Denver Real Estate Market Update:
January – April 2025

Denver’s luxury real estate market entered 2025 doing something it has not done in years: rewarding patience. After the frenzied bidding wars of 2021 and 2022 — and the sharp recalibration that followed when mortgage rates climbed toward 7% — the first four months of 2025 have delivered a market that is more balanced, more intelligent, and more rewarding for well-represented buyers and sellers than at any point since the pandemic era.

This is not a market in distress. It is a market in transition. And that distinction matters enormously when you are making decisions at the $600,000 to $4 million price point.

In this report, I break down what is actually happening across the Denver metro and in the premier neighborhoods I specialize in — Cherry Hills Village, Greenwood Village, Hilltop, Washington Park, and South Denver. I also share six of my most recent closings and spotlight the exceptional active listings currently available at EXCLUSIVE.MITCHLAZAR.COM.

Denver Metro Market Overview: Q1–Q2 2025

The headline numbers tell a story of stabilization — with real strength at the top of the market for homes that are priced right and presented well.

Key Market Metrics

• →Median closed price: $599,000 metro-wide. Single-family detached homes average in the mid-$600s; condos and townhomes near $390,000.
• →New listings surge: January 2025 alone saw 4,340 new listings — a 28% increase year-over-year — giving buyers more choices than they’ve had since before the pandemic.
• →Inventory highest since 2011: Nearly 12,000 active listings metro-wide by April 2025, up 71% year-over-year.
• →Days on market: Rising to a median of 47 days in January 2025 (up from 37 the prior year), reflecting buyer selectivity — not collapsed demand.
• →Mortgage rates: The 30-year fixed rate held around 6.6% entering Q1 2025, continuing to constrain move-up activity for owners holding sub-4% pandemic-era mortgages.
• →Q1 sales volume: 8,697 closed transactions — a normalized figure that reflects a healthier, more sustainable market than the pandemic-era peak years.

The condo and attached home segment is experiencing the most pressure, with year-over-year values down roughly 6% as HOA costs, insurance increases, and affordability challenges weigh on that segment. If you own a condo or townhome in Denver, pricing it correctly from day one is essential — not optional.

Detached single-family homes — particularly in the neighborhoods covered in this report — are telling a very different story.

Neighborhood Spotlights

Cherry Hills Village

There is no community in the Denver metro that commands the consistent reverence — or the consistent values — of Cherry Hills Village. Incorporated in 1945 and fiercely protective of its semi-rural, estate-scale character, Cherry Hills is the address that represents the true pinnacle of South Denver luxury living.

Properties here are trading at median prices in the $2.8 million to $3.5 million range, with trophy estates in Old Cherry Hills, Cherryridge, and Cherry Hills Park regularly reaching $6 million and beyond. Recent activity included 14 sales above $4 million in the trailing 12 months, with one Cherryridge Drive estate closing at $7.2 million for a newly constructed 11,000-square-foot home on 2.5 acres.

What drives Cherry Hills values is permanent scarcity: minimum lot sizes of 2.5 acres, ironclad zoning protections, zero commercial development, and only 80 to 120 homes transacting annually. The scrape-and-rebuild trend is accelerating along the Belleview corridor, where aging mid-century homes on premium lots are being replaced by 6,000–10,000 sq. ft. custom residences featuring geothermal heating, solar arrays, and EV infrastructure.

• →Median sale price range: $2.8M – $3.5M
• →Trophy estates: $5M – $15M+
• →Only 80–120 transactions annually — scarcity is the defining value driver
• →New construction and scrape-rebuild activity accelerating along Belleview

Greenwood Village & The Preserve

If Cherry Hills is Denver’s most exclusive address, Greenwood Village is its most balanced luxury market — delivering estate-scale living alongside the convenience of the Denver Tech Center, Cherry Creek State Park, and easy I-25 access in every direction.

The Preserve at Greenwood Village deserves particular attention. Set amidst 55 acres of pristine wetlands and open space, The Preserve remains the most coveted gated community in the Denver metro. Two of my recent Greenwood Village closings — at $2,925,000 and $2,765,000 — transacted within The Preserve, one of them entirely off-market, connecting a motivated seller with a qualified buyer through a professional network built over years of deep specialization in this community.

• →Broader market median: $1.2M – $1.8M
• →The Preserve, Sundance Hills, Old Greenwood: $2.5M – $5M
• →300+ annual transactions — superior liquidity vs. Cherry Hills
• →Cherry Creek School District throughout most of the community
• →Denver Tech Center proximity supports strong employer-driven buyer demand

Hilltop

Hilltop proves what Denver real estate professionals have known for decades: the right neighborhood — proximity, permanence, community — does not need a suburban zip code to command luxury prices. Tucked between Cherry Creek and Park Hill, Hilltop offers in-city living at its finest.

Hilltop median home prices reached approximately $2.1 million in recent months — up nearly 30% year-over-year — one of the strongest appreciation figures of any neighborhood in Denver. At approximately $530 per square foot, Hilltop commands premium valuations that rival far larger suburban markets. The best properties go under contract in days.

• →Median sale price: approximately $2.1M
• →Price per square foot: approximately $530
• →Year-over-year appreciation: approximately +29.5%
• →Robinson Park proximity, Cherry Creek trail access, established neighborhood character

Washington Park

Washington Park’s appeal is deceptively simple to explain and nearly impossible to replicate. A 165-acre city park at the heart of a walkable neighborhood, steps from the South Gaylord dining corridor, and minutes from Cherry Creek. The result is one of Denver’s most consistently competitive real estate markets regardless of broader conditions.

Washington Park home prices held near $1.6 million through 2025. Updated and larger homes regularly exceed $1 million — premium properties push considerably higher. In a market where many segments are softening, Wash Park’s most desirable listings still attract multiple offers.

• →Median sale price: approximately $1.6M
• →Premium park-facing homes trade above median; multiple-offer dynamics persist
• →South Gaylord and Cherry Creek retail corridors add meaningful lifestyle premium

South Denver

South Denver connects the energy of Denver’s urban core with the prestige corridors of Cherry Hills and Greenwood Village. For buyers who want established neighborhood character, top-tier schools, and genuine proximity to the city’s best amenities — without the $3 million entry point — South Denver delivers.

The South Denver median home price reached approximately $865,000 — up 6.1% year-over-year. Sub-neighborhoods including Bonnie Brae, Cory-Merrill, Observatory Park, and University Park carry their own micro-market dynamics, with premium properties trading between $1.2 million and $2 million. The LoDo and Blake Street corridor is also emerging as a meaningful urban luxury segment.

• →South Denver median: approximately $865K, +6.1% YOY
• →Bonnie Brae, Observatory Park, Cory-Merrill: $1.2M – $2M premium range
• →LoDo / Blake Street corridor emerging as urban luxury sub-market

Recent Closings: January – April 2025

Six closed transactions. Six distinct stories. Results across every tier of the Denver luxury and near-luxury market — from an entry-level South Denver home to off-market estate sales deep in The Preserve. Results, not promises.

Now Available: Exclusive Active Listings

The following properties are currently available through my exclusive portfolio at EXCLUSIVE.MITCHLAZAR.COM. Each represents a distinct opportunity in a market where exceptional properties remain the surest long-term investment.

What This Market Means for You

If You Are Selling

The sellers winning in this market share three characteristics: they priced accurately from day one, they presented their homes at an exceptional level, and they worked with an agent who could reach qualified buyers — including off-market buyers — before and beyond what the MLS alone delivers.

Off-market transactions are playing an increasingly important role in the $2 million+ segment. Two of my most recent closings were completed entirely through private channels. If you own a premium home in Cherry Hills, Greenwood Village, or a Denver in-city luxury corridor, the conversation about whether to list publicly or quietly is worth having before you make any other decision.

If you own a condo or attached home, pricing discipline is non-negotiable right now. The sellers closing are those who price to the current market and present accordingly — exactly as the 1011 S Valentia closing above asking price demonstrates.

If You Are Buying

Buyers have more leverage right now than at any point since 2019. More inventory, longer average days on market, and sellers who have recalibrated their expectations all work in your favor — if you are prepared and working with someone who knows how to negotiate in this environment.

That said, the best properties in the best neighborhoods do not sit. When a genuinely exceptional home comes available in The Preserve, on a Race Street-caliber block, or in core Hilltop, the buyers who are positioned to move quickly are the ones who close. Pre-approval in hand. Clear parameters. An agent who can access both public and private inventory before it hits the open market.

More From the mitchlazar.com Blog

The Denver real estate landscape is constantly evolving, and staying informed is the foundation of every good decision. Here are some recent topics from mitchlazar.com/category/blog that speak directly to what buyers and sellers are navigating right now: