An idyllic neighborhood in Denver, Washington Park is a great place to own Colorado real estate. While it’s surrounded by a bustling urban environment, Washington Park’s population is under 8,000—providing residents with a great mix of urban and suburban amenities. Over the past five years, the market for homes in Washington Park has surged. Home prices have trended upward, particularly when considering median list price and available inventory—which remains low, with an average of under 30 new listings per month.
If you're thinking of buying property in Washington Park, now is the time when prices are the lowest they’ve been since October 2020. The Washington Park real estate market will only get more competitive, as prices of Washington Park homes for sale are on track for another rise later in 2022. The market is evolving, but the neighborhood remains popular for a good reason. Below is what you need to know about buying or selling Washington Park real estate in 2022.
Listing price and inventory
The availability of Washington Park homes for sale has been steadily dropping since its peak in October 2021. Although the current inventory shows a downward trend of availability, typical housing inventory patterns show an increase in February, a drop in March, and an increase from April through July.
Additionally, as of January, Washington Park homes spent an average of just 11 days on the market, which means you’ll need to move fast on any property. Given the limited inventory, low list prices, and minimal time spent on the Washington Park real estate market, buyers interested in investing should aim to purchase their Washington Park homes for sale as soon as possible—before prices rise again. You don’t want to miss out on the most opportune time to own incredible real estate in Washington Park — for assistance with the buying process, reach out to the incredible team of knowledgeable agents at Be1 for more information.
There is an upward trend in median rent for one, three, and four-bedroom properties over time. If monthly long-term rentals do not appeal to you, there is also the option to host temporary rentals in the Washington Park real estate market. When considering temporary rentals, Airbnb.com shows the average nightly cost range in February 2022 is $181 per night per guest. This means investors can expect to earn approximately $66,000 annually from their rental if they’re able to host guests every night of the year, based on the average price.
The popularity of Washington Park real estate
Residents also appreciate the neighborhood’s proximity to art galleries, shopping, and dining options on South Pearl Street. For additional shopping, Old South Gaylord, a historic shopping district boasting 19th-century buildings, is only four blocks away. The neighborhood is also popular for local festivals, block parties, and farmers’ markets open from summer through fall.
Interested in viewing Washington Park homes for sale?
If you want to learn more about investing in Washington Park real estate, now is the time to jump on the hype train and bask in the benefits of a brand new property in one of the most popular neighborhoods in Denver. Reach out to one of the trusted agents at the Be1 Team for expert guidance. Let them help you find your next dream home in Denver!