Market Update, December 12, 2024

The New York Times reports that 2024 will end with the fewest home sales in the country in 30 years—and our population has grown 26% since then!

Many parts of the country are experiencing a competitive market like the one we saw here during the pandemic, with sellers getting 20 or 30 offers and homes selling well over the asking price. In the face of high competition, rising prices, and limited inventory, buyers throughout much of the country are getting discouraged.

The story is different here. 

We’ll end this year with slightly more sales in our area than last year, and it hasn’t been 30 years since we’ve seen lows like this. Fewer homes sold here just twelve years ago.

Like everywhere else in the country, sellers are reluctant to move because they don’t want to give up the low interest rates they locked in years ago. Inventory in metro Denver is rising, though. In September, there were 12,712 homes for sale, more than any month since October 2012! High inventory is helping keep a lid on prices here. With more homes for sale, buyers have more to choose from, and there are fewer bidding wars.

Prices and interest rates are still fairly high, though, making things tough for many buyers. Still, prices are down from the peak we reached in April 2022, which is a huge relief for many people who are looking to purchase a home.