Market Watch

1. Median Home Prices:

   • The median price for single-family residences (SFR) in Denver remains high, with the median price in July 2024 recorded at approximately $675,000. This represents a stable price range compared to previous months, indicating a consistent demand for single-family homes.
   • Multi-family units (such as condos and townhouses) have a significantly lower median price, around $410,000, which also shows stability with slight variations month-over-month.

2. Price Range Variability:

   • For single-family homes, prices range widely, with minimum prices around $429,900 and maximum prices reaching up to $685,000.
   • Multi-family units have a more constrained range, with minimum prices around $295,000 and maximum prices up to $425,000, indicating that these properties are generally more affordable and have less variability in pricing.

3. Sales Volume and Trends:

   • Sales of single-family homes have seen fluctuations, with peaks and troughs reflecting seasonal demand changes. In July 2024, sales were moderately high, aligning with summer buying trends when activity typically peaks.
   • Multi-family sales, although lower than single-family homes, show a similar trend of increased activity during the summer months, reflecting both affordability and the need for housing in a growing urban area.

4. Inventory Levels:

   • Inventory for single-family homes was measured at around 3,492 units in July 2024, a decrease from previous highs. This decline suggests a tightening market, where demand outpaces supply, potentially putting upward pressure on prices.
   • Multi-family inventory also shows a decrease, with approximately 1,394 units available. This suggests that while these properties are more affordable, there is still a strong demand, likely driven by first-time buyers and those looking for lower-maintenance living options.

5. Market Dynamics:

   • The overall market is characterized by a high percentage of listings selling close to or above the asking price, reflecting strong demand and competitive buyer behavior. For single-family homes, this percentage is consistently around 100%, and for multi-family units, it remains similar, suggesting robust buyer interest across the board.

The Denver real estate market continues to show strong performance, driven by stable median prices, consistent sales volumes, and competitive inventory levels. While affordability remains a challenge, particularly for single-family homes, the demand for both single-family and multi-family properties suggests that Denver remains a desirable location for a variety of buyers. With inventory levels tightening, particularly in the single-family sector, buyers may face increased competition, which could sustain or elevate prices in the coming months.

There is a need for continued monitoring of market conditions, especially regarding affordability and inventory levels, to ensure that the market remains accessible and sustainable for all segments of the population. Denver's ability to balance growth with affordability and sustainable practices will be key to maintaining its appeal and supporting a healthy real estate market.