Denver, CO Metro Area Housing Market Analysis - July 2024

The Denver, CO metro area housing market in July 2024 presents a nuanced picture with several key indicators showing both declines and increases compared to the previous year.

Price Metrics

The median sales price for homes in the Denver metro area stands at $594,000, reflecting a slight decrease of 1.0% year-over-year (YoY). Similarly, the median list price has dropped by 2.8% YoY to $597,500. The median price per square foot is $280.15, down by 0.6% YoY, while the median list price per square foot has increased by 3.1% YoY to $287.83.

Sales and Listings

The number of homes sold in July 2024 is 3,874, a minor decline of 0.7% YoY. Pending sales have also decreased by 2.7% YoY, totaling 4,393. However, new listings have seen a positive trend, increasing by 5.1% YoY to 4,883. Inventory levels have surged by 47.8% YoY, reaching 10,040 homes, which has contributed to an increase in the months of supply to 2.60, up by a significant 90.0% YoY.

Market Dynamics

The median days on market for homes in Denver is now 20 days, an 8.0% increase YoY. The average sale to list ratio has slightly decreased by 0.8% YoY to 99.1%. The percentage of homes sold above list price has dropped by 9.8% YoY to 25.9%. Additionally, price drops have increased by 3.9% YoY, affecting 47.0% of listings. The percentage of homes going off market within two weeks has decreased by 11.8% YoY to 37.7%.

Overall, the Denver housing market in July 2024 shows a mix of declining prices and sales metrics, alongside rising inventory and new listings. These trends suggest a shift towards a more balanced market, with increased options for buyers and a slight cooling in the competitive landscape.