As the crisp fall air settles over Denver and the leaves begin to change, so too does the local real estate market. October is often a month of transition, where both buyers and sellers adjust to the seasonal shifts. In this post, we’ll dive into the latest Denver real estate statistics, explore current trends, and discuss how the fall season is impacting the market. Whether you’re looking to buy or sell, this October market update will provide key insights to help you navigate Denver’s dynamic real estate landscape.
October 2024 Denver Real Estate Statistics
Here’s a snapshot of the latest real estate data for Denver in October 2024:
- Median Home Price: $610,000 (down 2.5% from September)
- Active Listings: 4,800 (a 7% decrease from September, reflecting the seasonal decline)
- Days on Market: 29 days (up from 25 days in September, as the market begins to cool)
- Price per Square Foot: $384
- Mortgage Rates: 7.1% (up slightly from 7% in September)
Key Market Trends in October 2024
- Cooling Home Prices
One of the most significant trends this October is the cooling of home prices. After a hot summer with rising prices, the median home price has dipped slightly, falling by 2.5% compared to September. This shift is typical for the Denver real estate market as the rush to buy before the start of the school year subsides. Buyers who are still in the market during October may find better opportunities to negotiate as sellers become more flexible with pricing. - Seasonal Decline in Inventory
Denver has seen a 7% decrease in active listings from September, which aligns with the seasonal trend of fewer homes coming onto the market in the fall. Many sellers choose to list their homes during the peak spring and summer months, so the drop in inventory during October is expected. However, while inventory is lower, serious buyers can still find quality homes and potentially face less competition than they did earlier in the year. - Longer Days on Market
Homes are staying on the market a bit longer, with an average of 29 days in October compared to 25 days in September. This can be good news for buyers, as homes sitting longer may offer more room for negotiation. For sellers, it’s important to remain patient and ensure that your home is well-priced and presented to attract serious buyers. - Mortgage Rates Still High
Mortgage rates have remained relatively high, hovering around 7.1%, which may deter some buyers. However, those who are serious about purchasing can still find opportunities in the current market, especially as prices cool slightly. For sellers, it’s crucial to recognize that buyers are factoring in these higher rates when making offers, so pricing competitively is essential.
How the Fall Season Affects the Denver Market
The arrival of fall in Denver brings more than just beautiful foliage—it also influences buyer and seller behavior. As families settle into the school year, the urgency to buy homes typically decreases. Many buyers prefer to close deals before the holidays, but the market isn’t as fast-paced as it is in the spring or summer.
For sellers, this means fewer buyers overall, but those still in the market are often highly motivated. They may be relocating due to job changes, looking for deals, or simply waiting for the right home. Homes that are priced competitively and staged to appeal to fall buyers can still attract strong offers in this cooler market.
Tips for Buyers and Sellers This October
For Buyers:
- Take advantage of less competition: With fewer buyers actively looking, you may have more negotiating power.
- Look for motivated sellers: Homes that have been on the market for more than 30 days could offer an opportunity to negotiate a better deal.
- Prepare for winter: If you buy in October, make sure to inspect the home’s HVAC system and insulation to ensure it’s ready for the colder months ahead.
For Sellers:
- Price your home competitively: With fewer buyers in the market, correctly pricing your home is key to attracting offers.
- Stage your home for fall: Highlight cozy features like fireplaces, warm lighting, and fall-themed décor to make your home feel inviting.
- Be patient: Homes may take slightly longer to sell in October, but serious buyers are still out there.
As we move through October, the Denver real estate market is experiencing its typical seasonal slowdown. While home prices have cooled slightly and inventory is lower, there are still opportunities for both buyers and sellers. Buyers can benefit from less competition, while sellers can attract motivated buyers by pricing strategically and showcasing their homes’ fall appeal. With the right approach, October can be a great time to make a move in Denver’s real estate market.
Stay tuned for next month’s market update as we head into the winter season and see how the Denver market continues to evolve!
