March 2024 Denver Housing Market Update

Welcome to the March 2024 Denver housing market update! As always, I’m here to break down the latest trends and insights into what’s happening in the Denver Metro area real estate scene.
Before we dive in, if you prefer video format, you can watch the full update here:

So, what’s the current vibe in the Denver housing market? Well, it’s a bit kooky, to say the least. Agents are feeling a mix of anxiety and uncertainty, with a noticeable increase in activity but a shortage of available inventory. It’s a situation where everyone seems ready to move but hesitant to make a move.

Key Stats
Let’s take a look at some key stats for March 2024:

Median Close Price: $575,000
Average Price Point: $669,000
Days on Market: 22
Close to List Price Ratio: Nearly 100%

Compared to the peak of the market in spring 2022, we’re inching closer to those values, but we’re not quite there yet. However, we’ve made significant strides from the market adjustments experienced in late 2022.

Trends and Observations

The market is showing signs of recovery from the fall seasonality observed in late 2023. However, it’s essential to note the cautiousness among both buyers and sellers. Buyers are more selective, waiting for the perfect opportunity, while sellers are facing the reality of market corrections and adjusting their expectations accordingly.

Advice for Buyers

For buyers, the message is clear: be prepared to compete. Properties that are priced well and in good condition are likely to attract multiple offers. Don’t let good opportunities slip away due to hesitation. While there may be more choices in the coming months, competition will also increase, so act decisively.

Advice for Sellers

For sellers, now is prime time to list your property. Take advantage of the spring seasonality, but be mindful of pricing and presentation. Invest in professional marketing to showcase your property’s best features and attract motivated buyers.

Planning Ahead

Whether you’re buying or selling, it’s crucial to have a game plan. If you’re considering entering the market, now is the time to start strategizing. For sellers, planning ahead allows for proper preparation and optimal timing for listing. For buyers, understanding the competitive landscape helps in making informed decisions.

If you’re in the South Denver Metro area and looking to buy, sell, or do both, let’s chat. Book a consultation now at a time that works for you or call me at 720-295-9089.

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