While Other Segments Struggle, Denver’s Luxury Market Cashes In

Football is officially back, Colorado’s aspens are aglow, and apparently so is the luxury real estate market in Denver. While the broader market is under pressure, and our state just ranked number one nationwide for price cuts, the $1 million+ market segment is playing by a totally different set of rules.

Let’s dig into the numbers:

While year-to-date sales across the metro area are down 4.96 percent, sales in the $1 million+ segment are up 1.99 percent, with 4,449 closed sales so far. Sales volume in this segment is also up 3.17 percent, reaching $7.30 billion, barely shy of its 2022 peak. In September, new listings in this segment jumped 12.15 percent month-over-month, suggesting increased seller confidence.

And buyers within the segment aren’t exactly taking the scenic route either. $1 million+ listings spent a median of just 21 days in the MLS in September, compared with 32 days across the broader market, with detached homes moving even faster, selling in a median of just 19 days.

While attached properties across the broader Denver Metro market struggle significantly, the $1 million+ segment is bucking that trend too.

Year-to-date closed sales for attached homes in the $1 million+ segment are up 6.35 percent, with homes selling in a median of 23 days in the MLS.  And that strength isn’t confined to just one section of this market.

Sales are up across all three luxury attached segments analyzed in the report: 5.60 percent in the $1M–$1.5M range; 5.41 percent in the $1.5M–$2M range; and 11.11 percent in the $2M+ range.

That’s not some random signal — it’s a message.

The “K-shaped economy” you feel in the cost of gas, groceries, and just getting by these days? Is now driving an undeniable divide in real estate, too.

Download the entire report here.

Let’s check out the highest sales:

The highest single-family detached sale was “The Garden House” in Castle Rock. This 4-bedroom, 6-bath estate in Castle Pines Village spans more than 10,000 square feet. It sold for $7.4 million after 44 days on the market in a cash deal.

The highest attached sale was in Cherry Creek North at 500 Adams Street. The 4-bedroom, 7-bath custom-built townhome spans 6,060 square feet, features a three-car garage, and its own private elevator of course. It spent just eight days in the MLS before selling for $4.3 million in cash as well.

When you have room to maneuver, you can make a move — and right now, Denver’s $1 million+ market has plenty of room to do exactly that.

As lower price segments struggle, this segment isn’t just waiting for conditions to get better — it’s capitalizing on the opportunities right in front of it.

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