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

March 2024 Denver Housing Market Update 🏡

9 Mar 2024 · 1 min

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1:01

In this market update, the presenter explains recent mortgage‑rate volatility driven by higher‑than‑expected inflation and shifting expectations for Federal Reserve rate cuts, noting that a cut may occur as early as March 20 or later in the spring. The focus then shifts to Denver‑area housing data: the average price for single‑family homes has risen to $750,000 (with February’s median at $453,000), while condos and townhouses average $466,000. Demand indicators show pending sales up 9.8% month‑over‑month but down 2.1% year‑over‑year. New listings have surged, up 19.3% from the prior month and 14.9% year‑over‑year, while active inventory has slipped roughly 3% compared with the previous month. The update provides a concise snapshot of pricing, demand, and supply trends for the Denver market in early 2024.

Chapters

Mortgage interest rates have been on a roller coaster ride since we ended February. This is due to higher than expected inflation readings, and now sentiment has decreased quite a bit that the Fed is going to do a rate reduction on their meeting on March 20th. It is still high, however, that they're going to do one at the end of April, beginning of May, or in the early summer. In the greater Denver area, the average price for single-family homes has increased to $750,000. $453,000 for the month of February, and for condos and townhouses, it's increased to $466,000. Demand and pending sales were up 9.8% when compared to the previous month, but they're down 2.1% from last year. New listings continue to increase. They're up 19.3% when compared to last month, and they're up 14.9% when compared to last year. Our supply of active inventory and active listings decreased slightly, around 3%, when compared to last