dream home in this neighborhood famous for its urban amenities and picturesque suburban landscapes.
The real estate market in Greenwood Village, Colorado, is a hotbed of activity, characterized by fierce competition and rapidly changing dynamics.
As of July 2023, the Greenwood Village housing market has been experiencing a surge in median sale prices, which stood at $2.5 million last month. This represents a significant 14.4% increase compared to the same period last year. However, the median sale price per square foot has seen a slight dip, now at $403, marking a 1.6% decrease year-over-year.
The market's complexity is further highlighted by the sales data. While the median sale price has risen, the number of homes sold has slightly decreased. A total of 15 homes were sold in July 2023, compared to 21 in July 2022. Additionally, homes are spending an average of 8 days on the market, a slight improvement from the 9-day average last year.
Greenwood Village's housing market is extremely competitive, with homes typically selling in just 6 days. The Redfin Compete Score™ indicates that many homes receive multiple offers, and some even waive contingencies to expedite the sale. On average, homes are selling at around their list price and go pending within approximately 6 days. Properties that generate significant interest—commonly referred to as "hot" homes—can sell for up to 3% above the list price and may go pending in as little as 4 days.
Inbound and Outbound Migration
Between June and August 2023, Greenwood Village saw a balanced migration pattern. About 35% of homebuyers were looking to move out of Greenwood Village, while a majority of 65% preferred to stay within the metropolitan area.
On a national scale, 2% of homebuyers were considering relocating to Greenwood Village from other metropolitan areas. Miami emerged as the leading source of such prospective buyers, followed by Colorado Springs and San Francisco.
Popular Relocation Destinations
For those contemplating leaving Greenwood Village, 65% still preferred to stay within the metropolitan vicinity. Among those looking beyond the local area, Chicago was the most popular destination, followed by Fort Collins and Breckenridge.
The Greenwood Village real estate market is bustling with activity, marked by rising home prices and a highly competitive environment. While there are some indications of a slight slowdown in the number of homes sold and a minor dip in price per square foot, the demand remains robust. The area continues to attract a diverse range of homebuyers, both from within and outside the metropolitan region.
Whether you're a potential buyer, a current homeowner, or an investor, understanding these market nuances is crucial for making informed decisions. As always, consulting with real estate professionals and conducting thorough research are advisable steps for successfully navigating this dynamic market.
