Light rail through Aurora could be a factor in skyrocketing home prices

Our Colorado: Light rail cause of increased prices
Posted at 5:41 PM, May 26, 2018
and last updated 2018-05-26 20:03:38-04

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AURORA, Colo. -- There's no doubt the cost of living in the Denver metro area is brutal. What may be good for the seller just keeps getting worse for the buyer.

The City of Aurora has always been known to be the place for more affordable homes, but that is starting to change.

The Woodrim neighborhood is a perfect example. It sits just south of Iliff, east of Interstate 225.

Realtor Wesley Hardin tells Denver7 that home values have gone up between 10 and 13 percent in Woodrim year-to-year. That percentage is higher than the overall average in Aurora. Homes are selling in Woodrim for close to $400,000. So why is Woodrim so hot? 

Denver7 caught up with another realtor, Dan Navarro, who actually lives in the Woodrim neighborhood.

He attributes the price hikes to what's just across the street. The Iliff Light Rail Station

"I think public transit is really important," said Navarro.

He went on to explain how Woodrim has a good Walk Score. That's a score between 1 and 100 that measures the walkability of any address. 

The Iliff Station is just a four-minute walk from Navarro's front doorstep.

Hardin believes light rail is a big factor too.

"It definitely is affecting the values here without a doubt."

Navarro can't believe what he's seeing in his own neighborhood.

"It's pretty amazing the values in this neighborhood and how we've seen them skyrocket, especially compared to other cities in Denver," he said.

But it isn't just light rail.

Woodrim's location is just about perfect. It sits right next to a major highway and is about as close to Denver as you can get. When prices are going for more than $500,000 in Denver, even the higher prices in Aurora are still more affordable.

"I guess if $400,000 is affordable than so be it," said Navarro. "That's the market."