June 2024 Denver Market Snapshot
- Median Sold Price: $585,000
- Average Sold Price: $695,867
- Active Listings: 16,871
- Sold Listings: 5,854
- New Listings: 9,132
- Under Contract: 6,349
- Days on Market: 31
- Sold Price to List Price: 99.4%
- Months of Inventory: 2.9
Source: REcolorado Infosparks. Residential listings including single family residences, condominiums, townhouses, and multi-family.
Executive Summary: A Market Finding Its Balance
Denver’s housing market entered June 2024 in a state of measured rebalancing. The peak summer selling season brought a familiar surge of new listings, with 9,132 homes hitting the market during the month. At the same time, closed sales slowed to 5,854, down 11.5% from May’s 6,617, a seasonal shift that also reflects buyers taking more time in a market with expanding options.
The big picture remains steady. The median sold price of $585,000 held near multi-year highs, edging up 0.9% month over month from May’s $580,000. Active inventory climbed to 16,871 homes, up 11.0% from May’s 15,202, pushing months of supply to 2.9. That is still a seller-leaning environment historically, but a meaningful step away from the sub-one-month conditions that defined 2021 and 2022. Buyers have more runway. Sellers still have pricing power, if they use it wisely.
For a full view of how June 2024 fits into the longer arc of the Denver housing market, the trend data tells an important story: inventory has been steadily climbing since late 2023, and that trend continued through June.
Home Prices
The median sold price of $585,000 in June 2024 represents a 0.9% increase from May 2024 and a 1.7% increase compared to June 2023. Average sold price came in at $695,867, reflecting ongoing demand at the higher end of the market where larger homes and premium locations continued to attract serious buyers.
Sellers are still achieving 99.4% of their list price on average. That number matters because it tells you what the market will and will not tolerate. A well-priced home in June 2024 was closing within a fraction of list. Overpriced homes were sitting, as evidenced by the 31-day average days on market, five days longer than the prior year’s pace.
The upward price trend since late 2023 has been driven by limited buildable land in the core Denver neighborhoods, continued in-migration to the metro area, and elevated replacement costs that make existing homes more competitive against new construction. Prices are not sprinting, but they are holding.
Inventory and Days on Market
Inventory is the defining story of summer 2024 in Denver. With 16,871 active listings at month’s end, the metro had more homes available than at any point since before the pandemic-era frenzy. The 2.9 months of supply is still below the five to six months that economists typically define as a balanced market, but it is a dramatic departure from the weeks-of-supply environment buyers faced just two years ago.
New listings came in at 9,132 for the month, suggesting sellers who had been holding back during the high-rate environment of 2023 are returning to market. The 4.8% year-over-year increase in new listings reinforces that sellers are gaining confidence, even if the pace of closed sales has not kept up.
Homes averaged 31 days on market in June, up from 26 days in June 2023. This is not a distress signal. It is a return to a more normal pace where buyers can conduct due diligence, schedule inspections, and make considered decisions rather than waiving contingencies out of desperation.
What This Means for Buyers
June 2024 is one of the better entry points for Denver buyers in recent memory. With nearly 17,000 active listings to choose from and homes spending an average of 31 days on market, the pressure to make same-day decisions has eased considerably. Buyers can tour, compare, negotiate, and in many cases include reasonable contingencies without automatically losing to a competing offer.
The 99.4% sold-to-list ratio means that sellers are not desperate, but deals are available for buyers who have done their homework. Homes that are overpriced are lingering. Buyers who understand the local comps are in a strong position to make credible offers below list on properties that have been sitting.
Interest rates remained elevated through June 2024, which is softening demand at higher price points and opening up opportunities that were simply unavailable in 2021 and 2022. If you are ready to buy in Denver, our buyer’s guide walks you through what to expect at every stage of the current market.
What This Means for Sellers
Sellers in June 2024 are operating in a more competitive environment than at any point since before 2020, but it is far from a buyer’s market. The median sale at $585,000 is strong. The 99.4% sold-to-list ratio confirms that well-priced homes are closing close to asking. The challenge is that buyers have 16,871 alternatives to consider.
Presentation and pricing discipline are no longer optional. Homes that are staged, accurately described, and photographed well are moving at or near list. Homes that are overpriced relative to recent sales are accumulating days on market, which in turn signals weakness to subsequent buyers and invites lower offers.
Sellers who work with an agent who understands the neighborhood-level data, not just metro-wide averages, are consistently outperforming those who rely on broad generalizations. If you are considering listing this summer, our seller’s guide covers how to position your home for the current Denver market.
Comparison to May 2024
Three data points define the month-over-month shift from May to June 2024.
Median sold price moved from $580,000 in May to $585,000 in June, a gain of 0.9%. Prices remain firm and near their recent peak, reflecting sustained underlying demand even as the pace of sales softened.
Sold listings fell from 6,617 in May to 5,854 in June, a decline of 11.5%. Some of this is seasonal, as buyers who are active in late spring sometimes close in May before summer plans pull attention elsewhere. Some of it reflects the impact of rates on affordability at the higher price tiers. The pipeline, measured by 6,349 pending listings, suggests July closings will recover somewhat.
Active listings rose from 15,202 in May to 16,871 in June, an increase of 11.0%. This is the most important data point of the month. Rising inventory is not a sign that the market is falling apart. It is a sign that the market is functioning. More inventory gives buyers choices, which reduces panic buying and keeps price appreciation at a sustainable pace. For a full view of where June 2024 fits in the year’s trend, see the 2024 Denver housing market annual overview.
Frequently Asked Questions About the June 2024 Denver Market
Is the Denver housing market slowing down in June 2024?
Not exactly. The Denver market in June 2024 is rebalancing, not collapsing. Closed sales dipped 11.5% compared to May, but median prices held near record levels at $585,000. Inventory is rising, which is giving buyers more options, but sellers who price correctly are still achieving 99.4% of their list price on average.
How much inventory is available in Denver right now?
As of June 2024, there are 16,871 active listings in the Denver metro area, representing 2.9 months of supply based on the current pace of sales. That is notably higher than the ultra-low inventory levels seen in 2021 and 2022, giving buyers more time and more options than they have had in years.
Should I wait to sell my Denver home, or is now still a good time?
Sellers who are well-prepared and correctly priced are still performing well. The average home sold for 99.4% of its list price in June 2024, and the median sale price of $585,000 is near the high end of recent history. The window where sellers could overprice and still get offers has narrowed, but the market rewards homes that show well and are priced to the data.
