A New Chapter for Denver Real EstateMomentum in Denver’s housing market continues to point toward long-term stability. The gradual, sustained trends that have emerged throughout 2025 are
October 2023 Market Update
Dated: October 10 2023
Views: 136
Dear Homebuyers and Sellers,
I'd like to share an update on the current state of the Denver housing market. Recently, we've noticed a slowdown,
typical for late summer, compounded by higher mortgage rates, leading to a 20% dip in August home sales. The average
rate on 30-year loans is now at around 7.7%.
Despite this shift, one thing remains constant—strong home prices in Denver.
In September, both home and condo closings fell nearly 21% compared to August and were down 28.2% from last year.
Some of this is seasonal, but it's notable that last year saw an 8.4% monthly drop, and the year before that, a 12.2%
decline.
The number of listings in September rose by 11.2% from August to 7,629, but it's still only half the September average.
Surprisingly, supply increased despite fewer new listings, down 5.9% to 4,589 last month and 12.6% from last year.
The median price for a single-family home in September was $640,000, down 1.5% from August but up 1.6% from the
previous year. Condos and townhomes had a median price of $420,000 in September, up 0.48% from August and 2.4%
over the past 12 months.
Buyers are seeking concessions rather than lower prices, which include interest rate buydowns, leading to successful
negotiations.
Homes and condos spend an average of 30 days on the market before finding a buyer, up from 26 days last month.
While supply is rising, and demand is lower, significant price drops have yet to occur. Denver's real estate market is still
largely a seller's market. High-end homes ($2 million or more) are approaching balance, with six months of inventory for
single-family homes and seven months for condos and townhomes.
The real estate market can change quickly, and local conditions may differ. If you have questions or need more Denver
housing market information, feel free to reach out. I'm here to help you navigate the current market conditions and
make informed decisions.
Best Regards,
Chad Hines
Your Castle Real Estate
The Hines Home Team
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