Are Denver Home Values Quietly Sliding Backward?

We were researching a property that recently sold and noticed something surprising, it went for less than it did just a few years ago.

That led us down a Zillow-fueled rabbit hole… and it didn’t take long to find more.

We pulled 14 homes across different Denver neighborhoods consisting of a mix of single-family homes, luxury properties, townhomes, and condos.

Every single one either sold for the same price, slightly less, or only saw a modest increase compared to their last sale between 2021–2023.

If we spent another hour digging, we could’ve easily found more.

To be clear, this isn’t the case for every home.

If you bought below market or have made meaningful upgrades, you’re probably still ahead. But if you paid top dollar a few years ago and haven’t lifted a nail since, there’s a good chance your home is worth about the same, or maybe even a little less, today.

If you didn’t know, we have nearly a decade of experience in commercial real estate appraisal. While residential isn’t our specialty, it doesn’t take an expert to point out that no appreciation isn’t a positive sign.

This doesn’t scream “housing crash,” but it does hint at a quiet market correction. The days of easy equity may be behind us, at least for now.