Denver Metro Area Housing Market: September 2024 Analysis

The Denver, CO metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $575,000, marking a 1.9% decline year-over-year. This downward trend in sales prices is mirrored by the median Price Per Square Foot, which has also decreased by 0.8% to $272.65. Conversely, the Median List Price has seen a slight increase of 0.8%, reaching $599,000, while the Median List Price per square foot has risen by 1.7% to $288.83.

In terms of sales activity, the number of Homes Sold has decreased by 1.9% year-over-year, totaling 3,347 units. However, Pending Sales have shown a significant increase of 9.9%, indicating a potential uptick in future sales. New Listings have also risen by 5.4%, reaching 4,739, which contributes to the overall inventory growth of 32.6%, now standing at 10,552 homes. The Months of Supply have surged by 90.0% to 3.20 months, suggesting a shift towards a more balanced market.

The Median Days on Market have increased by 11.0% to 31 days, reflecting a slower pace in the market. The average sale to list ratio has slightly decreased by 0.3% to 98.9%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 4.3% to 23.1%, while the proportion of Price Drops has seen a marginal decrease of 0.5%, now at 43.2%. Additionally, the percentage of homes going off the market within two weeks has declined by 9.0% to 33.4%.

Overall, the Denver metro area housing market in September 2024 reflects a cooling trend in sales prices and a significant increase in inventory, suggesting a shift towards a more balanced market. While some metrics indicate a slowdown, the rise in Pending Sales and New Listings points to potential future activity. Buyers and sellers should remain attentive to these evolving dynamics as they navigate the market.