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DENVER (KDVR) — Investors snapped up a big slice of Denver real estate in the last two years.

Online brokerage Redfin kept quarterly reports of how many homes in each major U.S. metro were purchased by investors in the last two years, as opposed to being purchased by people who planned to live in the homes themselves. Nationally, as many as one in five homes in the U.S. were bought by investors, depending on the quarter.

In Colorado, investors have been very active in the housing market.

Between the first quarter of 2021 and the fourth quarter of 2022, about 15% of the number of homes sold in the Denver metro were to investors – about one in every seven homes.

Through 2021 and 2022, investors bought a total of $9.5 billion in Denver area housing. This does not include the total sold in the first quarter of 2021, for which Redfin had no record. In reality, investors likely purchased over $10 billion in those two years if that first quarter was taken into account.

Investors typically bought homes for about $49,000 less than the overall sales price for the Denver metro, on average.

FOX31’s Data Desk compared Redfin’s quarterly price of investor-purchased homes to the average quarterly price for all homes sold in the Denver metro. The analysis goes from the third quarter of 2021, as Redfin did not have data for investor home purchase prices for the first two quarters of that year.

In any given quarter, investors bought homes for $26,000, $71,000 less than the average price of all homes sold. The average difference was $49,000.