Denver April 2024 Real Estate Market Updates
Stay informed and make sound investment decisions with our comprehensive analysis of the latest April 2024 real estate market updates in Denver, Colorado.


Check out our market updates in other Colorado Markets:

Colorado Springs Real Estate Market Updates- April 2024

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Denver Market Stats and Observations for April 2024

Active Listings

  • 6690 vs 4620, +51%
  • This increase is mainly driven by the fact that new listings have increased by 25% and sales count has decreased by 5% from last year.
  • Historically, average active listings for April are 14,048 (1985-2023); records were seen in 2006 (29,045 – highest) and 2021 (2,594 – lowest).
  • This year saw a nearly 20% increase in active listings from March to April, much higher and healthier than the historical average of 10%!
  • Slightly fewer listings now than pre-COVID (April ’19)… 6690 vs 7012; we’re finally seeing the market even out to what we were used to.

New Listings:

  • 5980 vs 4770, +25%
  • Listings YTD are up 14% from 2023 – awesome news!

Pending

  • 4470 vs 4235, +6%
  • This is a bit of a surprise, since mortgage rates are higher now than this time last year.
  • If buyers continue to accept the high rates and sellers continue to adapt to the new market and list their homes, it will support prices.

Closed

  • 3740 vs 3930, -5%
  • Not a huge surprise based on mortgage rates increasing this year vs last year.
  • Even in the last month, mortgage rates have increased, meaning buyers may take pause for a bit.

Price

  • $728k vs $681k, +7%
  • Lack of inventory has been keeping prices firm over that last two years while mortgages rates increased.
  • About 76% of renters who are seriously considering buying cite affordability as a key inhibitor
  • With more inventory (finally!), we might see prices weaken a little.
  • I don’t expect any big price drops, but we could see more months with 0-3% increases.

DOM days on market

  • 30 vs 28, +7%
  • Homes are selling about a week faster than condos
  • Last year at this time condos were selling faster

Discounts

  • Not much change this month
  • 4470 vs 4235, +6%
  • This is a bit of a surprise, since mortgage rates are higher now than this time last year.
  • If buyers continue to accept the high rates and sellers continue to adapt to the new market and list their homes, it will support prices.

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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