Median home price in Denver area finishes the year at $552,000. Furthermore, on a year-to-year basis, there was a 2.25% increase in the median price for single-family homes and a 2.46% rise for attached homes.

As interest rates continue to decrease, buyers are experiencing less financial strain, leading to an increased number of buyers entering the marketplace. Buyers can now finally negotiate not just the price but also inspection-related matters.

Lower interest rates might lead to an increase in demand, putting pressure on home prices. However, if demand surges, inventory is expected to grow throughout the year, as sellers feel more confident making a move with more favorable financing options.

As of December, the number of active listings totaled 4,971, making a 25.63% decrease from the previous month which stood at 6,684. Compared to last year’s active listings, which were at 4,757, the difference represents only a modest increase of 4.50%.

The median home price in the Denver area for single family homes amounted to $613,500 which was a slight drop of 2.08% compared to last month but still up 2.25% year-over-year.

In December, the market witnessed a considerable drop in new listings, amounting to 1,725. This reflects a significant decrease of 36.49% compared to the previous month and a marginal decline of 0.52% year-over-year.

Nevertheless, pending sales experienced only a modest decline of 5.29% compared to the previous month but showed a substantial increase of over 10.87% year-over-year.

Closed sales decreased by 7.65% to 2,620 in December, and year-over-year, the market witnessed a 9.31% decline.

Most notably, the median days in MLS jumped 31.82% from 22 to 29 days but was slightly lower when compared to last year’s at 29 days.  

The median home price in the Denver area for condos and townhomes stood at $418,701, reflecting a slight increase of 0.41% month-over-month and a 2.46% increase compared to last year.

The key take away from this month’s market update is that “buyers and sellers have managed to find common ground in a stabilizing market.”