Metro Denver median home prices finally dropped

After 2 years of growth

BY TAMARA CHUANG THE COLORADO SUN

For the rst time in recent memory, the median price of a house in metro Denver is less than it was a year ago. And for some who make a living selling houses, there’s a sense of relief.

“Every single month in 2021 and the rst half of 2022, everybody in our (real estate) community went, ‘Oh my goodness. How much more can this go? What will buyers put up with?’

I mean having to pay a penny over the appraised value is just bonkers to me,” said Matt Leprino, CEO of Denver-based real estate brokerage Remingo.

Now, he said, “It’s calm, it’s a very tepid pool right now. It’s not increasing. It’s not going crazy. Days on market are up. But they’re up from historic lows. e majority of phone calls we get right now are … ‘Can I jump in right now?’”

New data for January from the Colorado Association of Realtors has median home prices attening statewide. Houses are taking twice as long — sometimes three times longer — to sell compared to a year ago. But that’s not very long. In the seven-county metro Denver area, that’s 53 days, or about four weeks longer than 22 days in January 2022. at’s getting back to the time just before the pandemic, or 48 days in January 2020.

Home prices in Denver and Colorado increased at unprecedented rates in the past two years. Metro Denver’s median sales price hit a high of $660,000 in April, up 17.4% in a year. at dropped to $569,804, as of January, which is 1.4% lower than a year-ago January. As Littleton economist Patty Silverstein told the real estate industry at an economic summit last week, “We’re (in) some type of slowdown but that’s very welcome. We’re in a rest period here.” e slowdown began last spring as the Federal Reserve raised interest rates to cool in ation. But mortgage rates have more than doubled in a year, making it much more expensive for home buyers who need a loan. Based on the Denver metro area’s median sales price, a buyer’s monthly payment is roughly $1,000 more than it would have been last January, according to Bankrate’s mortgage calculator.

“ e major thing we have seen is a dramatic slowdown in activity,” said Ann Hayes, a Realtor with Keller Williams Colorado West Realty in Grand Junction. “A lot of people, with the change in the interest rates, were priced out of the market.”

Mesa County saw a 3.4% dip in its median-sales price, falling to $379,950 in January. at makes it a little more a ordable for rst-time buyers. But even though mortgage rates are below their peak, they are still above 6.5%. And that’s keeping homeowners in their homes, too.

“Sellers don’t like the fact that they’re at a 3% (mortgage loan) rate and if they buy a replacement, they’re going to be at six, or six and threequarter rate,” Hayes said. “A lot of sellers are not even coming on the market.”

SEE HOUSING, P10

Your County. Your news. Get it first.

Be among the first to receive news as it happens. Sign up and select your specific news focus and delivery preferences and make sure to follow Douglas County on Nextdoor, Facebook, Twitter, Instagram, LinkedIn and YouTube. Visit the Live Town Hall page to sign-up and receive Town Hall notifications to ensure you are contacted to participate in future community conversations about topics important to you. Both services are free, and you can unsubscribe at any time. Don’t wait, sign up now! Visit, douglas.co.us and search Subscribe Now

Need help with home heating costs?

Eligible low-income households in Douglas County may apply for energy assistance through the Low Income Energy Assistance Program (LEAP). For more information, visit douglas.co.us and search LEAP or email LEAPHELP@discovermygoodwill.org

Spring cleaning is at your curbside

Do you have hazardous waste from a painting project, old oil from your car’s maintenance, or other waste from your recent DIY project? This curbside service is available to Douglas County residents for $30. For details call 1-800-4497587 or visit douglas.co.us and search Household Waste Management.

Skip the trip - motor vehicle services just a click away. Renew your driver license or motor vehicle registration and more from the convenience of your smartphone, tablet, desktop or laptop. You can also renew vehicle registrations at MVExpress kiosks. Find information at DouglasDrives.com

Funds available to veterans

Emergency assistance is available for veterans struggling with housing (mortgage/rent), transportation, employment, healthcare or other emergency needs. To apply for the veteran assistance funds, visit douglasveterans.org or call 303-663-6200