Denver Real Estate Market 2024: A Balanced Market for Buyers and Sellers

Oct 22

2 min read

The Denver real estate market in September 2024 is presenting both opportunities and challenges for buyers and sellers alike. As the market evolves, understanding the latest trends can give you a competitive edge, whether you're looking to purchase a home or sell a property.

For Buyers: Increased Inventory and Negotiation Leverage - This year, buyers have more options than ever, with a 56% increase in active listings compared to last year. In August 2024, the market saw over 10,700 active listings, giving buyers a wider variety of homes to choose from across the city and its suburbs. This expanded inventory not only provides more choices but also lessens the intensity of bidding wars, a common challenge in recent years. Homes are staying on the market longer, with an average of 46 days compared to 33 last year, allowing buyers more time to weigh their options. Furthermore, as sellers adjust to a more competitive environment, price reductions have become increasingly common, giving buyers an opportunity to negotiate better deals. Whether you're seeking a modern downtown condo or a suburban family home, this is a great time to explore the market with more room to breathe.

For Sellers: Strategic Pricing is Key to Success - While there are more homes available, sellers still have plenty of opportunities to attract motivated buyers. The average sales price has risen slightly, with the typical home selling for $706,206, up 2.3% from last year. However, success in this market hinges on competitive pricing and timing. Homes priced appropriately are still selling close to their list price, particularly if they sell within the first week. On the other hand, properties that remain on the market for longer may experience a larger price drop, selling for only about 89.8% of the original list price. To maximize your sale, consider working Chris at TG Colorado Realty to set the right price and market your home effectively from day one. Additionally, sellers offering incentives—such as paying for closing costs or making improvements—are finding success, particularly in a market where interest rates have fluctuated. These small gestures can attract buyers and close deals more efficiently.

Current Market Dynamics: An Evolving Balance - The Denver real estate market continues to adjust from the intense seller's market of recent years to a more balanced environment. With more homes hitting the market, buyers are in a stronger position to negotiate, while sellers must be more strategic in their pricing and marketing approaches. The luxury market is also seeing a shift, with higher demand in the $1.5M to $3M range, making it a hot spot for high-end buyers.

If you are looking to buy or sell a home, this balance of increased inventory and price adjustments means there’s potential for both sides to benefit. Buyers have more time and options, while sellers still stand to profit if they enter the market with the right strategy. Call Chris Giron with TG Colorado Realty to ensure you make the most of this evolving landscape.