October Denver Housing Market
Spooky season is over, and there’s nothing scary about the options available to both buyers and sellers in the October Denver Housing Market. Evidently, even with the interest rates increasing this year, our slow season still has people buying and selling as the Holidays approach.
Libby Levinson-Katz, Chair of the DMAR Market Trends Committee and Denver REALTOR®, touches on the current market and how it compares year to year. “In the Denver Metro area, it is rare to see inventory rise toward the end of the year, as we tend to see the lowest inventory numbers within the last two months of the year. Of particular note, we’ve surpassed the inventory numbers year over year.”
Levinson-Kratz continues to touch on the need for sellers needing to get the pandemic out of their mind. With record low numbers, buyers are not willing to overpay anymore. At Usaj Realty, we don’t believe in our buyers going in blind. Look over October’s Denver Housing Market statistics below, to keep yourself in the know.
Home Prices Up 4.16% Percent From Last Year
- In October 2023, the average residence sold for $687,917
- The average single-family home sold for $772,601
- Whereas the average attached home sold for $485,580
October Interest Rates Update
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 7,482 attached and detached homes available in the entire Denver Metro area. This shows a decrease in available properties, but not one worth any concern as the numbers are down only 1.93% from October 2022. Meanwhile, affordability remains a serious issue for Denver homebuyers. The median sales price is $585,000 this month. Although high comparatively, these numbers have stabilized from $585,000 reported just last month.
There are 3,816 new homes hitting the market this season, showing a slight downward dip from the 3,841 on the market this time last year. Which subsequently is impacting the “days on market”, which is up 14.29%. 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. Interested in buying but feeling unsure about if now’s the time? Check out our recent post covering how to use creative financing to pay for your dream home!