Denver Real Estate Market Update – March 2024

Spring is right around the corner, and with it comes exciting shifts in the Denver real estate market! As we analyze February’s data, it’s clear that housing trends in Colorado are evolving. Whether you’re buying, selling, or relocating to Denver, understanding the current market can help you make the right moves.

Market Trends: More Listings, More Sales, and Rising Competition

February brought a continued increase in new home listings, which was met with a surge in home purchases. Key takeaways from last month:

• Pending home sales are up
• Closed sales have increased
• Days on market are dropping
• Inventory is rising, matching buyer demand

Well-maintained, move-in-ready homes are attracting strong buyer interest, with some properties even facing competition. On the other hand, homes needing significant updates are sitting longer.

Advice for Buyers & Sellers

•  Sellers – If you want to attract buyers quickly, presenting a clean, well-maintained home is key. Proper home staging and minor updates can make a big difference in securing strong offers.
•  Buyers – If you’re set on a turn-key home, be prepared for competition. However, if you’re open to a home that needs some TLC, there are still great deals available.

Mortgage Rates & Market Uncertainty

Political and economic uncertainty is also playing a role in the Denver real estate market. As JPMorgan Chase CEO Jamie Dimon recently said, “Uncertainty is not a good thing.” Factors like tariffs, federal layoffs, and weakened consumer confidence have created volatility in financial markets.

Much like in 2023, when the shift toward bonds pushed mortgage rates down, we see an increase in homebuyer demand. If inflation continues to slow and the economy weakens, we may see even lower interest rates, which could fuel even more activity in the Colorado housing market this spring. Inflation and unemployment are the Federal Reserves dual mandate, and at the moment we remain uncertain on direction.

Is Now the Right Time to Buy or Sell in Denver?

Whether you’re relocating to Denver, looking to buy your first home, or planning to sell your property, our team of experienced Denver realtors is here to guide you.

Thinking about making a move? Let’s connect today!