Denver Metro housing market for January 2024. Discover how inventory levels and home prices are shaping the real estate landscape.
Welcome to the January 2024 update on the Denver Metro housing market! As we kick off the new year, let’s delve into the latest trends and statistics shaping the real estate landscape in our area.
Boost in Inventory Levels and Increased Buyer Activity
Boost in Inventory Levels
In January, Denver Metro home shoppers experienced a significant boost in inventory levels, with sellers bringing 3,414 fresh listings of homes for sale to the market. This marked a 17% increase compared to last January and nearly twice as many as we saw in December. At the close of December, there was a staggering 167% increase in home listings actively available for sale compared to the previous year.
Increased Buyer Activity
As mortgage rates became more favorable, buyers seized the opportunity, executing 3,271 contracts on homes. This represented a 6% increase compared to last year and a notable 44% increase compared to the previous month.
Rise in Home Prices
Home closings saw a slight uptick over last January, accompanied by the biggest gains in median home prices since April of 2023, driven by robust performance in the luxury market. The number of closings of homes priced at $1 million or more surged by 20% from last January. However, the lack of inventory of affordable homes continues to pose a challenge for buyers in 2024.
Market Dynamics
Homes took a median of 37 days to move from actively available in the REcolorado MLS to Pending. Sellers tested the market by pricing their homes competitively, while buyers pushed back, leading to price reductions. In January, 48% of homes sold at less than the original list price, with an average price decrease of $21,000.
Rental Market Trends
The Denver Metro rental market also saw steady gains in January, with 309 properties leased using the REcolorado MLS, marking an 11% increase compared to January 2023. The median leased price increased by over 2%, with single-family homes garnering the highest leased prices. Additionally, 384 new rental listings were added to the MLS, bringing the total number of active rental properties to 599 by the end of the month.
This material is based upon information that we consider reliable but because it has been supplied by third parties