DENVER (CBS4)– Major suburbs around the Denver metro area have surpassed the city in median home prices, according to the Colorado Association of Realtors. The median price of a home in Douglas County is $706,000 compared to Denver which is $659,000.
Homes in Jefferson County, Broomfield and Boulder are also higher. The exception is in Adams County where the median price of a home is $550,000.
Median prices in the Denver metro area for single-family residences are up more than 20% year-over-year where a $500,000 home one year ago is now valued at $604,000.
The Colorado Association of Realtors said that inventory is down and many people felt priced out of the city. Also the suburbs are attractive to those who don’t need to commute to work due to hybrid or remote work schedules.