Rankings/Denver-Aurora-Centennial, CO

Denver-Aurora-Centennial, CO

NeutralTier 1CBSA 19740Compare

Risk Rank: #202 of 274Month: 2026-05Score change (12m):↑ +9

44score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Denver's housing market shows average risk, ranking 202nd of 274 metros. The market recently entered Recovery. Current conditions are balanced with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

Denver experienced a market correction from early 2025 through early 2025. The market is currently recovering.

Inventory is declining (-7% YoY), indicating a tight market with limited supply.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Market conditions are rebuilding after a correction period

Key Dynamics

Risk is primarily driven by employment and permits per capita, while migration provides the most support.

Top Drivers

Employmentp77

12-month employment change (risk inverted)

Permits per Capitap63

Permits per 1,000 residents

Permit Growthp57

YoY permit change

Market Signals

Inventory is declining (-7% YoY), indicating a tight market with limited supply.

Liquidity

Stable↓

Active Listings YoY

-7.2%p40

Days on Market YoY

+13.2%p72

Months in status1

Data through May 2026

Valuation

Balanced—

Rent vs. Price Growth

-1.8%p37

Months in status1

Data through May 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumLow Risk

+0.2%p12

12-month HPI change — higher = overheating

Permit GrowthNeutral

+1.9%p57

YoY permit change — higher = supply pressure

Permits per CapitaElevated

5.36p63

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityNeutral

0.28p41

Mortgage payment / income — higher = more burdened

EmploymentElevated

-0.6%p77

12-month employment change (risk inverted)

MigrationLow Risk

+$276Kp11

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.

Bank Lending Standards

-3.7Normal

Rate Change (YoY)

-38 bpsNormal

Mortgage Risk Premium

+199 bpsElevated

Stable for 9 quartersData through 2026-Q2

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-5.9 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

+1.9%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Supply and demand are in equilibrium. No unusual activity on either side of the market.

Employment Concentration

Employment

Limited data

Largest SectorGovernment 35.6%

5 of 20 sectors disclosed · QCEW 2024 annual averages

Internal Structure

Denver's 10 counties show moderate divergence — Denver County carries the most risk (Elevated) while Jefferson County anchors the lower end.

Moderate10.6

10 of 10 counties scored

Denver, CO shows Moderate internal divergence — some counties diverge meaningfully from the metro picture. Denver County contributes the most structural risk (Elevated, driven by affordability), while Jefferson County anchors the lower end (Below Average).

Within-metro factor percentiles (0 = lowest risk, 100 = highest risk)

County	Score ▼	Band	Pop %	Price	Permits	Afford
Broomfield County<5%	84	High Risk	2.5%	78	100	56
Denver CountyRisk Driver	70	Elevated	23.9%	22	89	100
Park County<5%	56	Elevated	0.6%	67	56	22
Elbert County<5%	56	Elevated	0.9%	100	0	33
Douglas County	50	Average	12.6%	89	11	44
Arapahoe County	47	Average	22.0%	33	33	78
Adams County	44	Below Average	17.7%	11	67	67
Jefferson CountyStabilizer	44	Below Average	19.3%	44	44	89
Clear Creek County<5%	25	Low Risk	0.3%	0	78	11
Gilpin County<5%	25	Low Risk	0.2%	56	22	0

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-12	Hyp	40	14	54	45	57	11
2025-11	Rec	35	13	13	45	70	8
2025-10	Hyp	34	14	13	45	62	8
2025-08	Hyp	38	14	13	45	84	8
2025-05	Hyp	35	10	13	48	72	8
2025-03	Ress	38	13	13	52	82	8
2025-01	Ress	35	14	13	52	63	8
2024-12	Hyp	36	12	13	52	67	8
2024-10	Hyp	35	19	13	52	57	8
2024-07	Ress	35	8	13	54	65	8
2024-05	Ress	39	15	13	57	78	8
2024-02	Ress	36	17	13	60	56	8
2024-01	Exp	38	18	13	60	69	8
2023-11	Exp	38	14	13	56	74	8
2023-08	Rec	32	19	13	58	36	8
2023-06	Rec	32	16	13	59	36	8
2023-05	Hyp	32	12	13	59	41	8
2023-03	Hyp	32	9	13	63	38	8
2023-01	Ress	34	12	13	63	45	8
2022-11	Ress	30	11	13	62	26	8
2022-08	Ress	32	24	13	64	21	8
2022-05	Ress	40	70	13	74	16	8
2022-04	Exp	40	70	13	74	14	8
2022-02	Exp	40	65	13	71	21	8
2022-01	Rec	40	69	13	71	18	8
2021-11	Rec	38	63	12	70	16	10
2021-10	Exp	40	65	12	70	24	10
2021-08	Exp	42	71	12	73	25	10
2021-06	Rec	43	75	12	74	27	10
2021-04	Rec	47	73	12	74	55	10
2021-03	Exp	42	46	12	69	53	10
2021-01	Exp	43	51	12	69	57	10
2020-12	Rec	41	36	12	67	63	6
2020-10	Rec	39	34	12	67	56	6
2020-07	Rec	40	35	12	68	61	6
2020-06	Exp	38	32	12	67	54	6
2020-04	Exp	34	24	12	67	37	6
2020-02	Rec	30	19	12	67	17	6
2019-12	Rec	29	19	12	68	12	3
2019-09	Rec	30	22	12	69	16	3
2019-08	Hyp	30	20	12	69	16	3
2019-06	Hyp	33	34	12	69	19	3
2019-03	Hyp	39	52	12	70	35	3
2019-01	Hyp	40	64	12	70	33	3

Data Vintages

Price (HPI)2026-Q1

Permits2026-05

Income2024

Employment2026-05

Migration2023