What $1M+ Buyers and Sellers Need to Know Right Now
Spring arrived early in Denver’s housing market this year, and the
luxury segment is telling a different story than the rest of the
market. If you’re buying or selling above $1 million, here’s what you
need to know.
The Big Picture
Denver’s housing market is finding its balance after years of
extremes. Pending sales jumped nearly 30% month over month in
February. New listings are up. Active inventory is at its highest
level in years. And on February 26, the 30-year fixed mortgage rate
briefly dipped below 6% for the first time since 2022.
The median home price across metro Denver sits at $580,000, down about
3.3% from last year. But averages don’t tell the luxury story.
The Luxury Market Plays by Different Rules
Here’s what separates the $1M+ segment from everything else in Denver right now:
Luxury buyers aren’t rate-sensitive. While mid-market buyers
agonize over whether rates will hit the 5s, luxury buyers in Denver
are closing deals in cash. In February alone, two properties above
$2.9 million closed in under two weeks, both cash. When the right
property is priced correctly, this segment moves fast.
Inventory is rising, and that’s actually good news. Homes priced
at $1 million or more saw increased listing activity earlier than
typical seasonal trends this year. For buyers, that means more options
and more negotiating leverage than you’ve had in years. For sellers,
it means pricing strategy matters more than ever.
Detached homes are the play. Across the Denver metro, detached
homes sit at roughly 2.7 months of inventory (seller-leaning
territory), while attached homes carry nearly 6 months of supply. In
the luxury segment, buyers overwhelmingly prefer single-family homes
with land, views, and privacy.
Neighborhoods to Watch
The luxury pockets of the Denver metro continue to hold value and
attract serious buyers:
– Cherry Creek remains Denver’s most prestigious address, with
walkability and dining that justify the price per square foot
– Washington Park offers historic charm with strong appreciation trends
– Highlands / LoHi continues to attract buyers who want modern
architecture and rooftop mountain views
– Castle Pines and Castle Rock appeal to families looking for
gated communities, golf courses, and space
– Greenwood Village balances corporate proximity with residential elegance
– Heritage Greens in Lone Tree offers mature landscaping and golf
course living
What This Means for Buyers
If you’ve been sitting on the sidelines waiting for rates to drop, the
data suggests that waiting may cost you more than the rate savings.
Buyers who entered the market in January and early February captured
softer pricing before competition returned. As the spring market heats
up, that window narrows.
The smart play right now: take advantage of the elevated inventory to
find the right property, negotiate from a position of strength, and
lock in before the spring surge brings more competition. If you’re
paying cash or putting significant equity down, rates matter even
less.
What This Means for Sellers
Pricing discipline is everything in 2026. The luxury properties that
are selling quickly are the ones priced to reflect current comps, not
aspirational numbers from 2022. Homes that sit accumulate days on
market, and in the luxury space, time on market erodes perceived value
faster than in any other segment.
If you’re thinking about listing this spring, the window is opening
now. Early spring sellers are seeing the most motivated buyers. By
summer, higher inventory levels may shift leverage further toward
buyers.
The Bottom Line
Denver’s luxury market is healthy, active, and rewarding for people
who approach it strategically. It’s not the frenzy of 2021, and that’s
a good thing. This is a market where preparation, pricing, and the
right advisor make the difference between a good outcome and a great
one.
If you’re considering a move in Denver’s $1M+ market, I’d welcome the
conversation. No pressure, no pitch, just a clear-eyed look at what’s
possible.
John Nealson | Keller Williams Realty
john@nealsoninvest.com
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