Denver Real Estate Market Cools in 2023, but Still Strong
The Denver real estate market has cooled somewhat in 2023, but it is still relatively strong overall. This is due in part to the city's strong economy and its continued popularity with people moving from other parts of the country. However, rising interest rates have made it more expensive to buy a home, and this has led to a decrease in demand. As a result, home prices have plateaued in some areas, and sellers are taking longer to sell their homes. Despite these challenges, the Denver real estate market is still expected to remain strong in the long term. The city is a desirable place to live and work, and it is attracting new residents all the time. The key is timing. Waiting for the proper time to buy or sell is everything. Eventually rates will drop and the buyers will once again flood the market. If you want to sell your home or are in the market to buy, we advise that you be patient and pay attention to the trends, then capitalize when the market is hot.
Here are some of the key trends in the Denver real estate market in 2023:
Home prices are still high, but they are not rising as quickly as they were in previous years. The median home price in the Denver metro area is currently $650,000.
Inventory levels are low, which is driving up prices. There are currently about 1,200 active listings in the Denver metro area, which is down from about 2,000 listings a year ago.
Buyers are facing more competition. With low inventory levels, buyers are facing more competition from other buyers. This means that buyers need to be prepared to act quickly when they find a home that they like.
Sellers are taking longer to sell their homes. In July 2023, the average home in the Denver metro area took 30 days to sell. This is up from 4 days in July 2022.
Despite the challenges, the Denver real estate market is still a good place to buy or sell a home and will continue to be a hot market for the foreseeable future. The city is a desirable place to live and work, and it is attracting new residents all the time thanks to its diverse and active culture.
If you are thinking about buying, selling or renting a home in the coming months, it is important to work with a qualified agent who can help you navigate the market and get the best possible deal!