Denver Housing Market Update: June 2024

The Denver housing market showed signs of a slowdown in June, according to REcolorado MLS data. While buyer activity remained steady with a slight increase in signed contracts from last year, the number of homes sold dropped by 12% compared to both June 2023 and May 2024.

New Listings and Market Activity: In June, 5,750 new listings were added to the market, a 6% increase year-over-year, although the month-to-month pace decreased by 15%. Homes stayed on the market longer, with a median of 13 days, six days more than last year. Buyer activity saw a slight uptick, with 4,132 contracts executed, 1% more than last year and 4% more than last month. The median closed price remained stable at $600,000.

Market Conditions: January to June: From January to June, there was a 15% increase in new listings compared to the same period last year. Despite this increase, the number of closings was down by 3%, indicating growing inventory and a more balanced market. Higher home prices and rising interest rates have caused some buyers to take a more cautious approach.

Rental Market Insights: In June, 310 properties were leased using REcolorado MLS, 16% fewer than in June 2023. The median leased price was less than 1% higher than last year. Throughout the month, 487 new rental listings were added, and there were 603 active rental properties available, a 15% increase from the previous month.

Price Range Dynamics: The only price range that saw an increase in closed listings compared to June 2023 was the $1-2M range, which had a 21% increase in new listings. Conversely, the $500-600K range saw the largest decrease in new listings. Homes priced between $800K and $1M spent the least amount of time on the market.

Market Watch Full Report June 2024

Standing Inventory: The number of active listings at the end of June was 68% higher than last year, with 9,912 homes available for sale. This significant rise in inventory suggests a potential cooling-off period for the previously seller-dominant market. The gross sales volume in June was 10% lower than last year.

Conclusion: The Denver Metro housing market is transitioning towards a more balanced landscape. While buyer activity remains healthy, the significant rise in inventory suggests a potential cooling-off period. As we move into the second half of the year, it will be interesting to see how these trends continue to evolve.

June 2024 Metro Denver Real Estate Snapshot

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