If you live pretty much anywhere in the Denver metro area, cranes and new developments seem to continue to be popping up everywhere.
According to this Denver Business Journal study, though, there are a handful of nearby cities that are experiencing the most growth:
In March 2018, cities in the Denver metro issued 3,266 new building permits for private housing units, reaching a high not seen since May 2001, according to data from the U.S. Census Bureau.
That number has fallen in the months since, but as new home construction heats up in the suburbs, we asked the largest homebuilders in the Denver metro to list the cities (up to five per firm) where they're planning the most expansion in 2018. Seventeen of the 21 firms on the List responded.
Denver proper took the top spot, with seven firms saying they anticipate expanding the most in the city. Aurora and Thornton tied for the second most popular answer, with six firms including them on their radars. Arvada and Longmont tied for third with four responses apiece.
Lennar Corp. (NYSE: LEN) and Meritage Homes Corp. (NYSE: MTH), ranked Nos. 2 and 4 on the list, respectively, both pegged Parker and Thornton as areas where they're planning to continue building.
Here are updates on notable communities being built out by some of the top firms on the List.
Avg. 2018 closing price: $359,043
Avg. sq. footage of closed homes: 2,011
Total planned homes: 9,200 (8,641 closed)
Pictured: The Boulderado model, starting at $519,900
Cityscapes at the Views – Richmond American Homes
Avg. base price: $411,950 - $429,950
Avg. sq. footage: 1,760-1,800
Total planned homes: 62 (20 under contract)
Pictured: The Cityscape collection, beginning in the low $400,000 range
Heritage Todd Creek – Lennar
Avg. base price: $439,900 - $734,900
Total planned homes: 1,272 (852 closed)
Sq. footage: 1,634 – 3,450
Pictured: The Irwin from the Legends collection, starting at $634,900
Home prices are (unsurprisingly) on the rise.
The builders on this list reported a median price of $518,048 for homes completed in the Denver area in 2017. There are some notable outliers: LUX Builders, which specializes in luxury homes, reported an average home price of $1.4 million. And non-profit Habitat for Humanity built homes for an average price of $230,217.
For the top five homebuilders on this year’s list, the increase in home prices from 2015 to 2017 averaged 19 percent. The price for an average home built by Richmond American Homes of Colorado Inc. has risen 30 percent since 2015, when the company reported an average home price of $376,083.
Richmond American Homes of Colorado Inc. also completed more homes in the Denver area in 2017 than any other homebuilder, raising 1,216 houses. That’s up from 1,150 the previous year. Below are the companies that churned out the most new homes in the Denver metro in 2017.
- Richmond American Homes Inc. - 1,216
- Lennar Corp. - 871
- Century Communities Inc. (NYSE: CCS) - 852
- Oakwood Homes - 630
- D.R. Horton Inc. (NYSE: DHI) - 627
To see the rest of this list, and more information about homes being built across the Denver Metro area, please visit the Denver Business Journal.
If you are considering a new home purchase in the Denver metro area, we would love to help you navigate the process. Please contact us to get started or for more information.
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