It’s that time of the month again! Take a look at the Denver Metro Area market statistics.
Highlights
- Resilience in the Housing Market: –The Denver Metro housing market showed resilience in November
2024, with a 10% increase in closed listings compared to the same time last year, despite a 13% decrease from the previous month. - Median Closed Prices: The median closed price for homes reached $580,000, marking a 3% increase from
last year. However, there was a 4% decline from October to November as sellers adjusted their asking prices to attract buyers. - Buyer Activity: Buyers showed strong activity, executing contracts on 3,076 home listings in November.
This number is 24% higher than last November, although there was a 9% decrease from October, which is less than the typical seasonal dip.
Homes spent an average of 29 days in the MLS before a contract was executed, which is 5 days longer than last year and 1 day longer than last month. - Standing Inventory: Standing inventory, or the number of listings actively available for sale, was 40% higher than last year,
with 8,972 homes on the market. However, this represents a 17% decrease from October due to strong buyer activity and a decrease
in new listings added to the market in November. - Rental Market: In the rental market, 233 properties were leased through REcolorado MLS in November, an
18% decrease from November 2023 and a 28% decrease from last month. The median leased price was 1% lower than last year. - The $1 to $2 Million Home Market: The market for homes priced between $1 and $2 million remained particularly strong,
with a 30% increase in closings in November and a 5% year-over-year increase in new listings.
These homes were actively available for a median of 40 days before a contract was executed. -
The number of listings that closed in November was 10% higher than this time last year and 13% lower than last month.
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In November, the median closed price of a Denver Metro area home was $580,000 which is 3% higher than last year. Closing prices decreased 3% from October to November as
sellers reduced their asking prices. -
Denver Metro home sellers added 2,719 new listings to the market, only 1% more than last November, and 41% less than last month as we continue to see a seasonal slowing
towards the end of 2024.Pending Listings
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Throughout the month, buyers executed contracts on 3,076 home listings. The number of listings pending sale in November was 24% higher than last November and 9% lower than
last month.Days in MLS
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Days in MLS counts the number of days a listing was actively available in REcolorado’s MLS system before a contract was executed. In November, homes spent 29 days in the
MLS, 5 days longer than last year at this time, and 1 day longer than last month.All Data is taken from ReColorado, December 8, 2024.
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Closed Listings