Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

July 2024 | Denver Housing Market Update 🏠

15 Jul 2024 · 2 min

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1:30

In this July 2024 market update for the greater Denver area, the speaker reports that inventory continues to rise while demand has fallen 5% year‑over‑year—the first demand decline of the year. Historically, demand peaks from January to May and tapers off, but future shifts could occur if the Federal Reserve lowers interest rates, potentially reviving demand. The average price of single‑family homes edged up 0.5% to $799,000, whereas condo and townhouse prices slipped 2.5% to $471,000. Active listings surged 37% YoY, and new listings grew modestly 2.4% YoY. The close‑to‑list price ratio dipped slightly to 99.6%. Median days on market remained steady at about 27 days, and homes now require roughly 12 showings before going under contract, a slight decline from the prior month and a larger drop from last year. Despite higher inventory, homes are still being contracted, indicating a resilient market.

Chapters

Inventory is continuing to increase in the greater Denver area, but we just saw our first decrease of the year in demand, which was down 5% year over year. Now this is typical of our market from January to May, sometimes June, we have increases of demand and then we gradually start to decrease as the year goes on. Now this could change with interest rates depending on what the Fed does. If they do decrease the Fed funds rate and interest rates come down, We could see an uptick in demand again. The average price of single-family homes in the greater Denver area increased to $799,000. That was a slight uptick from last year of 0.5%. Now condos and townhouses actually came down a little bit to $471,000, and that was a decrease of 2.5%. Our supply of active listings increased by 37% year over year, and our new listings slowed down a little bit, but it still increased by 2.4% year over year. Our percent of close price to list price decreased slightly from last year, and it's sitting right around 99.6%. Our days on market stayed about flat from the previous month, and we're at about 27 days on market. Our number of showings before going under contract decreased slightly from the previous month, and it decreased even more from last year, and that number is about 12 showings before going under contract. So it shows that the houses are still going under contract despite the increasing inventory.