Sep 2024 Denver Real Estate Market Update
Just like the aspen leaves in the Rockies, this is a golden time for buyers in the Denver Real Estate Market. The impact of sustained high interest rates and prices is that listings have increased substantially and homes are sitting on the market for longer. Buyers have more options and are taking their time to find the right home at the right price.
Active Listings
Active listings in September 2024 grew substantially (46%) above last year. Sellers who are considering listing their home are better off waiting for the Spring and the beginning of the new buying season. September had 3.6 months of inventory, considered a balanced market.
Average Price
Reflecting this balancing act, the average price decreased 2.5% below last year to $672,600. Prices are driven by supply and demand. With high interest rates demand is not matching the pace of increasing supply. Even as the Federal Reserve cut interest rates by 0.5%, mortgage rates have remained high.
Days on Market
The market continues to slow, up to 39 days on average from 30 last September. With high prices and high rates, buyers are taking their time. Sellers need to be patient and price competitively if they want their listing to sell.
Closed Price to List Price
Closed prices were 98.9% of list price on average, down slightly from 99.2%. This discount reflects the concessions sellers are making to sell. Most home sellers are also move-up buyers, so sellers may be motivated to get deals done before the approaching holiday season.
This Fall is a golden opportunity for buyers in the Denver Real Estate Market. A CJV Real Estate expert can help buyers take advantage of this time. Our suggestion to sellers is to prepare for the Spring 2025 season and seize the first mover advantage. Schedule time now to plan how to maximize your preparation to list.