A Tale of Two Markets: The price gap between single-family homes and condos/townhomes is increasing. Attached homes are down nearly 7% since July 2024, while single-family homes have fallen only about 1% year-over-year and remain relatively stable in value.
Shift to Buyer’s Market: Denver now has the most homes for sale in over a decade, with condo listings up 116% from last year. Buyers have more options and leverage than during past bidding wars.
Homes Staying Longer: Denver metro homes now spend about 40 days on the market, up 33% from last year—highlighting a slower sales pace and a shift away from a seller’s market.
Luxury Market Update: Despite a general market correction, luxury homes ($1 million+) are outperforming, with sales up 7% year-over-year as high-end buyers remain active and respond to moderating prices.
Price Reductions Are Common: More homes are staying on the market, leading sellers to lower prices. Many houses now sell below their initial asking price, with buyers often negotiating concessions like closing cost assistance or mortgage rate buy-downs.