FOX31 looked at data from the Zillow Home Value Index, which measures the typical home value in a given region, to see how home values have grown in Denver, Boulder and Colorado Springs over the past five, 10 and 20 years.
These values include condos and co-ops, in addition to single-family homes.
Because of this, the values are lower than they would be if only single-family homes were included.
The difference is the most pronounced in Boulder, where the value, including condos and co-ops, in October 2023 was $728,174, while the home value including only single-family homes was $781,763.
The values were calculated from the metro areas of each city. For example, Denver’s values include surrounding cities like Aurora, Lakewood and Broomfield.
How have home values changed in Denver?
The Denver metro has seen a spike in home prices since 2013, with homes costing over twice as much now as they did in October 2013.
- 2003 – $239,496
- 2013 – $261,180
- 2018 – $411,154
- 2023 – $573,399 (140% increase since 2003, 120% since 2013, 40% since 2018)
Notably, Denver saw values jump more in the five years between 2013 and 2018 — with a 57% increase — than it did in the five years between 2018 and now.
The biggest single-year increase that the metro has seen since 2018 came between 2020 and 2021 when values increased by 17%.
It is also worth noting that the typical home value in Denver has gone down since this time last year. In October 2022, the typical home was $577,399, or about $4,000 higher.
How have home values changed in Boulder?
The typical home value in Boulder is much higher than in the other two cities, with the value in Boulder being a little over $280,000 higher than in Colorado Springs and $154,000 higher than in the Denver metro.
According to the historical data, this has been the case since at least 2003, though the difference was not as pronounced.
For example, in 2003, the typical home value in Boulder was $291,881 to Denver’s $239,496.
However, since then, prices increased substantially, with the overall growth of the typical home value outpacing both Denver and Colorado Springs.
- 2003 – $291,881
- 2013 – $349,924
- 2018 – $532,276
- 2023 – $728,174 (149% increase since 2003, 108% since 2013, 37% since 2018)
Of the three metro areas, Boulder saw the largest home value increase since 2003. Despite this, it has seen a slightly less pronounced increase since 2013 and 2018.
How have home values changed in Colorado Springs?
Home values in Colorado Springs have also doubled since 2013, though the rate was slightly less dramatic than in the Denver metro or Boulder.
- 2003 – $193,886
- 2013 – $214,168
- 2018 – $306,728
- 2023 – $447,767 (131% increase since 2003, 109% since 2013, 46% since 2018)
The typical home value overall is cheaper in Colorado Springs than in the other two areas, though the growth in the last five years has been the highest.