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Metro Denver Real Estate Market Update – April 2024
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Metro Denver Real Estate Market Update – April 2024

Our market update for the metro Denver area for April 2024 is broken down into All Residential, as well as Luxury Residential stats.

Below are links to download our update, as well as a breakdown of the stats in more detail:

Metro Denver Area Residential Market Update

We are watching the beautiful landscapes in the Denver Metro area come into full spring bloom, while the real estate market is also coming back to life! The optimism in the Denver real estate market is showing some strength as resilient buyers continue to battle affordability and financing when they find the right home at the right price.

The best news is inventory at the end of April jumped to 6,990 which is 51% higher than this time last year, and is providing more choices for Buyers with a huge thank you to Sellers getting back into the market!

We expect inventory to continue to climb through May and June, and Sellers make note that move-in ready homes priced correctly are selling notably faster and still attracting multiple offers. Homes that are not turnkey are struggling to find buyers, unless the proper pricing adjustments are made.

The Denver Metro area ranked as the hottest housing market in the country for a second year in a row according to a report from U.S. News & World Report!

Buyers, you have more choices in the market now, so please don’t procrastinate waiting for prices to come down as the market is up an average of 5% year over year.

We have extensive experience in this market, and look forward to helping with any of your real estate needs! Let’s spring into your new home this May, so you can enjoy it all summer!

AVERAGE DAYS ON MARKET APRIL 2024 28 DAYS 2023: 30 DAYS DOWN 6.67% 35 DAYS 2023: 25 DAYS UP 40%

ACTIVE INVENTORY APRIL 2024 4,719 2023: 3,257 UP 44.89% 2,271 2023: 1,363 UP 66.62%

4,620  6,990
APRIL 2023  APRIL 2024
UP 51.30%  UP 51.30%

+0.66% CONDO 1 YEAR

SOLDS APRIL 2024 2,770 2023: 2,743 UP 0.98% 969 2023: 1,184 DOWN 18.16%

TOTAL # SOLD (HOUSES & CONDOS – APRIL 2024) 3,739 LAST YEAR: 3,927 DOWN 4.79%

AVERAGE SALES PRICE (HOUSES & CONDOS – APRIL 2024) $727,700 LAST YEAR: $680,763 UP 6.89%

Metro Denver Area Luxury Market Update

The Luxury market is very active right now with a nearly 14% increase in sales over this time last year, however buyers are being very picky. If the property isn’t perfect to meet their needs, they are moving onto the next property or waiting until what in their mind is the perfect property to come on the market.

What this translates into for sellers is that your property better be in great shape when it goes on the market, the old adage rings true, “you never have a second opportunity to make a first impression.” Presentation is critical, updates for current color trends is critical and pricing appropriately is critical. If you do all of these things then it is very likely that your property will sell within the first two weekends at very near or even possibly over your list price. If however you are missing one of the critical items of presentation, updates and appropriate pricing it is very likely that your property will be sitting on the market for approximately two months and you will likely experience the need to make a price reduction.

The great news for buyers is that there are over 50% more properties on the market this year than there was last year at this time giving you many more choices, prices have only increased slightly over last years prices and if you are willing to make some updates on a property to fit your own personal needs you can likely get a very good deal on a new home right now, there are sellers who are wanting to sell!

AVERAGE DAYS ON MARKET APRIL 2024 35 DAYS 2023: 32 DAYS UP 9.38% 45 DAYS 2023: 26 DAYS UP 73.08%

NEW LISTINGS APRIL 2024 884 2023: 562 UP 57.30% 66 2023: 83 DOWN 20.48%

TOTAL # SOLD (HOUSES & CONDOS – APRIL 2024) 514 LAST YEAR: 451 UP 13.97%

AVERAGE SALES PRICE (HOUSES & CONDOS – APRIL 2024) $1,663,296 LAST YEAR: $1,605,783 UP 0.39%

+2.27% CONDO 1 YEAR

TOTAL SOLDS YTD APRIL 2024 478 2023: 404 UP 18.32% 36 2023: 47 DOWN 23.40%