November2024REcoloradoStatsInfographic

Denver Metro Housing Market Remains Resilient in November 2024

Denver, CO – The Denver Metro housing market continued to demonstrate its resilience in November 2024, defying typical seasonal slowdowns. Key metrics from REcolorado MLS reveal a robust market with steady demand and adjusted pricing strategies.

Sales Activity:

  • Closed Sales: November saw a 10% increase in closed sales compared to the same period last year. However, there was a 13% month-over-month decrease.
  • Median Closed Price: The median closed price for homes reached $580,000, a 3% year-over-year increase. While there was a 3% month-over-month decline, sellers adjusted prices to attract buyers.

Market Dynamics:

  • New Listings: Sellers remained active, adding 2,719 new listings in November. This represents a modest 1% year-over-year increase but a significant 41% decrease from October, aligning with seasonal trends.
  • Pending Sales: Buyers remained engaged, with 3,076 homes going under contract in November. This figure is 24% higher than last November, but there was a 9% month-over-month decrease, which is less than the typical seasonal dip.
  • Days on Market: Homes spent an average of 29 days on the market before going under contract, 5 days longer than last year and 1 day longer than the previous month.

Luxury Market:

The market for homes priced between $1 and $2 million continued to thrive, with a 30% increase in closings in November and a 5% year-over-year increase in new listings. These homes were actively available for a median of 40 days before a contract was executed.

Inventory and Sales Volume:

  • Standing Inventory: Standing inventory increased by 40% year-over-year to 8,972 homes. However, it decreased by 17% from October due to strong buyer activity and fewer new listings.
  • Gross Sales Volume: The gross sales volume in November was 16% higher than the same month last year.

REcolorado Market Watch November 2024

Market Watch Full Report November 2024

Rental Market:

  • Lease Activity: 233 properties were leased through REcolorado's MLS in November, an 18% decrease from November 2023 and a 28% decrease from the previous month.
  • Median Lease Price: The median leased price was 5% lower than last year.
  • New Rental Listings: 373 new rental listings were added, 18% fewer than last year and 19% fewer than last month.
  • Active Rental Listings: At the time of data pull, there were 706 active rental properties available, 8% fewer than last month.

Conclusion:

The Denver Metro housing market demonstrated resilience in November 2024, with strong buyer demand and adjusted pricing strategies. While there were seasonal slowdowns, overall market activity remained robust. The luxury market continued to outperform, and the rental market experienced a slight decline in activity. As we move into the winter months, it will be interesting to see how the market evolves in the face of potential economic uncertainties.

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