So How’s the Market- September 2024

Motivated Buyers: Lower interest rates and a drop in home prices have inspired buyers to re-enter the Denver Metro housing market. According to REcolorado’s September data, 3,805 home contracts were executed, marking a 28% increase from the same time last year and a 5% rise compared to August. With the uptick in contracts this September, we expect to see a rise in closings in the fourth quarter.
High Inventory Levels: Active inventory surged by 50% compared to last year, with 11,143 homes listed for sale by the end of September, giving potential buyers a broader selection of homes available. Sellers added 5,029 new listings to the market in September—10% more than last year—though slightly fewer than in August.
Home Closings Dip: Closings on home sales in the Denver Metro area were down slightly, with 1% fewer transactions than September 2023 and 14% fewer than last month. The median home price dropped 2% year-over-year to $575,000 and was 3% lower than August.
Denver Metro Rental Market: In the rental market, activity also slowed. REcolorado reported that 289 rental properties were leased in September, down 6% from last year and 12% from August. The median rent decreased by 4% year-over-year, while 411 new rental listings were added—a 19% drop from the previous month. Active rental inventory increased slightly, with 738 properties available, 4% more than last month.

The number of listings that closed in September was 1% lower than this time last year and 14% lower than last month.

In September, the median closed price of a Denver Metro area home was $575,000 which is 2% lower than last year at this time and 3% lower than last month.

Denver Metro home sellers added 5,029 new listings to the market, 10% more than last September and relatively flat from last month.

Throughout the month, buyers executed contracts on 3,805 home listings. The number of listings pending sale in September was 28% higher than last September and 5% higher than last month

Days in MLS counts the number of days a listing was actively available in REcolorado’s MLS system before a contract is executed. In September, homes spent 26 days in the MLS, 11 days longer than last year at this time, and 4 days longer than last month.

The most active price range in September was $500-600,000, which saw 718 closings and 1,011 new listings hit the market. Homes in this price range were actively available for sale a median of 23 days. The $1-2M price range was also active, with 310 closings, 7% more than last year, and 544 new listings, an 18% year-over-year increase. Homes in this range were actively available for a median of 27 days.

Standing inventory, or the number of listings actively available for sale at the time September data was pulled, was 50% higher than last year, with 11,143 homes actively available for sale in the Denver Metro area.
The gross sales volume in September was 3% lower than September of last year.