The median closing price for a home in the Denver metro area hit a record $545,000 in June, according to the latest real estate market trends report from the Denver Metro Association of Realtors (DMAR) released last week. That is a 1.49 percent increase from May, and a staggering 22.47 percent increase compared to June 2020.

Brigette Modglin, who has been part of the Association of Realtors’ market trends committee since 2016, said some of the reasons for the increase include more millennials looking to buy homes, buyers who want to work from home after the pandemic and Baby Boomers who are also interested in buying, either by upsizing or downsizing from their current home.

She also noted there was some huge sales that may have skewed numbers a bit. For example, a home in the pricey Cherry Hills Village south of Denver recently sold for $1.1 million above its initial listing price tag. It was not clear whether this sale impacted June’s numbers, but Modglin said this is the kind of sale that can cause sale averages to spike. This is why the median closing price is generally used more often than the average closing price since the average is the sum of all home sale prices divided by the total number of sales. The median is more of the “middle” value. The report said the average closing price for a home in the metro area in June was $643,645.

The report noted the average number of homes on the market for June is 16,098, and it’s based on figures from 1985 to 2020. The market is nowhere near that, with just 3,122 listings last month, a record low. Despite being a record low, June’s figures were a 50.46 percent increase from May, far above the average 5.86 percent change. But even then, the 3,122 listings were 51.09 percent fewer than in June 2020.

While home prices continue creeping up, showings, offers, and bidding wars appear to be cooling a bit. Could now be the right time for you to become a homeowner? Contact Metrowest today – we’d love to discuss your options!