November Real Estate Market Report: Denver Metro Area

The real estate market has shifted substantially over the last year and a half (and particularly in the last couple of months) as a result of the rapid rise in interest rates. What is driving the current market is people that need to sell and/or buy a home rather than buyers and sellers transacting simply because they want to sell and/or buy a home.

 

In spite of the lower overall transaction volume across the country and here locally, the lack of supply of homes for sale is keeping real estate values elevated on a year-over-year basis (even though they are dropping on a month-over-month basis as is common for this time of year). Showing traffic is down substantially, and, as a result, many sellers are willing to accept less than the asking price and/or give buyers significant concessions to help with closing costs, interest rate buy-downs, and/or repairs/improvements for the home.

 

For those who are thinking about buying a new home sometime soon, now (yes--right now) is a great time to explore what's out there since the market is significantly less competitive than it has been (and likely will be again in the spring)!