Homes are being snatched up faster in Denver than any other metro in the country, according to the Denver Post. Denver home builders are set to experience their best year of business ever, says one real estate analytics firm. September new home sales in Denver advanced by 95.3% as the national average jumped to 46.9%. Jacksonville, Fla. and Raleigh, N.C. were the next two metros with the hottest new home sales. One economist says sales are so high here due to the strong Millennial market and positive net migration.
Beyond migrating millennials, builders also are seeing a flow of older adults escaping more crowded and expensive markets, especially in California, a move that the switch to remote work arrangements during the pandemic has made easier.
“We have seen a huge flight from markets where there is an affordability issue, like San Francisco and Los Angeles,” said Pat Hamill, founder of Denver-based Oakwood Homes. He adds Oakwood, whose communities include Green Valley Ranch and Reunion, is also picking up buyers from downtown areas that faced unrest in recent months.