Living up to our Mile High nickname, Denver's housing market is reaching new heights. Once known for affordability, Denver now boasts a competitive market with rising prices. This surge is fueled by a booming job market and a limited housing inventory. However, there are signs of a potential shift with price moderation on the horizon.

Median Home Sold Price

The median close price experienced an upward trajectory, ascending by 3.48 percent to reach $595,000 (DMAR). Denver Metro witnessed this ascent in prices, a seasonal trend peaking typically in June and tapering off towards December. It's worth mentioning that these price hikes, both month-over-month and year-over-year, represented a more stabilized increase compared to the steep spikes observed during the peak of the pandemic.

Furthermore, the median days on the Multiple Listing Service (MLS) plummeted by 52.17 percent from 23 days in February to just 11 days, indicating a swift turnaround for properties being placed under contract. This surge in both prices and the pace of transactions underscores the palpable eagerness among buyers.

Housing Supply is on the Rise

In March, new listings sprouted with a notable 16.27 percent increase compared to the previous month, totaling 4,932 properties. Although this marked a modest 3.28 percent decrease from the previous year, the overall inventory is gradually expanding. Active listings by the end of the month showed a 6.13 percent rise, reflecting a substantial 29.52 percent surge year-over-year.

Home Sales Are Increasing

Pending sales surged impressively by 31.94 percent, totaling 4,317 properties, showcasing a 7.47 percent year-over-year increase. However, closed sales witnessed a more modest growth, rising by 13.40 percent to 3,512 properties, which represented a 13.37 percent decline from the same period last year. This lag in closed transactions indicates that most of the sales inked in March were likely initiated in February.

Ready to check out what Denver has to offer? Based on your needs and budget, there are some very exciting options out there. Contact Metrowest today and let’s start the process!