November 2023 Denver Housing Market
With the New Year right around the corner, there’s certainly a handful of resolution lists with “new home” written at the top. This month’s November Denver Housing Market shows that despite the interest rate concern, that dream can be a reality! Evidently, even with the interest rates increasing this year, historically they’re of no concern.
Jenny Usaj, Owner of Usaj Realty and Denver REALTOR®, touches on the current market and how waiting isn’t an intelligent move. “The biggest mistake you can make in this market is to wait. Over the last 50 years, the average interest rate was 7.8%. The folks that are waiting for the lower interest rate may be waiting a lifetime. If and when the rates shift, the market will be flooded with buyers and we may see multiple offers again. Yesterday was always the right time to get into the market”.
Home Prices Up 0.4% Percent From Last Year
- In December 2023, the average residence sold for $565,250
- The average single-family home sold for $738,986
- Whereas the average attached home sold for $469,092
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6,684 attached and detached homes available in the entire Denver Metro area. This shows an increase in available properties, as the numbers are up by 6.89% from November 2022. Meanwhile, affordability remains a serious issue for Denver homebuyers. The median sales price is $562,250 this month. Which is around midrange for the current market. Whereas last month, the median sales price was $20,000 higher, at $581,000.
There are 2,717 new homes hitting the market this season, showing a slight dip from the 2,599 on the market this time last year. Which, subsequently, is impacting the “days on market”, which is up 11.76%. Ultimately proving that our market is not as cutthroat as the busier market we experienced last year. 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.
Why choose Usaj Realty?
Founded in 2011, Usaj Realty takes pride making our home sellers and buyers goals, our own. We are with you from the beginning to create financial stability, and ease of mind from start to finish. We know the importance of securing generational wealth for the future, and we believe we’re the best fit for the job. Get in touch with our outstanding agents today to receive guidance on the October Denver Housing Market and the Denver housing market to come. Have a new homeowner in your circle? Check out our recent post covering an array of gift options that they’ll actually want AND use!