The luxury real estate market in 2024 delivered exceptional highlights, with every property on the list selling for over $8 million. Cherry Hills Village dominated the rankings, claiming six of the top ten sales, including the year’s most expensive home, two properties on the same street, and even one that appeared twice! Boulder also made a strong showing, with four remarkable entries. Here’s a closer look at these stunning properties:
10. 1000 East Stanford Avenue, Cherry Hills Village – $8.3 Million
This modern estate features vaulted ceilings, floor-to-ceiling windows, and rich oak finishes, seamlessly connecting indoor and outdoor living spaces. The property includes a pool with an integrated spa, a guest suite above the garage, and a fully finished lower level with a gym and entertainment areas.
9. 4949 South Franklin Street, Cherry Hills Village – $8.5 Million
Elegantly designed and situated on a 1.19-acre lot in Old Cherry Hills, this new construction blends modern styling with rustic Colorado charm, highlighted by reclaimed oak beams, vaulted ceilings, and a grand two-story stone fireplace. The property features a chef's kitchen, a luxurious main-floor primary suite, a fully outfitted entertainment basement, and a landscaped backyard with a pool, patios, and firepit for exceptional indoor-outdoor living.
8. 2621 3rd Street, Boulder – $8.7 Million
This UrbanAlpine home by Surround Architects exudes warmth and charm, combining contemporary amenities with distinctive character. Its seamless blend of modern design and inviting aesthetics makes it truly one-of-a-kind.
7. 33 Viking Drive, Cherry Hills Village – $8.8 Million
This meticulously renovated home seamlessly blends classic charm with modern luxury, featuring a stunning primary suite wing, a theater, and a unique fitness center with deluxe spa amenities. Its expansive outdoor space includes a heated saltwater pool, a fire pit, and a 1,518-square-foot heated patio for year-round enjoyment.
6. 12 Viking Drive, Cherry Hills Village – $9 Million
Completed in 2020, this estate combines modern sophistication and timeless design. Features include a stunning kitchen with a Lacanche range, secret hallways connecting bedroom suites, and expansive grounds with a pool, spa, and outdoor kitchen.
5. 4949 South Franklin Street, Cherry Hills Village – $9 Million
Making its second appearance on the list, this property showcased exceptional craftsmanship and seamless indoor-outdoor living.
4. 3200 Foothills Highway, Boulder – $9 Million
This 162-acre estate offers unparalleled natural beauty and unobstructed views of the Flatirons, Longs Peak, and Eldorado Canyon. With a main residence, horse stables, and development opportunities, it’s a private oasis just minutes from Boulder and Golden.
3. 916 Juniper Avenue, Boulder – $10 Million
Designed by Surround Architecture and TreeLine Homes, this one-of-a-kind residence boasts captivating Flatiron views, reclaimed white oak flooring, and a chef’s kitchen. With a saltwater pool, en-suite pool house, and seamless indoor-outdoor living, it redefines luxury on one of Boulder’s most exclusive streets.
2. 2260 Meadow Avenue, Boulder – $10 Million
Meadow, located in Boulder's coveted Carolyn Heights, exemplifies sophisticated design by Surround Architecture and J. Logan. With clean lines, rich materials, and seamless indoor-outdoor living, this architectural gem features Nanawall glass walls, a pool patio, and a basketball court, setting a new standard for Boulder luxury.
1. 5 Cherry Hills Park Drive, Cherry Hills Village – $15.75 Million
This Cherry Hills estate combines over 11,000 square feet of elegance and cutting-edge technology. Highlights include a primary suite with imported custom doors, heated floors, and a steam shower, a kitchen with dual Caesarstone islands, and luxurious outdoor amenities like a pool, pizza oven, and automated gates—all set on 2.5 impeccably landscaped acres near Cherry Hills Country Club.
These homes not only highlight the enduring appeal of Denver and Boulder’s luxury markets but also reflect the diverse architectural styles and features that continue to draw high-end buyers to the region. Whether it’s Boulder’s iconic views or Cherry Hills’ sprawling estates, these properties represent the pinnacle of Colorado’s real estate market.
Looking Back at 2024, Looking Ahead to 2025
2024 in Review
2024 brought significant shifts to the Denver real estate market. Elevated mortgage rates shaped buyer and seller behavior, modest price changes reflected a market recalibrating, and inventory levels saw substantial growth alongside longer days on market (DOM). Let’s take a closer look at the trends that defined the year.
Interest rates were a major story in 2024. The Federal Reserve eased the federal funds rate in the third and fourth quarters, causing temporary dips in mortgage rates. However, these benefits didn’t persist, leaving rates in the high six percent range by year-end. Buyers had to adjust to this new normal, moving away from the historically low three percent rates of recent years that are no longer realistic. Buyers have needed time to adjust to the affordability factors associated with the higher rates and increased home prices.
Detached single-family homes saw modest price growth despite elevated rates, while the attached home market faced unique challenges. Rising HOA fees, driven by higher insurance premiums and regulatory changes, contributed to slight price declines. These increasing costs made condos a tougher sell for both buyers and current owners.
The Denver market experienced significant inventory growth in 2024, with 55,839 new listings—a 12.6% increase from 2023. Properties spent an average of 38 days on the MLS, compared to just 14 days in 2021. By December, DOM had climbed to 56 days. Active listings also surged, ending the year with 6,888 properties available—a 38.56% increase from 2023. At one point, active listings surpassed 11,000, marking the highest levels since 2011. While this expansion provided buyers with more options, it also signaled a market shifting away from the frenzied pace of recent years.
While 2024 shared many similarities with 2023, it outperformed in several key areas, including inventory growth and transaction volume. However, elevated mortgage rates, longer selling times, and challenges in the attached single-family segment tempered overall performance. As the market continues to adapt, buyers and sellers alike will need to navigate a landscape defined by incremental changes and persistent headwinds.
2025 in Focus
Increased showing activity during the holiday season suggests that buyers are ready to re-engage with the market. Affordability will remain a key metric, driven by the interplay of mortgage rates, home prices, and wage growth. Encouragingly, Denver Metro's Home Price Index reached a record high in Q3 2024, underscoring the market’s resilience.
Mortgage rates are expected to dominate the narrative in 2025, likely ranging from 6.25% to 7%, with potential easing in the latter half of the year. Builders will continue to offer mortgage buydowns to attract buyers, providing some relief from elevated borrowing costs. Federal Reserve Chair Jerome Powell has signaled caution regarding further rate reductions, citing persistent inflation concerns.
While elevated rates and affordability challenges will persist, the Denver market is expected to see steady activity. Buyers’ negotiating power has increased, thanks to higher inventory levels, but life events like marriages, births, and job changes will continue to drive demand. As rates stabilize, more buyers are likely to enter the market, further supporting home price growth.
Info For Sellers
Despite elevated mortgage rates, home values in Denver have continued to appreciate, which may encourage more buyers to act as they accept that lower rates aren’t guaranteed. Sellers will need to adopt strategic marketing approaches to stand out in a market characterized by heightened competition and growing inventory. With the traditionally busy spring market just around the corner, it’s an excellent opportunity to list properties, as buyer demand typically peaks during this season.
Info For Buyers
Early 2025 presents strong negotiation opportunities for buyers, especially before the spring market intensifies. While mortgage rates in the six to seven percent range may seem high compared to recent years, they are consistent with historical norms before 2008. For those seeking value, condos are becoming more attractive, with many offering incentives such as prepaid HOA dues. However, buyers should carefully consider monthly costs, including dues and insurance, to ensure the investment aligns with their financial goals.
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As 2025 unfolds, adaptability and informed decision-making will be crucial. Whether buying or selling, having an experienced real estate agent by your side will be key to navigating this evolving landscape successfully. A trusted agent can provide valuable insights, strategic guidance, and market expertise, ensuring you make the most of the opportunities ahead.
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