May 2024 Denver Real Estate Market Update
The May Denver Real Estate continues the path towards a balanced market. At the same time that there are more options for buyers, the affordability challenges of high interest rates and sustained prices are a headwind. The key metrics below give insight into the market’s recent movements.
Active Listings
The most notable change in the Denver Real Estate market in May 2024 was active listings, totaling 9,159 properties. Major life changes continue to bring sellers to the market. In May 2024, there were over 75% more listings than last year (5,228 properties) and over 30% than last month (6,990 listings).
Average Price
The average price increased 3% from last year to $720,109. The less than 1% decrease from April’s average price shows a steadying market. Remember, closings in May reflect properties that went under contract in March and April.
Days on Market
Days on Market is more reflective of the current market demand; these are properties that recently went under contract. Days on Market increased (23%) from last year, to 27 days on the market, though this was a slight 10% decrease from April’s Days on market.
Closed Price to List Price
Closed prices were 99.8% of list price on average. This ratio decreased 0.7% from last year at this time. Sellers are more likely to make price adjustments to facilitate a quick transaction.
Now more than ever, it is important to work with an expert to help you navigate the Denver Real Estate Market. An expert can help seller’s listings stand out from the crowd, and guide buyers to navigate the market. Reach out to your CJV expert to help you with your real estate goals!