The Denver housing market demonstrates resilience with increased buyer demand and rising home values despite high mortgage rates. Active listings remain low, but new inventory is entering the market.
Despite mortgage rates exceeding 6%, the metro Denver housing market shows resilience with increased buyer demand and rising home values . A monthly report reveals a 26% decrease in active listings from the previous month, but a 39% increase compared to last year, indicating more sellers entering the market due to life changes. Active listings remain historically low, averaging 11,966 from December 1985 to 2023, while last month saw 6,888 properties available. Pending sales dropped 15.
6% from November to December but remained 8% higher than last year. The median sale price stabilized at $580,000 from November to December, increasing 5.5% from December 2022. Experts suggest buyers are waiting for mortgage rate drops, while sellers are entering the market despite historically low fixed-rate mortgages. Inventory increased significantly in 2024, driven by new listings, with 55,839 new listings compared to 49,489 in 2023. Distressed properties accounted for a small percentage of closed transactions, indicating a healthy market. The report anticipates continued affordability challenges for buyers and increased competition for sellers
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