July 2024 Denver Metro Market Watch

In July, the Denver Metro housing market saw its typical summer slowdown, with home closings down slightly from last month and last year. The median home price held steady at $600,000, a 2% increase from July 2023. New listings were up 11% year-over-year but fell 7% from June, contributing to the highest inventory levels in a decade. The rental market also picked up, with a 6% increase in leased properties and a 15% rise in new listings compared to last year.

 

Overall, the Denver Metro housing market is experiencing a period of adjustment. While sales have cooled slightly, inventory levels are rising, and prices remain relatively stable. The recent decline in interest rates may inject new energy into the market in the months ahead.