November 2024 Denver Real Estate Market Update

The overriding theme of higher rates and lack of affordability continues to plague home value growth in the Denver Metro Real Estate market. The numbers for November indicate an increase in inventory, days on the market, and motivated sellers. Sellers are now expecting an average of six weeks on the market. In the month of November, 50% of contracted homes had at least one price reduction, and 60% offered some type of buyer concession, either in the form of a rate buy-down or repair credits. Sellers must have a precise pricing strategy, and homes need to be in top shape.

Buyers shopping for deals will continue to find motivated sellers, and where there is high inventory, there’s more opportunity. The trick for well-qualified buyers will be negotiating the best deal with the resources at their disposal. Active listings are down compared to last month but are still up 40% over this time last year. We continue to move towards a historically balanced inventory of available homes.

Mortgage rates have likely experienced a peak in the short term, as the Fed has cut rates twice during their last two meetings. They appear cautiously committed to lowering rates in the future. Today’s quote on a 30-year fixed mortgage is 6.84%. We have over 20 years of experience in this market. Contact us to see how our experience can work in your favor.