Navigating Metro Denver's Housing Market: Mid-Year Trends

As we reach the midpoint of 2024, it’s an ideal time to review how the real estate market in Metro Denver, particularly in Denver and Jefferson counties, has evolved. By understanding the current trends and data, you can make informed decisions about buying or selling your home.

Welcome to Table Talks! I’m Carla with Coldwell Banker Realty, and I'm here to share insights and answer your questions about the real estate market. If you have specific questions about your situation, feel free to reach out to me on Facebook, Instagram, LinkedIn, or my website at carlaknighthomes.com. I’m always here to help!

Denver County Market Trends

In Denver County, we've seen significant changes from January 2024 to April 2024. Here’s a breakdown of the key numbers:

• Median Sales Price: Increased from $639,500 in January to $775,000 in April. That's a 21% increase in just four months!
• Days on Market: Homes were on the market for 49 days in January, but this dropped to just 21 days in April.
• Inventory: The inventory increased from 1.4% in January to 2.2% in April, showing that more homes are available for buyers.

Jefferson County Market Trends

Jefferson County is another area that has seen noteworthy trends:

• Median Sales Price: Rose from $670,000 in January to $702,000 in April.
• Days on Market: Decreased from 46 days in January to 21 days in April, similar to Denver County.
• Inventory: Increased from 0.9% to 1.3%.

What These Trends Mean for You

The increase in sales prices across both counties indicates a strong market. For sellers, this means that home values are rising, but it may take longer to receive offers that meet your expectations. You might also be asked to make concessions, such as assisting buyers with points or buy-downs. Prepping your home and pricing it competitively can make a significant difference.

For buyers, the reduced days on market mean you need to act quickly, but the increased inventory gives you more options to choose from. It’s a great time to perform due diligence and make informed decisions.

Interest Rates and Timing

There's a lot of discussion about interest rates and whether it's better to wait for them to fall or act now. My advice? Don’t wait! Our market continues to move forward, and by buying now, you can start building equity sooner. You can always refinance later if rates drop.

If you’re considering a housing change, let’s strategize together to find what works best for you and your family. Whether you're buying or selling, understanding the current market trends can help you make the best decisions.

If you're thinking about making a move, talk to me! We can look at specific numbers for the area you’re interested in and develop a strategy tailored to your needs. 

Moving is not always the answer. Reach out for more details on your neighborhood. Give me a call at (720) 626-9747.