Metro Denver Real Estate Market Update – October 2023

Our market update for the metro Denver area for October 2023 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

Urgent News for Buyers and Sellers!

The Housing Market is shifting and we are experiencing economic uncertainty, but people are still buying and selling homes.

We actually have seen our Inventory increase in the Denver Metro area, and that is unusual this time of year!

This is a Fall Market in 2023, so Sellers we all need to get the Pandemic years out of our minds and get extremely realistic in a higher interest rate environment. The Price and Condition of your home are critical, and we can help you with both of those!

Buyers, you have a unique opportunity to get into the home of your dreams as there is more inventory to choose from, and favorable negotiations for you!

Most importantly, we may have turned a corner on a resilient Labor Market, which is showing some signs of weakness and Mortgage Interest Rates have responded to the low 7% to upper 6% range! Yes, we said 6% again! Now, here is the urgent part as Interest Rates change daily, and you will want to take advantage as soon as possible!

The Resale Market has some fantastic options for you, and the New Home Builder market has incredible incentives on completed homes that can close by the end of the year, and interest rates as low as 4.99%! Again, we can help you with both!

Metro Denver Area Luxury Market Update

The Luxury Market in the metro Denver area is still doing great.

While the number of overall transactions are down for the year, prices are up approximately 4% which is good news for Sellers who are willing to recognize the impacts of the current market and price their properties correctly.

This doesn’t mean giving your house away, this means pricing correctly for the current conditions in your neighborhood.

For Buyers, now is a great time of year to buy. Interest rates have ticked down due to recent employment numbers so monthly costs are going down, inventory is up which is unusual for this time of year but will give you more choices and there is less competition from other buyers right now because there are fewer people out looking at homes during the holidays.

If you are considering new construction, many builders are offering amazing deals on inventory homes. Right now is one of the best opportunities of the year to purchase a home!