Is Denver’s 2023 housing market shifting to a buyer’s market? According to the Denver Metro Association of Realtors or DMAR, market statistics as of December 2022 indicate that it’s no longer in a state of flux and has become more balanced. DMAR also states that homes are lingering on the market longer while home values have risen nearly 2% from the same time last year.
Statistics To Be Aware Of
Based on DMAR’s December 2022 report, there were 35.19% fewer new homes that entered Denver’s housing market in November. This was considered normal since home sellers are more focused on the holidays. With the gradual increase in homes being listed, many are sitting on the market for a longer period of time before they go under contract. Furthermore, the ongoing enhancement of interest rates coupled with a decrease in demand by homebuyers has made an impact on the price of housing.
The average price for detached homes on sale in the Denver area was $600,000, a 2.44% decline in the fall months and a 0.01% decrease since December 2021. Where attached homes were concerned, the November 2022 median price of $410,000 decreased to $400,000 later on. Compared to the median price in December of 2021, the median price of attached homes rose 5.74%. April 2022 saw the highest price of attached and detached homes at $440,000 and $680,000.
Denver Housing Market Forecast
Denver’s housing market is shifting towards a more balanced market – a market with 3 to 6 months of housing inventory. Home prices will either fall or remain stable as the uncertainty surrounding the economy is seeing buyers remaining in their current homes. These statistical indicators are pointing towards a market slowdown throughout the greater Denver area. When the housing market has over 6 months of inventory, it’s viewed as a buyer’s market.
Denver has always had a history of being one of the country’s best long-term real estate markets for investors. Plus, it’s stronger than average economy provides buyers with the ability to pay more for homes, thereby increasing housing prices. Affordability was a significant issue for average wage earners over the past decade as home prices rose dramatically. According to DMAR, this is going to be a difficult year in the Denver home market due to buyer and seller uncertainties. With an increased volatility in the real estate market, you might need to review your requirements and budget before you take the first step.
Get In Touch With Your Local Mortgage Experts
In summary, the above numbers can be negative or positive depending on whether you’re a buyer or seller. For more information, call Front Range Mortgage at your earliest convenience at (303) 500-1900. Our experts are here to assist you with your home buying or selling requirements. Call us now.