It’s a statistic that, not long ago, homebuyers could have only dreamed of: The median price of a single-family home in the Denver area dropped by more than $90,000.
Read MoreDenver home buyers are still facing a shortage of properties to purchase.
Read MoreThe median home sales price for the Denver metro area was $536,500 in January, down 1.11% year over year.
Read MoreJanuary may have been one of the coldest and snowiest on record, but despite the chill, Denver’s housing market started to thaw out. Buyers closed on 2,041 homes and condos in January in the 11-county metro area.
Read MoreHome prices in metro Denver, the largest housing market in Colorado, are falling as rising interest rates continue to cool demand. But prices aren’t collapsing and are still high enough to shut a lot of buyers out of the market.
Read MoreThe housing market is cooling as consumers grow weary of higher mortgage rates. In December, the number of newly-listed homes sold had fallen about 37% from a year ago, according to Redfin data.
Read MoreLocal real estate experts predict that 2023 will bring more balance to the metro Denver housing market.
Read More2022 represented a major shift in Denver’s real estate market.
The Colorado housing market had already been hot for several years prior to the pandemic. Then COVID-19 hit, and throughout the next two years, the market exploded as interest rates dropped, and buyers flooded the market.
Read MoreRealtor.com®'s Market Trends Report(link is external) in November shows that the largest year-over-year median list price growth occurred in Milwaukee (+38.1%), Memphis (+26.9%) and Miami (+24.8%). Phoenix reported the highest increase in the share of homes that had prices reduced compared to last year (+28.4 percentage points), followed by Austin (+23.8 percentage points) and Denver (+21.0 percentage points).
Read MoreThe Denver housing market is one of Colorado’s most active as the state capital is home to many employers and is one of the Mountain West’s largest cities.
People also have been flocking to the Mile High City from more expensive cities in search of a cheaper cost of living and to work remotely in the Rocky Mountains.
Read MoreProperties are being listed for longer, and home prices are up nearly 5% from this time last year. Sellers, as they typically do, are waiting till the New Year to put their homes on the market.
Read MoreThere's no doubt the Denver metro's housing market is cooling, as mortgage rates that more than doubled since January have dissuaded potential homebuyers.
Read MoreA favourable geographic location, an educated workforce, strong connectivity and a high quality of life are working in Denver's favour when it comes to attracting investment.
Read More“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month,” Khater explained in a statement. “In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
Read MoreSigns of a slowing housing market persist in the Mile High City, according to the latest data from the Denver Metro Association of Realtors.
Read MoreWaiting until prices plateau to buy won’t necessarily save you money though. “The more the bubble pops,” Gill says, “the higher the interest rates have gone. So your bottom-line expenses are either going to be the same or cost more if you don’t get into the market now.”
Read More“The market is entering a period of neutrality where the bullish ways of extreme markets make way for a stage of compromise, with buyers and sellers working together for a win-win experience,” wrote Levinson-Katz.
Read MoreDenver officials want to better understand what it would take to turn obsolete office buildings downtown into sorely needed housing and plan to approach property owners next year about tackling those conversions.
Read MoreAccording to CAR’s latest statistics:
Single family homes in Denver County are sitting on the market longer – about 18 days this month, compared to 11 in August 2021.
Last August, single family homes in Denver County sold for 102.4% of list price, compared to 99.1% this August…
Housing markets across the state slowed sharply in August, but some held up better than others in the face of rising interest rates and reduced buyer demand, according to an analysis of numbers provided by the Colorado Association of Realtors.
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