Denver Real Estate Market Report
By David Schlichter
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)!
As always, please reach out if there is anything we can do for you!
Denver Metro Area: October Market Snapshot
Source: REColorado and ShowingTime, residential - all property types, October 2022 vs. October 2023 (accessed 11/06/2023).
Source: REColorado and ShowingTime, residential - all property types, September 2023 vs. October 2023 (accessed 11/06/2023).