September 2023 Denver Housing Market Report
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.
Nicole Rueth, member of the DMAR Market Trends Committee and Local Mortgage Expert, comments on the benefits of today’s market and why it’s so important to take advantage of a slower market. “…Inventory has been steadily increasing, which means more options for buyers. Yet demand is softening.” Rueth continues to touch on how there’s a sweet spot for first-time homebuyers that allows them to be a bit picky with their options, all while swapping bidding wars for negotiating seller concessions.
At Usaj Realty, we don’t believe in our buyers going in blind. Look over September’s Denver Housing Market statistics below, to keep yourself in the know.
Home Prices Up 3.13% Percent From Last Year
- In September 2023, the average residence sold for $692,460
- The average single-family home sold for $780,214
- Whereas the average attached home sold for $477,695
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 7629 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 0.7% from September 2022. Meanwhile, affordability remains a serious issue for Denver homebuyers. The median sales price is $585,000 this month. Although high comparatively, these numbers are slightly up from $581,000 reported just last month.
There are 4589 new homes hitting the market this season, showing a downward slide from the 5251 on the market this time last year. Which subsequently is impacting the “days on market”, which is up 36.84%. 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 September 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 4 Reasons to Buy this Season!