Higher interest rates are one of the largest trends we’re tracking for Denver’s current real estate market, as rates reach digits not seen in decades.

One good byproduct of this phenomenon is that buyers really have the opportunity to be picky right now. They can spend a full weekend looking at homes before they must decide rather than making a decision on an hourly basis because there's 15 other people lined up. So, if you can afford it right now, or if you have a very low financed amount, it's better now than it's been in several years.

Single-family homes for sale in Colorado are on average staying on the market 46 days, which is up 24% from the 37 days on the market reported a year ago in September 2022.

According to the Colorado Association of Realtors Market Trends Report, new single-family home listings dropped nearly 12% with 9,416 properties coming into the market.

The report showed across Colorado, 5,402 single-family homes sold in September which was down from the 6,975 reported in September 2022.

After a slight downward trend earlier this year in the statewide median home price, the single-family home price rose nearly 3% to $575,000.

Across the state, the townhome and condo market also rose by 2.6% to a $425,857 median sales price.

Digging into Denver metro data, the single-family median home price rose year-over-year to 3% at $620,000. The increase in the metro median sales price continued in August after following the same downward trend for the previous few months this year.

The report showed single-family homes stayed on the market 34 days in the seven-county Denver metro area, which was a 17% increase year-over-year. It’s a little tricky to wrap your head around fewer homes coming on the market while inventory is going up. One would typically consider that fewer properties equal fewer choices but that is not the case in Denver. The reason is demand. This September, 14% fewer homes came on the market than last year, 26% fewer than in 2021, and while that may sound like the familiar ‘we don't have enough inventory’ dialogue, it actually isn’t.

If you’re looking to buy a home this season, there are some advantages to be found. Contact one of the experienced professionals at Metrowest and let’s go over your options!