As the real estate market in Denver continues to soar, affordable homeownership options remain scarce. The median sale price for single-family homes in Denver reached $665,850 in December 2023, a nearly 2 percent increase from the previous year and a staggering 23 percent rise from the lows experienced during the COVID-19 pandemic in December 2020, according to data from Redfin. Outside the city, the median price for detached homes in the broader Denver area was reported at $615,000 in January 2024, as per REcolorado.
Despite these high prices, there are still options for prospective buyers, particularly those willing to make some compromises. As of February 9, 2024, five detached single-family homes in Denver are listed for sale on Zillow for $300,000 or less, representing less than half of the median sale price.
Exploring the Current Affordable Listings
The available properties come with their own sets of challenges, primarily related to size and condition. None of these homes exceed 1,000 square feet, and some are in need of significant repairs or renovations. Here are the five most affordable homes currently on the market in Denver:
5. 1565 Xanthia Street
– **Price:** $300,000
– **Bedrooms:** 2
– **Bathrooms:** 1
– **Square footage:** 639
– **Year built:** 1947
– **Days on Zillow:** 126
Located in the East Colfax neighborhood, this property has seen better days. Some listing images appear to have been digitally altered, raising questions about the home’s condition. The low asking price is likely influenced by the recent violent crime nearby, with a stabbing occurring just a block away shortly before the listing was posted. The seller has reduced the price by nearly $11,000 since the home came on the market on October 6, 2023.
4. 3045 West Gill Place
– **Price:** $295,000
– **Bedrooms:** 2
– **Bathrooms:** 1
– **Square footage:** 850
– **Year built:** 1939
– **Days on Zillow:** 63
This Westwood home features a large backyard on a 6,650-square-foot lot, but its proximity to South Federal Boulevard may deter potential buyers. Just under 200 feet from the busy street, the property is also adjacent to various businesses, including a pharmacy and beauty salon. The location’s noise and traffic may present challenges for outdoor enjoyment.
3. 3092 West Alaska Place
– **Price:** $290,000
– **Bedrooms:** 1
– **Bathrooms:** 1
– **Square footage:** 612
– **Year built:** 1935
– **Days on Zillow:** 154
This home, located just half a mile from the previous entry, has been listed as “pending sale” twice but has returned to the market each time. Interested buyers must visit the property in person before making an offer, a strategy possibly aimed at addressing potential concerns regarding its condition.
2. 927 South Yates Street
– **Price:** $287,000
– **Bedrooms:** 2
– **Bathrooms:** 1
– **Square footage:** 979
– **Year built:** 1934
– **Days on Zillow:** 8
This property represents a rare find: a move-in ready home for under $300,000. Fully remodeled and located near Westwood Park, it is part of an affordable homeownership program managed by Elevation Community Land Trust. To be eligible, buyers must have an annual income at or below 80 percent of the Area Median Income, translating to a maximum of $78,480 for a single individual or $100,880 for a family of three.
1. 315 North Galapago Street
– **Price:** $250,000
– **Bedrooms:** 1
– **Bathrooms:** 1
– **Square footage:** 560
– **Year built:** 1885
– **Days on Zillow:** 55
Topping the list is a property that has garnered attention for its low price, yet it comes with substantial caveats. At 141 years old and only 560 square feet, this home is described in the listing as needing “everything.” Prospective buyers are required to submit offers before being allowed to view the interior. The property is situated on a cramped lot in the Baker neighborhood, measuring just 25 feet wide.
While these homes offer a glimpse of the lower end of the Denver housing market, they also illustrate the challenges faced by potential buyers in a city where affordability is increasingly elusive.
