Home prices in Denver have stabilized over the past year.
Many Denver home buyers are looking at 2024 as the year to make a home purchase. To help, we have rounded up some market statistics and other trends useful to anyone planning on buying a home in Denver in 2024 or during the remainder of 2023.
Home Prices May Rise in 2024
Home prices across the Denver metro area have dipped slightly over the past 12 months, though with mortgage rates expected to cool, home prices could reverse that trend in the coming year. More specifically, home prices in Denver decreased 4.6% year-over-year as of October 2023, according to Zillow. But those who are buying a home in Denver in 2023 and 2024 will still encounter high housing costs.
According to the real estate market analysts at Zillow, the median home value for Denver dipped to $562,400 as of October 2023. That was a decrease of 4.6% from the same month a year earlier, as mentioned. Looking ahead, however, home prices could start inching back up, especially if mortgage rates dip as the Mortgage Bankers Association (MBA) products will happen in 2024
Denver Real Estate Market Considered Hot
A recent article from the Denver Post showed that in 2022, buyers, who have struggled with a record-low number of listings since pandemic lockdown orders ended more than two years ago, had four times the selection available to them at the end of June 2022 as they did at the start of the year — 6,057 vs. 1,477. A similar situation continues in 2023.
According to Redfin, the market is still a competitive one in Denver, and homes typically sell after receiving three offers. The average home sells for around 1% below the listing price and goes pending in approximately 13 days, while hot properties can go pending in as little as 4 days.
The bottom line here is that there is still a high level of demand within the local real estate market, and prices may increase in 2024.
Housing Inventory Remains Tight
Inventory is a driving factor within the Denver real estate marketing, and it’s a trend that will likely continue into 2024. Lately, Denver’s housing inventory has been incredibly tight. The current inventory is not nearly enough to meet the demands of buyers.
The high demand among buyers is eating up whatever is available. Housing inventory in October 2023 just can’t keep up with demand. Right now, there is a 2.7 months supply.
Message to Those Buying a Home in 2024
So what does this mean for those who are buying a home in Denver in 2024? Among other things, it means buyers will still face some competition. Supply and demand indicators reported by industry groups and analysts suggest that the Denver market will remain competitive in 2024.
Those who are planning to buy a house in Denver in 2024 should also be prepared to move quickly when the right property comes along. Buyers can benefit greatly from doing a little research ahead of time, paying particular attention to recent sales prices in their target areas.
It’s also wise to have your financing arranged ahead of time, before entering the market. And that’s an area where we can help you.
Need a Mortgage in Denver?
If you are ready to apply for a mortgage in Denver or simply have some questions about home loans, Sammamish Mortgage can help. We are a local mortgage company serving the broader Pacific Northwest region, including Washington State, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria and have been doing so since 1992. Please contact us if you have any questions or are ready to apply for a home loan.