Denver Metro Real Estate Market Update – September 2024: Buyer Activity Surges as Prices Drop
Denver Metro Real Estate Market Update saw a notable uptick in buyer activity in September 2024, as lower interest rates and a dip in home prices spurred potential homeowners to take action. According to REcolorado’s data, 3,805 home contracts were executed—a significant 28% increase from September 2023, and a 5% rise compared to August.
This heightened activity is largely due to increased inventory. Sellers added 5,029 new listings to the market in September, 10% more than the previous year. This increase contributed to a broader selection of homes, with 11,143 active listings by month’s end, marking a 50% surge year-over-year. These factors combined to give buyers more options and better conditions for making a purchase.
Longer Time on Market, Declining Prices
Homes stayed on the market longer in September, with an average of 26 days in MLS, which is 11 days more than last year and 4 days longer than August. Despite more available inventory, the median home price in Denver dropped slightly to $575,000, down 2% compared to September 2023 and 3% lower than the previous month.
While closings fell slightly, with 1% fewer home sales compared to last year and 14% fewer than in August, the increased number of pending contracts suggests that the Denver market is primed for a strong fourth quarter.
Confidence Boost in the Housing Market
There’s a growing sense of optimism among consumers about the future of mortgage rates. The Fannie Mae Home Purchase Sentiment Index® hit 73.9 in September, its highest level in over two years. Buyers are hopeful that rates will decrease, but only 19% of respondents still feel it’s a good time to buy. On the flip side, 65% say it’s a good time to sell, which could mean more listings entering the market as we head toward the year’s end.
Rental Market Activity
The rental market showed signs of slowing down in September. 289 rental properties were leased, down 6% from last year and 12% lower than in August. The median rent dropped 4% year-over-year, while 411 new rental listings entered the market—19% fewer than the previous month. 738 rental properties remained active by month’s end, 4% more than in August.
What’s Next for Denver Real Estate?
With pending listings showing a 28% year-over-year increase, it’s clear that Denver’s real estate market remains active and dynamic. Buyers are taking advantage of broader inventory and stabilizing prices, while sellers are still finding opportunities in this competitive market. As we head into the final quarter of 2024, the Denver Metro area is set for continued activity, providing opportunities for both buyers and sellers.
At LIV Sotheby’s International Realty, we keep a close watch on market trends to help guide our clients in making informed decisions. Whether you’re buying, selling, or investing, reach out to Phillip Booghier at LIV Sotheby’s International Realty for expert insights and unmatched service.
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Contact Information:
Phillip Booghier
Global Real Estate Advisor
LIV Sotheby’s International Realty
Cell: 303-961-6956
Email: [email protected]
Website: www.phillipbooghier.com