July’s Market Update: Report Review
The latest market trends report from DMAR provides an insightful overview of the current state of real estate in July’s Market in 2024. The report highlights several key developments, starting with a slight increase in inventory levels. This rise in available homes could signal a potential easing of the previously tight market, giving buyers more options.
However, while home prices are on the rise, the volume of sales has experienced a slight decline. This could be due to the challenges buyers face with affordability or could simply be a reflection of seasonal trends in the market.
Additionally, the report touches on broader economic factors such as interest rates and employment rates, which are crucial in shaping buyer confidence and purchasing power. Reviewing the numbers for yourself is just as important as industry leader’s reviews, which is why Usaj Realty believes in reiterating the already comprehensive DMAR report. Driving into the underscore of the importance of staying informed to make thoughtful decisions.
Home Prices Up 2.34% Percent From Last Year
- In July 2024, the average residence sold for $708,937
- The average single-family home sold for $794,685
- Whereas the average attached home sold for $456,439
July Interest Rates Update
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 10,584 attached and detached homes available in the entire Denver Metro area. Pushing a 3.62% increase from last month in available properties; whereas the numbers are up by 68.03% from July 2023. Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $600,000 this past month, a little under a 2% increase from 2023 at 1.69%. Leaving July 2023 at a clean $10,000 lower median price of $590,000.
As we’re creeping up on the Fall season, there are 5,152 new homes hitting the market. Displaying a lower amount of new listings from this time last year at 4,789. The average days on market Denver Metro area is experiencing at a 23% increase from last month, showing a significant jump on 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
The July Denver Housing Market Quick Stats covers active listings, highs and lows, and new listings with direct comparisons to previous record breaking reports below:
What makes Usaj Realty stand out?
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 February Market Stats and the flourishing Denver housing market coming with the warmer weather.
