Homes for sale in Washington Park West. January 4, 2024.
Kevin J. Beatty/Denverite
Homebuyers in the Denver metropolitan area are taking some relief from the relentless rise in home prices.
The median price of a single-family home in September was down 3.1% compared to August, according to a report from the Denver Metropolitan Area Realtors Association. This is a 1.5% decrease compared to the same period last year.
Still, this small drop is cold comfort for many working families and first-time homebuyers who are struggling to break into the housing market.
The median price is $630,000, about 24% higher than four years ago, according to the data. Shoppers are more likely to find better deals on attached homes like duplexes. The median price for this type of property is $403,500.
Denver’s housing market has been in a slump for some time, with high mortgage rates making housing difficult to afford. Prices haven’t come down much. But now more homes are on the market and inventory is piling up.
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“Homes are simply spending more time on the market and experiencing more price reductions before finding a buyer,” Libby Levinson Katz, chair of the DMAR Market Trends Committee, said in the report. ” he said. “This is a direct result of lower buyer demand due to rising interest rates and some anticipation of the upcoming presidential election.Many of the buyers I work with are I’m just waiting for the perfect fit.”
The number of homes available for sale in and around Denver has steadily increased over the past year, according to the report.
There is currently more than 3 months of inventory on the market, meaning it takes an average of more than 3 months for a home to sell. At the height of the pandemic housing frenzy a few years ago, all the homes on the market would disappear within weeks.
Mortgage rates are finally starting to fall as U.S. regulators lower interest rates. So far, it hasn’t pulled Denver buyers off the sidelines.
