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My market recaps from previous months
Denver Metro Market Recap March 2023
Sellers listed more homes (up 47%), saw their homes go under contract faster (median down to 10 days from 25) & did less price reductions (down to 37%). Buyers, aided by a slight dip in the 30-yr fixed mortgage rate, were ready to pounce but faced competition and multiple offer situations. On average, homes closed $1200 under list price, a quickly shrinking gap & one that could flip the other way as soon as this month.
Denver Metro Market Recap February 2023
Buyers are back, causing a bump in average close price (up 5%) & homes under contract (up 19%), while median days on market is down 9 days (26%). Despite increased listing activity (up 21%) & month-end inventory 3x higher than this time last year, buyer demand continues to exceed available homes. On average, homes closed $7500 under list price, a gap that shrunk $4500 as newer inventory is yielding more multiple offer situations.
Denver Metro Market Recap January 2023
Average close price fell slightly from December (1.5%) but was 3% ahead of January 2022 as buyers and sellers jumped back into the market. Like the start of last year, the January market gained momentum each week as we saw an increase of 65% new listings and 51% more under contract. Many investors who purchased in late-2022 after prices dropped & are listing flipped “move-in ready” homes now are benefitting from high buyer demand.
Denver Metro Market Recap December 2022
Average close price fell 3% from November as buyer activity slowed over the holidays and homes were on the market 26% longer. While active inventory saw a 24% drop from the previous month, it is up 222% from the record low at this time last year. Interest rates closed the year at 6.42% (per Freddie Mac) after breaking the 7% threshold in the second week of November.
Denver Metro Market Recap November 2022
Home prices held strong and remained relatively flat, despite a seasonal slowdown with inventory down 14% and days on market up 21%. Still working through both sides of a market adjustment, average list price held relatively flat while homes closed even more below list price. While trending downward the past few months, inventory is up 178% from this time last year and there are great homes available for purchase.
Denver Metro Market Recap October 2022
With new listings, closings & avg close price down, the market continued to normalize as is expected in fall and looks to be leveling out through the holidays. A sign sellers are being forced to adjust with the market, the average list price dropped ($8,145 or 1.2%) for the first time in a long while. Average days on market was up from 26 to 28 days, with more than half spending at least 17 days on market and 60% of listed homes reducing price.
Denver Metro Market Recap September 2022
We are moving from a strong seller’s market to a more balanced market as inventory & days on market are up along with buyer negotiating power. Homes continued to close on average under list price for the second straight month and for almost double the amount as last month. Average days on market was up from 19 to 26 days as were price reductions as sellers & listing agents try to keep pace with a quickly changing market.
Denver Metro Market Recap August 2022
An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year. Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market. Average days on market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year.
Denver Metro Market Recap July 2022
An indicator of a balancing market, homes closed on average $5,552 over list price, an 88% drop from the high mark of $47,560 in April. Available inventory continues to climb and is up 81% over last year as only 36% of available homes went under contract in July. Average days on market jumped from 10 to 13 days as sellers adjust to a new pricing strategy and buyers are proving to be more patient.
Denver Metro Market Recap June 2022
While only a slight uptick in average close price overall, attached homes set an all-time high with an average just over $504k. Available inventory jumped nearly 66% (and is up 94% over last year), boosting supply over 1 month (to 1.12) for the first time in 2 years. Despite higher interest rates, more supply will mean better opportunities for buyers with homes on the market longer leading to lower sales prices.
Denver Metro Market Recap May 2022
In a sign that the market may be moving toward some normalization, both average & median sales price were down slightly over last month. Available inventory continued its steady & slow climb, with 10% more homes available to buyers over April. All segments remain competitive with a 105% close-to-list-price ratio; the luxury segment was most competitive at 107% (closing $101k over list).
Denver Metro Market Recap April 2022
Inventory continues to climb with the warmer weather as April ended with 44% more available listings than we saw at the end of March. Whilst most homes went under contract after 4 days, the overall average is 8 days, 3 days less than the March average & a full week less than February. The average sales price was up another $25k to $727k for all homes sold, yet the condo/MF segment remained flat at $495k (worth watching!).
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