As the weather cools down, so does the September Denver Housing Market. Evidently, October 2023 presents incredible opportunities for first-time homebuyers despite the screaming “inflation and higher mortgage rates” headlines. Our September report on the August Denver Housing Market has dropped, just in time to get the inside scoop on the market updates and how you can benefit.
Home Prices Up 4.88% Percent From Last Year
- Residence sold for $690,748 in August 2023
- Average single-family homes sold for $782,462
- Attached homes sold for $483,651
August Interest Rates Update
Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6858 attached and detached homes available in the entire Denver Metro area. This is an increase in inventory month over month and down only 1.17% from August 2022. Affordability remains a serious issue for Denver home shoppers. Whereas median sales price is $582,000 this month which is slightly down from $590,000 in July.
New listings are down year-over-year with 4863 new homes hitting the market (down from 5182 last year). Furthermore, “days on market” is up 36.84% percent from last year to 26 days.
To get a comprehensive market analysis of your particular neighborhood, we recommended that you speak with a Usaj Realty expert as the numbers in each part of town vary greatly.
