Denver metro area real estate market remained strong in June, with the median closing price rising 1.7% month-over-month and 1.7% year-over-year, reaching $610,000 across both segments. This trend was consistent on a year-over-year basis as well, with prices up 1.70%.

In June, the Close-Price-to-List-Price Ratio for the Denver metro area real estate market remained relatively stable at 98.99%, showing a modest decline from 99.32% in May and 99.54% year-over-year.

Active listings at the end of the month reached 14,001, marking a 3.00% increase from the previous month and a 37.14% rise year-over-year. The balance between supply and demand has shifted in a way the Denver metro area real estate market hasn’t experienced in some time. A sharp increase in new listings during April and May outpaced buyer demand, resulting in longer days on market and more frequent price reductions.

The growing supply is starting to moderate price growth, and in June, the median sale price for detached homes rose a modest 0.13% month-over-month to $665,895. Attached homes showed no change, holding steady at a median price of $400,000. While price stability can be encouraging, the underlying shift is clean; upward price pressure has softened, particularly in segments with the most inventory. Sellers are having to adapt to a slower pace, and in June, the median days in MLS climbed to 16 for detached homes, a 60% increase from May, and 30 days for attached homes, up 20.22%. Inventory levels now exceed two months across all price points for the Denver metro area real estate market. High-end properties are experiencing the most significant drag; detached homes priced above $2 milling now carry nearly six months of inventory, while attached homes priced between $1 and $2 million have a supply of more than 10 months.

“For sellers, setting prices based on last year’s high or hopeful projections for early 2025 is proving to be a risky strategy. For buyers, waiting for the “perfect” rate or timing can end up costing just as much in missed opportunities.”