Real estate industry pros continue to see the market level out in the Denver metro area, although it’s still considered a seller’s market. While sellers continue to hold the upper hand, in a bit of good news for buyers, the climate here is shifting from white hot to a mere red hot.

So, what kind of changes are we seeing?

When people started flooding in at the onset of the pandemic, Denver metro prices that had already been climbing. They reached their record highest points in June, when the median sales price for a single-family home hit $585,000. In August, the median price for a single-family home in Denver metro counties was $565,000, which is $20,000 lower than June’s record-breaking high, but still the fourth-highest price in history behind the summer of 2021.

Additionally, buyers aren’t paying quite as much over asking price as they were in the summer, but they’re still paying well above it and in record percentages. In August, buyers paid an average 102.6% of a single-family home’s listing price, down from 105.4% in both May and June. Instead of $31,500 over asking, they’re only paying $15,000.

Though there’s been a slight cooling in the market here, affordability issues are still very real.

The housing affordability index is the measure of how affordable a region’s housing is to its consumers based on interest rates, median sales price and median income by county. The Denver metro area’s housing affordability index has been in a freefall since January 2012, when it sat just under 300. By June 2021, it had reached its lowest-ever point at 66.

While it may seem that becoming a homeowner isn’t in your reach, depending on your budget and timeline, there are still some great finds in the Denver metro area. Give Metrowest a shout today – we’d love to discuss your options!