Denver, CO

The Denver housing market in 2024 is experiencing a slight shift towards more buyer-friendly conditions, although changes are gradual and prices remain near record highs. Here's a comprehensive overview based on the latest data:

Home Values and Pricing Trends:

• The typical home value in Denver as of early 2024 is approximately $563,372. There has been a moderate increase in home values, following a national trend of rising prices over the previous years​ (Money)​.

• Home prices in Denver are expected to undergo a modest decline. Forecasts suggest a decrease of about 1% in prices through the end of the year, indicating a slight shift towards a buyer's market after a period of high prices and low inventory​ (Money)​.

Sales Dynamics:

• The Denver housing market is quite competitive, with homes typically receiving multiple offers and selling rapidly. For example, homes go to pending status in around 32 days on average, with some selling even faster depending on the condition and pricing​ (Redfin)​.

• A significant percentage of homes sell within 30 days, underscoring the need for buyers to act quickly in this market. Despite predictions of a cooling market, the turnover rate remains high​ (Redfin)​.

Market Predictions for 2024:

• There is an anticipation of more listings coming onto the market as potential sellers adjust their expectations away from the historically low mortgage rates seen in previous years. This could increase the inventory, creating more options for buyers and enhancing competition among sellers, which may help to stabilize or slightly reduce prices​ (Money)​.

• Mortgage rates are expected to remain relatively high, which continues to impact both buyers and sellers by slowing the transition back to a more normalized market​ (Money)​.