August 2024 Market News and Review
The August 2024 Market News provides a clear view of the current real estate market. In recent months, home prices, sales volume, and inventory have seen fluctuations. These changes are influenced by local and national economic factors. Seasonal shifts, interest rate changes, and consumer demand all play a part. Understanding these trends is crucial for buyers, sellers, and industry professionals.
In this review, we’ll cover key updates and important statistics from the report. You’ll see how the market has shifted compared to previous months and years. From home prices to housing supply, we’ll break down the data in a simple way. Continue reading for insights on how these trends might affect your real estate decisions.
Listing Prices are up 2.3% Percent from Last Year
- In August 2024, the average residence sold for $706,206
- The average single-family home sold for $791,657
- Whereas the average attached home sold for $445,067
August Interest Rates Update
Inventory and Affordability Over The Years
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 10,724 attached and detached homes available in the entire Denver Metro area. Pushing a 1.32% increase from last month in available properties; whereas the numbers are up by 56.37% from August 2023.
Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $590,000 this past month, a little under a 2% increase from 2023 at 1.44%. Leaving August 2023 at a nearly $10,000 higher median price of $599,990.
During this Summer to Fall transitionary season, there are 5,110 new homes hitting the market. Displaying a higher amount of new listings from this time last year at 4,878. The average days on market Denver Metro area is experiencing at a 23.33% increase from last month, showing a steady timeline for the lifecycle of a home on the market.
Unsure about how these stats impact you directly? Get a comprehensive market analysis of your particular neighborhood, and don’t miss out on utilizing a Usaj Realty expert as the numbers in each part of town vary greatly.
Quick Stats
This graph provides an overview of active listings, market highs and lows, and new listings. Compare this month’s data directly with previous record-breaking reports and stay informed with insights from realtors, local news, and mortgage updates.
Explore the highlights and see how the market is evolving. For personalized advice and further details, connect with Usaj Realty today.
What makes Usaj Realty stand out?
Founded in 2011, Usaj Realty has always taken pride in aligning our goals with those of our home sellers and buyers. We are dedicated to supporting you from the very beginning, ensuring financial stability and peace of mind throughout the entire process. We understand the importance of securing generational wealth for your future, and we believe we are uniquely qualified to help you achieve that.
Our outstanding agents are here to guide you through the current market trends. Reach out to us today to discuss the latest August Market Stats and to explore the thriving Denver housing market as the seasons change. At Usaj Realty, your goals are our goals.
