According to the April 2022 Market Trends Housing Report from the Colorado Association of Realtors (CAR), the statewide median sales price for single-family homes hit a record $600,000 last month. The median sales price for the seven-county Denver metro area was $660,000.

The state also hit a record $747,226 for the average single-family home sale price, while the seven-county Denver metro area’s average single-family home price was $793,486.

In Boulder County, sellers’ expectations were curbed as home showings went from 20 to 30 showings over the course of a weekend to an average of five or six showings. The report from CAR noted that listings were still on the market on Monday morning and the county started to see price reductions on homes.

Denver County continues to see a rise in median prices, as it has over the last eight months. However, the increase is not as large as it was compared to the previous year. Between April 2021 and April 2022, Denver’s single-family median price increased 16.3%, while the prior year’s median price increase was 21.5%.

Meanwhile, in Jefferson County, buyers seem to have been affected by rising interest rates last month and were priced out of homes they had been eyeing in previous weeks, according to the report.

Arapahoe County saw similar effects in the market from rising interest rates and an increase in inventory. Homes stayed on the market between four and 12 days, and not many offers came in well above asking. Inventory of homes is 48% less than what it was a year ago in zip code 80013, even with an increase in inventory from March. The median price in that zip code went up from $455,000 in April 2021 to $535,000 this April, but that price is a $20,000 decrease from March’s numbers, according to CAR.

With the increase in interest rates, agents are seeing more price reductions on some homes and in some areas. Sellers are realizing they may have hit the top of the current market on pricing. There’s also been an increase in listings, which could be due to the time of year. What does this mean for buyers? While it’s still a seller’s market, would-be home buyers have a better opportunity at getting the house they are looking for.