The median home price in the metro area was $238,500 in February, meaning half the homes sold for more than that and half for less.
But what the median price can buy is all about location, location, location.
In Adams County, a 2,689-square- foot tri-level brick home with basement is available at the median price. The Northglenn home, built in 1965, sits on an almost half-acre lot along Elati Street.
“Traditionally, home prices have been lower in Adams County,” said Lynne Ellebrock, a broker with Keller Williams Preferred Realty.
Drive 20 minutes south to Denver and there’s a 740-square-foot stucco ranch home, built in 1952, that was initially offered near the median price.
The house near Sloan’s Lake has no basement and needs a major upgrade, not unlike many Denver properties in that price range, said Stock Jonekos, a real estate agent with Kentwood Co. (The seller recently dropped the asking price to $232,000.)
At that price range, a buyer gets the land and a chance to be close to Denver’s amenities and jobs.
“When we have people from other states here, they want to be as close to downtown as possible,” Jonekos said.
Like Denver, Boulder County offers little inventory in the median price range. A 1,748-square-foot ranch home built in 1980 in Lafayette was one possibility.
Nearby Broomfield County offered a 3-year-old, 1,301-square-foot two-story home, while a Jefferson County listing hawked a 1,124- square-foot stucco ranch home in Lakewood built in 1939.
Arapahoe County offered several homes around the median price, especially in Aurora.
“There are people who are very location-specific when they search. There are buyers who want the most they can get for their money,” said Sean McMillan, a broker associate with MB Jensen Associated Brokers in Parker.
McMillan is trying to sell a 2,592- square-foot four-bedroom home built in 1979 in Aurora. The home, at exactly the median price, has had a lot of lookers since October but no buyers.
Even if the seller gets the asking price, he won’t do much more than break even because he’s been in the house only a few years, McMillan said.
Another option for getting homes at the median price is to go out to the edges, a must in Douglas County, where generally high-priced Highlands Ranch is located.
“If I was going to pick a spot south, Castle Rock is the place to buy,” said John Gergen, with MetroBroker at Gergen Realty. “You get more footage for your money.”
Getting downtown can prove a bear in rush hour, but Castle Rock to the Denver Tech Center isn’t that bad a commute, Gergen said.
Gergen is trying to sell a two-story frame home on the east side of Castle Rock. The 1994 home has 1,768 square feet, a basement and an attached two-car garage. It’s listed for $238,500.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
