Denver Real Estate Market Update: June 2024 and What to Expect in the Future.
As we enter the second half of 2024, the Denver real estate market continues to evolve, presenting unique opportunities and challenges for both buyers and sellers. Understanding the current market trends, including the impact of interest rates and inventory changes, is crucial for anyone looking to make informed decisions in the Mile High City.
A View of Downtown Denver from 17th Street
Current State of the Denver Real Estate Market
The Denver metro area is known for its strong job market and vibrant lifestyle. It remains a sought-after location for homebuyers. However, the housing market in 2024 has experienced some significant shifts:
Increased Inventory: As of June 2024, the market has seen a 15% increase in new listings compared to the first half of 2023. This rise in inventory provides buyers with more options, although it has also led to a slight cooling of competition.
Interest Rates and Buyer Caution: Higher interest rates have contributed to a more cautious buyer pool, with a 3% decrease in closings compared to the previous year. Despite this, there has been a steady flow of new contracts, indicating that motivated buyers are still active in the market.
Median Closing Prices: The median closing price for homes in the Denver market remains stable at $600,000, a figure that has held steady over the past year. This stability suggests a balance between supply and demand, even as other market conditions fluctuate.
June 2024: A Closer Look at Market Dynamics
June 2024 has been a pivotal month for the Denver real estate market. Here’s what the latest data reveals:
New Listings: June saw 5,750 new listings added to the market, a 6% increase from June 2023. However, this was a 15% decrease from May 2024, highlighting the month-to-month variability in listing activity.
Pending Sales: The number of homes under contract rose slightly, with 4,132 executed contracts in June, up 1% from the previous year. This indicates that while buyers are cautious, there is still a strong demand for homes in the Denver metro area.
Time on Market: Homes in Denver were on the market for a median of 13 days in June, a significant increase from last year’s 7-day median. This longer time on the market reflects the increased inventory and buyer caution, giving potential buyers more time to consider their options.
Denver Housing Market Forecast: What Lies Ahead
Looking forward, the Denver real estate market forecast suggests a period of continued stability with moderate price growth. Here’s what experts and market trends are predicting for the remainder of 2024 and beyond:
Interest Rates: Mortgage rates are expected to remain a key factor influencing the market. While rates have risen compared to previous years, they are still historically low. Buyers who are well-prepared and working with experienced real estate agents can navigate these conditions effectively.
Price Growth: Despite the challenges, Denver home prices are expected to see modest growth through the end of the year. The strong job market in Denver continues to attract new residents, supporting long-term demand for housing in the area.
Market Conditions: The market is expected to remain favorable for both buyers and sellers. Buyers will benefit from the increased inventory and slightly longer time on the market, while sellers can take advantage of stable home prices and ongoing demand.
Brown Palace Hotel in Denver, Colorado
Is Now a Good Time to Buy in Denver?
For those considering purchasing a home in the Denver real estate market, now could be an opportune time. The increased inventory means more choices for buyers, and the stable median prices offer a level of predictability that is often lacking in more volatile markets.However, it’s essential to approach the market with a clear understanding of your long-term goals and financial situation. Working with a knowledgeable real estate agent who understands the nuances of the Denver market can make all the difference in achieving a successful transaction.
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Contact Iron Works Realty today to start your journey in the Denver real estate market and achieve your homeownership goals.
