Is Denver’s Real Estate Market Getting Back to Normal?

Could Denver’s real estate climate be showing signs of returning to normal? According to the Colorado Association of Realtors (CAR), yes. For the fourth straight month, the median price for a single-family home in the Denver metro area and across Colorado fell, signaling a return to a “somewhat normal” market.

The association’s August 2022 Market Trends Housing Report noted the drop in prices isn’t just due to rising interest rates and inflation, but also due to traditional seasonal slowdown that happens as families settle down from a busy travel season and kids go back to school.

The report shows single-family homes in August were selling at a median price of $620,000 – a near 10% jump from last year but down $40,000 from its April 2022 record high. Condos also saw prices drops from July to August with a median price of $405,000, up 8% from last year but down $38,000 from its April high.

Across the state, median home prices were at $570,000, up 9.6% from a year prior but down $30,000 from their record high four months later. Because of their lower price point, condos statewide saw an uptick month-to-month and were going for a median price of $414,961, down more than $20,000 from the April high.

For the first time since before the pandemic began, the percent of list price dipped below 100% across the state for single-family homes. Condos haven’t seen that drop since mid-to-late 2020, according to the association.

If you’ve been putting off buying, now might be a great time to reconsider. Contact Metrowest today and let’s discuss your options!