Market Report

Strong Home Sales in a Tight Market

Denver’s October 2024 market showed resilience, with a noticeable uptick in home sales compared to the past two years. Although the fall season typically cools down market activity, a record-high median closed price of $599,000 for single-family homes highlights ongoing demand. This is a 4% increase from September, indicating that while the volume of sales may be shifting seasonally, the appetite for homeownership remains robust, especially for properties under $600,000.

Sellers Returning to the Market

New listings have been a key factor shaping the fall market. October saw 4,644 new homes enter the market—a significant 22% increase from last year. While this is a promising sign of market confidence, it’s an 8% drop from September, consistent with the seasonal slowdowns we typically see as the weather cools. Sellers who may have been waiting for a peak market opportunity could be entering now to catch the tail end of Denver’s active real estate season. However, as inventory remains tight, homes in popular price ranges are still drawing competitive interest.

Buyer Demand Holds Strong Despite Seasonal Shifts

Buyer activity also defied typical autumn trends, with a 23% year-over-year increase in executed contracts. In October, 3,619 contracts were signed, which underscores the ongoing demand despite rising prices and interest rates. The median time to contract stretched to 27 days, a full 10 days longer than last October, as buyers are taking a bit more time to explore their options. This increased timeframe might reflect some price resistance, as buyers navigate both increased home costs and economic uncertainty.

Rental Market Update: More Options, Slightly Lower Prices

The rental market in Denver also showed shifts in October, indicating that some buyers may be taking a pause and opting to lease while the market stabilizes. Rental activity was strong, with 321 properties leased—a 9% increase over last year. Interestingly, the median lease price dipped by 1%, even as new rental listings grew by 14% compared to the previous October. This slight decrease in rental prices could offer some relief to renters, especially those considering a “wait and see” approach to home buying.

Market Outlook: Balancing Buyer and Seller Needs

As we move into late fall and winter, we’re likely to see a continued balance between increased seller listings and steady buyer interest. Homes priced competitively will still draw attention, but sellers may need to temper their expectations on days on market as buyers weigh their options carefully. For potential buyers and investors, the increase in inventory could offer more opportunities for negotiation as sellers aim to close deals before the end of the year.

Overall, Denver's October 2024 market reflects a unique blend of seasonal cooling and sustained demand. If you’re considering buying, selling, or renting, this market snapshot emphasizes the importance of staying informed and agile. As always, a real estate broker at Legacy 100 can help you navigate these trends, connect you with high-quality lenders, and guide you to make the best decision for your situation. Click Here to read the full report from REcolorado.