Q3 MARKET OVERVIEW
denver metro
While the real estate market tends to peak in the spring and slow in Q3 due to summer vacations and school starting up, the last three months have seemed quieter.
Across Denver, days on the market increased from 30 in June to 41 in September. Classic sales decreased by 16.4% year-over-year. The quarter also closed with 5.2 months of luxury inventory, pushing it closer to a balanced market.
While some micro-markets did see fast sales and occasional bidding wars, Denver buyers took their time to shop around for a deal. Price reductions were common, and seller concessions were frequently used to close transactions.
As for price, the classic market came in at $405,000, a decrease of 2.4% year-over-year. Luxury prices decreased by 3.6% compared to 2023 as well. Much of this can be attributed to attached properties where rising HOA dues have made them a less affordable and desirable option.
Despite a slow quarter, recent and anticipated interest rate cuts by the Federal Reserve will likely affect mortgage rates in Q4 and perhaps create a flurry of activity.
The quarter closed with 5.2 months of luxury inventory, pushing it closer to a balanced market.”
Denver: Information provided by Land Title Guarantee Co. PorchLight Release Date: 10.31.2024. This information reflects sold properties in the following Metro Denver Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park through the last day of the quarter indicated. Data from multiple
guaranteed.
LUXURY
DENVER METRO PROPERTIES OVER $1M
Q3 LUXURY MARKET OVERVIEW*
*Overview stats include both detached and attached properties.
1,620