May Market Update: Denver’s Luxury Neighborhoods See Valuation Increases

By Jane Unhammer, Luxury Real Estate Specialist at milehimodern

Denver’s luxury real estate market continues to demonstrate resilience, with most of our city’s high-end neighborhoods showing modest valuation increases according to the latest assessment data.

Luxury Neighborhood Valuation Trends

According to data recently released by Denver Assessor Keith Erffmeyer, eight of Denver’s official neighborhoods now boast median home valuations exceeding $1 million for single-family homes and townhomes. Seven of these prestigious areas experienced increases compared to the 2023 valuation cycle:

• Cherry Creek leads the pack with an impressive 11.65% median increase, bringing values to $1.53 million
• Belcaro follows with a solid 7.02% median increase, reaching $1.88 million
• Country Club saw a 4.44% median increase, with values at $1.62 million
• Hilltop maintained strong growth with a 4.37% median increase, reaching $1.65 million
• University Park experienced a 4.3% median increase, with values at $1.35 million
• Wellshire showed a modest 2.66% median increase, with values at $1.13 million
• Washington Park recorded a slight 1.14% median increase, with values at $1.46 million

Only Cheesman Park saw a small decline, with a 2.4% median decrease bringing values to $1.06 million.

Understanding the Assessment Data

It’s important to note these valuations don’t include condominiums. The data comes from Denver’s 78 “official” neighborhoods and doesn’t provide specific figures for smaller, non-official areas like Bonnie Brae or Polo Club (which fall within Belcaro).

While Union Station technically has a median assessed value above $1 million, it contains significantly fewer single-family homes and townhomes than the other eight neighborhoods mentioned.

The Broader Market Context

This valuation cycle (July 2022 through June 2024) marks a notable shift from the previous assessment period. Throughout the Denver metro region, residential properties experienced median changes in the single digits, ranging from slight decreases to modest increases.

This represents a welcome stabilization after the 2023 cycle, which saw “historic” median increases between 30-50% during a time of extremely low interest rates and pandemic-related market factors.

What This Means for Property Owners

Property valuations represent just one component of your tax calculation, working alongside the assessment rate (set by state legislature) and the tax rate or mill levy (determined by various taxing authorities).

Property owners who wish to appeal their valuations have until June 9 to do so, though fewer appeals are expected this cycle given the more modest changes.

Looking Forward

As your Denver luxury real estate specialist, I’m committed to helping you navigate our evolving market. Whether you’re considering buying or selling in one of these prestigious neighborhoods, understanding current valuations is essential for making informed decisions.

This article references data released by Denver Assessor Keith Erffmeyer and other county assessors during a recent press event. Original reporting by BusinessDen.

Jane Unhammer is a luxury real estate specialist with milehimodern, focusing on Denver’s most prestigious neighborhoods. For personalized guidance on Denver’s luxury market, contact Jane today.