October 2024 Denver Real Estate Market
As we enter the holidays, the Denver Real Estate Market begins a slower season. Buyers and sellers alike shift into low gear or even pause entirely until Spring. In October, the housing market was further impacted by interest rate moves. After the Federal Reserve’s last interest rate cut, mortgage rates hit a 19 month low in September at 6.1 percent and activity spiked. With optimistic economic news following close behind, mortgage rates made their climb back to 7 percent and just as quickly, sales decreased.
Active Listings
In October, active listings decreased slightly (1.6%) from the month before (September had 11,115 total active listings) to a total of 10,940 homes on the market. This continues the trend of significant annual increases (46% in October 2024) over the 2023 calendar year. For reference, the average number of active homes in October (from 1985-2024) is 14,478.
Average Price
The average closing price increased a modest 3.7% from October 2024 to $708,072. Prices continue to hold steady in Denver.
Days on Market
The average number of days a listing remained on the market increased substantially (38%) from last year. This is consistent with the 2024 departure from pandemic era market frenzy. As is typical seasonally, this was a 10% increase from September, as we enter the Fall slowdown.
Closed Price to List Price
Relative to list price, closed prices dipped just slightly (0.3%) in October to 98.7%. Sellers are successfully matching the market demand, even with increased supply.
As we enter the winter months, market conditions slow. Opportunities may arise for the patient and hopeful in this last stretch of 2024. If this is the case, your expert CJV realtor can help. In the meantime, it’s an opportunity for reflection and gratitude.