Denver Home Prices Drop between July and October

There’s no doubt that the housing market in Denver is cooling. Much of that can be attributed to seasonal slowdowns that we often see during the holiday season. The burning question for home buyers, sellers, and agents is: how long will this slowdown last?

An Axios analysis of Zillow data found that average home prices dropped across most of the Mile High area between July and October. Data also revealed that:

• Homes in ZIP code 80457, which includes Morrison, saw the biggest price drop, with the average

• listing around $537,000 in October — 4.2% lower than three months earlier.

• In Denver County, prices fell furthest in ZIP code 80216, near Commerce City. That area saw a

• 3.6% decrease, averaging about $448,000 in October.

• Home prices in Boulder County dropped more than any other area in the state.

• Zip code 80481 (in Boulder County) decreased 5.2%, falling from an average of about $569,000 in July to 539,000 in October.

Despite the market cooling, metro Denver's sales prices are expected to rise between 0.4% and 4.2% next year, based on competing predictions from Zillow and Realtor.com.

Not all prices dropped in Colorado. Some zip codes, particularly west of Denver, saw significant jumps in average home prices between July and October.

Statewide, zip code 81143 near Moffat, in southern Colorado, experienced the largest spike at 8.5% during those four months, averaging about $218,000.

According to the December report from the Denver Metro Association of Realtors, while we expect to see the Denver real estate market continue to change through 2023 due to interest rates and inventory woes, it continues to show strength and stability.

There’s still time to take advantage of the cooling market in the metro area. If you’re ready to see what’s available in your favorite neighborhood contact Metrowest – we’d love to show you around!