What’s in Store for Denver’s Real Estate Scene in 2023?

Is the Denver housing market moving in favor of buyers in 2023? Some experts think it might be. The Denver housing market experienced a slight slowdown in January 2023, with 2,041 homes and condos sold in the 11-county metro area, a decline from the previous month and year, according to DMAR’s latest market report.

We are, however, seeing signs of stabilization as pending sales rose by more than 50% from December, indicating that buyers are gradually returning to the market as mortgage rates stabilize. Although the median home price for a single-family home in January was $595,000, down slightly from the previous month and year, low inventory levels may push prices higher as the weather warms up.

With sellers listing 62.2% more properties in January than in December, the number of available properties remains low, making it challenging for buyers to find the right home. Real estate agents are seeing multiple offers at every price point, with homes selling over the asking price and buyers waiving contingencies.

Despite the competition, buyers are still in the market, taking their time to find the right home and factoring in rate buydowns into their purchase costs. Overall, the Denver housing market is showing signs of stability, with buyers slowly returning to the market and prices holding steady. While the number of homes sold in January 2023 was lower than the previous month and the same period last year, pending sales increased, indicating a resurgence in buyer activity.

The stabilizing mortgage rates are a contributing factor in bringing buyers back into the market. However, low inventory levels remain a challenge for buyers, making it crucial for sellers to price their homes strategically to attract offers in this competitive market. It is expected that prices may rise in the future due to the low inventory of available properties.

If you’re thinking of becoming a homeowner in 2023, the time to start planning is now. Contact Metrowest today – we’d love to help you explore your options!