Median home value in Denver shows resilience in November, with the median home price holding steady at $565,250 across all market segments, consistent with figures from the previous year. The year-over-year median home price witnessed a marginal increase of 0.10%, while there was a 4.35% uptick in pending sales compared to the previous year.
The average price for a single-family home finished the month at $738,986, reflecting a decrease of 8.74% from the previous month but showing a modest increase of 0.91% from the same period a year ago.
Pending home sales across all market segments reached 2,712, reflecting a 9.51% decline from the previous month. Nevertheless, when compared to the pending home sales of last year, November witnessed a 4.35% increase.
The median home value in Denver for single-family homes reached $625,000, reflecting a 3.10% decline from the previous month but still showing a modest increase of 1.63% year-over-year.
The close-price-to-list-price ratio remains robust at 98.56%, underscoring the strength of the market and the ability of buyers and sellers to find common ground for a successful sale. However, sellers are negotiating significant amounts towards lender buy-downs to help buyers ride the wave of high interest rates while keeping the sales price fairly static.
The median days in the MLS has grown to 22 days, which is up an astounding 37.50% month-over-month. Although November and December are traditionally slower months due to the holidays, this figure only reflects a 4.76% uptick from last year when compared to last November’s days in the MLS at 21 days.
The median home value in Denver for condos reached $418,475, showing a slight decrease of 1.14% compared to last month but demonstrating a modest increase of 2.07% year-over-year.
The shifting market this year has thrown all of us off kilter but the 2023 data aligns similarly in many ways with the pre-pandemic real estate landscape. The market is finally finding a sense of equilibrium after three years of record-breaking stats.
