The Current State of Denver Real Estate - May 24, 2023

Well, we have come full circle in the Denver area real estate market. Last year in April of 2022, the market was coming to a peak, with interest rates increasing at breakneck speed. Despite some buyers still in the pipeline, multiple offers coming in at 10% over asking were no longer the norm. Prices were even starting to drop as the affordability factor, was casting a pall over the housing market. This April, interest rates are beginning to stabilize in the mid 6% range (still historically low), but from the reported statistics above, nearly everything else was down; Inventory, Closings and Prices. Median prices were down year over year from $615,739 to $575,000, a decrease of nearly 7%.

This May, inventory is starting to increase as expected, but still well under 5,000 single family/condos in the eight county metro area are listed for sale. Competition for good homes and good deals are starting to heat up a little. It’s still important to price the home properly and to have the home ready to show, in order to get a good offer and sometimes, even a couple of offers.

We at The Tucker Team, have always used our time and expertise to make sure that when you list your home, it always shows in the best light possible. We too, keep our fingers on the pulse of the market, in order to help our buyers as the market ebbs and flows, so they don’t overpay, but still get their offers accepted. If you are looking to buy or sell, contact either Deborah, Treana or Angela. We can make your real estate goals happen!