Market Update | December 2024

The Denver housing market experienced modest gains in 2024, despite ongoing challenges from elevated mortgage rates and shifting market dynamics that continued from 2023. While the area saw a 12.6% increase in new listings and a 0.9% rise in closed transactions, it faced slower price growth with the median price increasing only 2.08% to $590,000. Homes took longer to sell, averaging 38 days compared to 14 days in 2021, indicating increased competition for sellers. Experts forecast stabilization for 2025, with predictions of a 4-6% growth in detached home sales, a slight decline in attached sales due to rising HOA fees, and median prices expected to rise by 0-3%. Factors like job growth, migration, and increased inventory will help make the market more favorable for both buyers and sellers, despite ongoing affordability challenges. For those looking to navigate this shifting landscape, now is the time to connect with your Invalesco Real Estate advisor!