The US property market is hotting up and nowhere more so than Denver in Colorado.
According to the latest report from real estate brokerage website Redfin, properties in Denver are selling faster than anywhere else in the United States at the moment.
Properties listed in the Denver metro area took just 23 days to go to contract from date of listing last month, which was quicker than any other US area, including the hot property markets of Seattle and San Francisco.
The time between listing and contract has almost halved in Denver over the last year, with properties taking 43 days at the beginning of 2016.
A major reason for the rapid growth in the City is down to millenials attracted to the many attributes of the area, including lower cost of living, good weather and the booming job market.
Colorado actually boats more days of sunshine each year than the ‘sunshine state’ of Florida, and can also offer skiing in the mountains.
The job market in the Denver area is particularly expanding in new areas such as technology, IT and renewable energy, therefore attracting a younger workforce of millenials to the region.
Over 200,000 people relocated to the Denver area during 2016 and the influx is expected to continue.
The number of available properties for sale is struggling to keep up with the increased demand, with the number of properties for sale down by 28 per cent from last year, helping to fuel property inflation.
Re/Max realtor Arlene Krauss confirmed the shortage, saying: ‘Inventory, there are just way more prospective buyers than there are properties available. Homes are selling so fast it’s amazing.’
With Amazon currently building a fulfilment centre in Aurora, just 16 kilometres away, that will create another 1,000 full time jobs, it seems that Denver is now very much on the map.
For overseas property investors looking for a strong rental demand from professional millenials, Denver may be an ideal place to invest. If you can find a property to buy.