2023 Real Estate In Review!
We believe the Denver real estate market in the 8 counties of the metropolitan area is in a time of adjusting to the current market conditions where successful sellers have made the concessions necessary to position their home successfully and buyers have taken advantage of the market conditions of obtaining buydown of interest rates and seller inspection concessions and 2024 will continue to with these conditions for sellers and buyers
- 40,833 single family and attached homes sold in 2023 compared to 49,524 that sold in 2022 or a 17.55% decrease in the number of homes closed year over year.
- At Year End 2023 there were 4,734 active homes for sale compared to the end of 2022 which had 4,521 homes – an increase of 4.71% of inventory over last year this time. This increase is in line for seasonal trends and we would expect inventories for all types of homes to grow exponentially in 2024.
- The median price of a home in the Denver Metro Area ending 2023 is $545,000 for single family sold data compared to $539,150 ending 2022 year, which is an 1% increase in price for the mix of properties sold.
- The average days on the market of 32 days on the market remained the same YOY
2024 Real Estate Predictions!
- The Market suggests inventory totals for Active Listings will be 8000-9000 homes, although if inventory levels remain low in the 5000 to 6000 Active Homes for Sale, there could be appreciation in 2024,
- the first 3-6 months of 2024, there will be will still be a flattening of market prices with home prices remaining static and sellers will still provide some level of concessions until rates subside.
- The market does not suggest it will have an increase in home valuations in 2024 due to higher impact fees of HOA dues, insurance costs and property tax costs that homeowners will be saddled with in 2024
- The number of homes closed for 2024 will increase approximately 10% higher over 2023, registering approximately 45,000 home sales for the upcoming year in the 8 County Denver metro area.
- The First Time Home Buyer Pool will increase in 2024 and makeup a larger percentage of the entire market for Denver in 2024, as Millenniums find stability in jobs, relationships and reduce personal debt, they will be the purchasers of homes in 2024.
- 2024 will bring families together in generational home designs
- The Market suggests interest rates for home mortgages will continue to be somewhat volatile throughout 2024 and overall, the marketplace will offer lower interest rates with a 50 to 75 basis point lower difference in 2024 from the end of 2023 assuming no major economic challenges
