Denver Real Estate April-2024-Stats

Denver Metro Housing Market Offers More Options and Higher Prices For Buyers 

Exciting news for home seekers in the Denver metro region! The housing market is showing signs of improvement with a surge in available homes for sale.

April witnessed a notable increase in new listings, with a remarkable 6,095 homes entering the market. This marks a 26% surge compared to April 2023 and a substantial 22% increase from the previous month alone! This positive trend extends over four consecutive months, and year-to-date data for 2024 indicates a 15% uptick in new listings compared to the same period last year.

For buyers, this translates into a wider selection. With a total of 7,730 active listings at the close of April, this represents the highest inventory level since October 2019. This abundance means you're more likely to find a home that fits your criteria.

Despite the increased options, buyer demand remains robust. Home sales are climbing, with 3,837 closings in April across the 11-county metro area. This marks a slight uptick from the previous year and the third consecutive month of rising closings.

On the pricing front, buyers are facing higher costs. The median closed price for homes in the Denver area surged to a record high of $602,000 in April, a 4% increase from April 2023 and 1% higher than March 2024.

Another promising sign is the growing number of pending sales listings. This figure rose by 7% from March to April, following a substantial 27% increase from February to March. Pending sales listings serve as a leading indicator for future closings, indicating a potential continuation of strong sales activity in the coming months. Homes spent a median of 9 days on the market in April, one day longer than last year but 3 days quicker than the previous month.

REcolorado Denver Metro Market Watch April 2024

Market Watch Full Report April 2024

Additionally, the number of properties leased using REcolorado MLS saw a slight dip compared to April 2023 but was 20% higher than the previous month. The median rental price also experienced a modest 2% increase year-over-year. To meet growing demand, 412 new rentals were added to the market in April, marking a 20% increase from the preceding month.

The Denver metro housing market continues to evolve, offering both opportunities and challenges for buyers and renters alike. Stay tuned for further updates on this dynamic market!

April 2024 Metro Denver Real Estate Snapshot

Metro Denver Market Snapshot April 2024

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