In a surprising twist to the narrative surrounding homeownership in Denver, five detached single-family homes are currently listed for sale at prices below $300,000. This is significantly less than the median sale price for single-family homes in the city, which stood at $665,850 in December 2023, according to data from Redfin. The affordability of these homes, however, comes with caveats, including location and condition.
The broader Denver area is also feeling the pinch, with the median price for detached homes recorded at $615,000 in January 2024, as reported by REcolorado. Despite this challenging market, prospective buyers still have opportunities to find homes at much lower price points, albeit with significant trade-offs.
Overview of the Cheapest Homes in Denver
As of February 9, 2024, the following five homes are the cheapest currently listed on Zillow, each priced under $300,000. They highlight the stark reality of the local housing market, where affordability often comes at the expense of quality and location.
1. 315 North Galapago Street
– **Price**: $250,000
– **Bedrooms**: 1
– **Bathrooms**: 1
– **Square Footage**: 560
– **Year Built**: 1885
– **Days on Zillow**: 55
This property, the least expensive on the list, is described as needing extensive renovation. At 141 years old and merely 560 square feet, it represents the oldest and smallest home currently available. Prospective buyers are not allowed entry until their offers are accepted, underscoring the property’s dilapidated state.
2. 927 South Yates Street
– **Price**: $287,000
– **Bedrooms**: 2
– **Bathrooms**: 1
– **Square Footage**: 979
– **Year Built**: 1934
– **Days on Zillow**: 8
This home is notable for being move-in ready and fully remodeled. However, it is part of an affordable homeownership program through Elevation Community Land Trust, which requires buyers to have an annual income at or below 80 percent of the Area Median Income, capping eligibility at $78,480 for individuals and $100,880 for families of three.
3. 3092 West Alaska Place
– **Price**: $290,000
– **Bedrooms**: 1
– **Bathrooms**: 1
– **Square Footage**: 612
– **Year Built**: 1935
– **Days on Zillow**: 154
Located in Westwood, this home has been listed as “pending sale” twice since its initial listing five months ago, indicating buyer hesitation. The proximity to Federal Boulevard may deter potential offers, as the listing emphasizes the need for a “fix-it attitude.”
4. 3045 West Gill Place
– **Price**: $295,000
– **Bedrooms**: 2
– **Bathrooms**: 1
– **Square Footage**: 850
– **Year Built**: 1939
– **Days on Zillow**: 63
This property features a large backyard but is situated less than 200 feet from the busy South Federal Boulevard. While it offers outdoor space, the noise from traffic might impact the enjoyment of the area. Nearby amenities include a business center with various services, making it convenient for residents.
5. 1565 Xanthia Street
– **Price**: $300,000
– **Bedrooms**: 2
– **Bathrooms**: 1
– **Square Footage**: 639
– **Year Built**: 1947
– **Days on Zillow**: 126
This home in the East Colfax neighborhood is characterized by its rundown condition, with some listing images reportedly altered to appear more appealing. The lowered asking price, which has dropped by nearly $11,000 since its listing on October 6, 2023, may be influenced by recent violent incidents in the vicinity.
Market Implications and Challenges
The current availability of homes under $300,000 in Denver highlights a crucial aspect of the housing market: affordability is often linked to location and property condition. While these listings provide opportunities for buyers with limited budgets, they come with significant risks and challenges.
As the market continues to fluctuate, potential homeowners must weigh the benefits of low prices against the realities of living in less desirable areas or owning homes that require substantial repairs. The situation reflects broader trends in urban housing markets, where affordability remains a pressing issue for many families.
In conclusion, while the prospect of homeownership in Denver may appear daunting, these five listings serve as reminders that opportunities still exist, albeit in less conventional forms. Buyers should approach these properties with caution, understanding that affordability often demands sacrifices in other areas.
