How common are $1 million homes in Denver now?

• Time did most of the work. A home bought in the early 2000s in a close-in Denver neighborhood has had two decades of appreciation. Many owners crossed $1 million without remodeling at all.
• Land is the expensive part. Lots near downtown, the foothills and the best school districts are scarce. Buyers pay for the location, so a dated house on a great lot can still sell above $1 million.
• Few long-time owners sell. Owners who stay put keep supply thin. When fewer homes come up in an established area, the ones that do sell set new price levels.
• New custom homes start high. Building costs, permits and impact fees push most new custom homes near Denver past $1 million before the first upgrade.

Most seven-figure sales cluster just above the line. Homes over $3 million are a much thinner market, and that changes how long they take and how they should be marketed.

The $1M to $1.5M range is the tightest, at 3.3 months of supply. The $5M and up range has the most room, at 17 months.

• Your home may be worth more than your mental number. Owners tend to anchor on the last time they paid attention to prices. A current value is worth having before any decision about selling, refinancing or estate planning.
• Taxes come into play above certain gains. Married owners can exclude up to $500,000 of gain on a main home and single owners $250,000. Long-held homes often go past that. Our capital gains guide walks through the rules and the receipts that lower the gain.
• Buyers at this price compare harder. A $1 million buyer looks at fewer homes but studies each one closely. Condition, light and layout matter more than square footage.
• The selling plan should match the bracket. A home just over $1 million competes with many others. A home over $3 million may have few direct comparisons and needs a pricing method built for that. See how long luxury homes take to sell.

6,542 single-family homes over $1 million sold in Colorado's Front Range in the last 12 months at a $1.35M median price, with a median sale-to-list ratio of 98.1%. 2,155 are for sale now, about 4 months of supply. Condos and townhomes over $800,000: 588 sold at a $1M median.

Pace varies a lot by city and price band. The luxury market reports break it down for 34 areas, updated from the MLS.

Every Colorado home for sale, every price on kennarealestate.com, our main site.

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