Denver median home price remains robust in October with demand far outstripping supply. In October, the median home price held steady at $585,000 across all market segments, mirroring the September figures. The year-over-year median home price has continued to rise, showing a 2.63% increase, while pending sales have also seen a slight uptick of 1.76% compared to the same time last year.

Active listings at month-end finished at 7,482, up slightly 2.63% from this time last year. Typically, as the year draws to a close, the housing inventory tends to decline. It’s important to note that on a month-over-month basis, there was a decrease of 1.93% of available homes.

New listings recorded a notable decrease of 16.84% compared to the previous month, resulting in a total of 3,816 new listings. Additionally, there was a more modest year-over-year drop of 0.65%.

Closed sales at the end of the month tallied 2,986 homes, displaying a decline of 11.58% compared to the previous month, and a more substantial year-over-year drop of 15.72%. However, the Denver median home price held steady at $585,000.

The median days a home spent on the market increased slightly to 16 days, up from the 14 days recorded in the previous month. However, when viewed in a year-over-year context, this figure reveals a reduction of 5.88% from the median days on the market, which was 17 days during the same period.

This year performed most closely to pre-pandemic levels of 2019 and the close-price-to-list price ratios were both over the ninety-nine percentiles, while pandemic years were over 103% for the Denver median home price. Despite a shifting and general uncertainty, people are still buying and selling homes. The increasing of inventory is finally providing buyers with the gift of choice and for those who continue to look through the holiday season, there is less competition and sellers are usually more motivated to sell before the end of the year.

Pricing is the number one key in this market to sell a home and properties will continue to trade hands for the right price and terms.