June 2024 Denver Housing Market Update

Denver Metro Housing Market Update for June 2024

Hey there! If you’re thinking about buying or selling a home in the Denver Metro area, you’re in the right place. Today, we’re diving into the latest trends and insights for June 2024. Before we get started, make sure to check out the full video for an in-depth analysis.

The Current State of the Denver Housing Market

June 2024 is shaping up to be an interesting month for the Denver housing market. With summer in full swing, we’re seeing some dynamic changes that are worth noting whether you’re a buyer or a seller.

Inventory Levels and Market Activity

One of the biggest trends this month is the shift in inventory levels. We’re noticing a slight increase in the number of homes available, which is great news for buyers who have been struggling with the low inventory over the past year. This uptick in listings is providing more options and slightly easing the competitive pressure. Specifically, the May 2024 Inventory was up to 2.6 months, which is the largest absorption rate in May, since 2013.

However, it’s important to note that while there are more homes on the market, they’re not staying available for long. The median days on market (DOM) remains low at around 9 days, indicating that well-priced homes are still getting snatched up quickly. However, I expect that to continue to increase for the rest of the summer, likely until end of year, pending rates.

Key Takeaways for Buyers and Sellers

For Buyers:

1. Be Prepared: With homes selling quickly, have your financing in order and be ready to make a competitive offer.
2. Explore Options: The increase in inventory means more choices, so take advantage of the leverage while you have it.
3. Understand Affordability: Between rates, insurance costs, and property taxes, it is now much cheaper to rent than to purchase an equivalent.  Historically, this isn’t new, but is for the last decade or so.

For Sellers:

1. Price It Right: Setting the right price is crucial in this competitive market. Overpricing can lead to longer selling times.
2. Be Flexible: With buyers becoming more price-sensitive, be prepared for negotiations and potential price adjustments.

Looking Ahead

As we move further into 2024, it will be interesting to see how these trends evolve. The Denver housing market remains one of the most dynamic and competitive in the country. Keeping an eye on inventory levels, price trends, and affordability factors will be key for anyone looking to buy or sell. With any significant changes in interest rates, the entire supply/demand balance could change VERY quickly.

If you’re ready to take the next step in your home buying or selling journey, don’t hesitate to reach out for a consultation. Book your appointment at www.calendly.com/RealtorStacie or call 720-295-9089. Let’s navigate this market together and find the perfect home or the best buyer for your property.

Conclusion

The Denver housing market in June 2024 is full of opportunities and challenges. Whether you’re looking to buy your dream home or sell your current property, staying informed and working with a knowledgeable real estate professional can make all the difference. Check out the full video for a detailed analysis, and don’t forget to book your consultation for personalized advice. Book your consultation now at www.calendly.com/RealtorStacie or call 720-295-9089.

As always, thanks for your time and please feel free to share this with anyone you think may find it helpful. 🙂