Metro Denver Real Estate Market Update – End of Year 2024

Our market update for the metro Denver area for 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
• Metro Denver Area Residential Luxury Market Update
• Metro Denver Area Residential Market Update Detailed Stats

Metro Denver Area Residential Market Update

This time of year we love to reflect on the past year, and what we have learned as well as spend time predicting or projecting what the New Year will bring in the Real Estate Market! Sadly, there is only one thing worse than having a down year back in 2023, and that is almost duplicating it again the next year! Basically, we saw more of the same in 2024!

There is a little bit of a Silver Lining in the data and results of the 2024 Market, as we did see buyer showing activity pick up in late December over the Holidays as more buyers are looking to enter the market this year! The Denver Real Estate Market has been a challenge over the last two years, and here are some numbers to compare year over year!

Active Inventory was up 73% with almost 7,000 homes on the market at the end of the year. New Listings were up almost 13% Year over Year, with over 55,000 new listings. Closed properties were almost identical to 2023 at 42,404. The Average price of a Single Family Home was $778,800 which is up 1.8% over the previous year! The Average price of an Attached Home or Townhome/Condo was $462,400 and that is down -3.25% from the 2023 Average price of $478,000. Average Days on the market was up almost 20% and ended December at just under 60 days on the market!

We are entering the 2025 Market with optimism, but the environment will continue to change with economic and political shifts. The market will not completely heal in one year!

Once again, we express our gratitude for your trust and confidence in us as your full time Real Estate Professionals!

Metro Denver Area Luxury Market Update

End of year numbers are in and the Luxury market is strong and robust.

Single family homes sales in 2024 saw an astounding 20% increase in sales over 2023 with prices holding stable at just a .4% increase in prices over 2023. Days on the market increased in December to 64 up about 20% and active listing inventory also increased in December by 20%.

For attached homes in the luxury market there was a little bit of declining interest by consumers as sales for the year dropped by 32% and prices decreased by almost 19%.

What does all of this mean? Buyers and Sellers are appreciating the more consistent and stable market. Buyers are seeing opportunity to purchase a new home with improved inventory and prices holding at a stable point. Sellers are also seeing opportunity with the high number of sales and stable pricing to get a fair price for their home in a reasonable time frame.

As always, every neighborhood in the metro Denver area is different. Reach out to your trusted RE/MAX Professionals agent for specific information on your neighborhood.