Denver | July 2024 Trends

Denver's Housing Market Shifts Gears

Denver's once-hot housing market is showing signs of cooling. After a prolonged seller's market, buyers are now finding more options available to them.  

According to the Denver Metro Association of Realtors (DMAR), new listings and sales declined in July. While this might seem alarming, it indicates a market shifting towards a more balanced state. Inventory has increased, giving buyers more negotiating power than in previous months.  

Metro Denver housing market is seeing a backlog of luxury homes build up. However, it's essential to note that Denver's market remains competitive. While prices have stabilized compared to the rapid increases of the past, homes are still selling relatively quickly.  

As we move through the year, it will be interesting to see how the market evolves. Will it continue to cool, or will we experience a resurgence in buyer demand?

Key takeaways:

• Increased inventory  

• Stabilizing home prices

• Shift towards a more balanced market  

• Buyer's market conditions emerging  

With rates reaching 6.5%, down from 7%, it is likely that the declining trend will allow more buyers to enter the marketplace.