March 2024 Denver Metro Real Market Watch

Denver Metro Housing Market: March 2024 Update

The Denver metro housing market is on fire, maintaining its hot streak throughout March as strong buyer demand continues to drive up sales and prices. Let's dive into the latest trends shaping the real estate landscape across the Denver Metro Area. 

Competition Heats Up

Buyer enthusiasm remained high, evident in the 8% increase in new contracts signed in March compared to the previous year. The numbers surged even more impressively by 33% from February, indicating a bustling spring season ahead. This surge in "homes pending sale" acts as a leading indicator, hinting at robust future closed sales.

Buyers are moving swiftly, with homes spending a median of just 12 days on the market in March—almost two weeks faster than February. This rapid pace underscores the growing urgency among buyers to secure properties before they vanish from the market.

Prices on the Rise

Sellers are reaping the benefits of this fervent demand, with the closing price of homes in March soaring 5% higher than last year and 3% higher than February. Properties priced above $1 million are particularly sought after, contributing significantly to the overall price uptick.

Strong Economy Fuels Buyer Demand

The buoyant demand can be attributed to a mix of factors, including pent-up demand and the enduring strength of the Denver metro economy. Low unemployment rates and robust job growth are injecting more purchasing power into consumers' pockets, bolstering their confidence in the real estate market.

March 2024 Denver Metro Real Market Watch Full Report

Market Watch Full Report March 2024

Inventory Levels Show Improvement

Despite the intense buyer activity, there's positive news for prospective homebuyers. The number of new listings ticked up compared to last year, marking an 18% increase from February. This trend has been consistent throughout the year, with 11% more new listings entering the market compared to 2023.

This uptick in new listings has contributed to a boost in overall inventory levels, which saw a 47% increase compared to last year by the end of March. However, given the robust buyer demand, these homes are expected to move quickly off the market.

In conclusion, the Denver metro housing market remains dynamic and competitive, driven by strong buyer demand, rising prices, and a resilient economy. Prospective buyers and sellers should stay informed and work with experienced real estate professionals to navigate this bustling market effectively.

March 2024 Metro Denver Real Estate Snapshot

Metro Denver Market Stats March 2024

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