Year-Over-Year Insights
While new listings declined year over year, the Denver market in May reflected continued buyer activity and steady absorption of available inventory, supporting overall stable pricing conditions.
Closed listings showed a 2% decrease with 4,054 homes sold, reflecting a slowdown in buyer activity compared to last year. Despite fewer closings, pricing remained resilient, as the median home price reached $615,000, a 3% increase from last year -indicating that demand is still strong enough to support gradual appreciation.
Homes also took longer to sell, with median Days in MLS increasing to 16 days, up 2 days from last year. This subtle increase suggests buyers are taking a bit more time to evaluate options, and sellers have to be more strategic with pricing and presentation.
On the supply side, new listings declined significantly, down 18% year over year to 6,002 homes hitting the market. While this pullback is notable, pending sales increased 5% to 4,232, signaling that buyer demand has not disappeared; it is simply competing within a tighter pool of available homes.
Active listings decreased 8% overall, leaving approximately 13 weeks of inventory, an indication of a balanced market.
Month-Over-Month Insights
As spring progressed, May saw continued stability in the Denver Metro housing market, driven by steady buyer demand and seasonally shifting seller behavior. Closed listings increased slightly—up 1% month over month—and median home prices rose 3%, reflecting sustained confidence in pricing and consistent absorption of available inventory despite tighter supply conditions.
Market pace slowed only modestly, with median Days in MLS increasing by 1 day to 16, indicating that homes are still moving consistently, but buyers are taking a slightly more measured approach.
Seller activity also eased month over month. New listings dropped 10%, reflecting seasonal cooling after the early spring surge in listings.
Meanwhile, pending listings increased 4%, suggesting that well-priced homes are still attracting strong interest and going under contract at a healthy rate, even amid a more limited flow of new inventory.
Denver Metro Rental Market
Across the rental market, activity showed signs of moderation compared to last year’s pace. Leased properties declined 13% year over year to 284, pointing to a cooling in overall rental transaction volume. Median rent decreased 4% to $2,798, suggesting some easing in rental pricing pressure as the market becomes more balanced than in prior periods of tighter demand.
Price-per-bedroom declined 2%, while price-per-square foot increased 1%, indicating a subtle shift in renter preferences and property mix. Rental properties also took slightly longer to lease, with median Days in MLS increasing by 1 day to 23.
Overall, the rental market reflects a gradual shift toward greater balance, with moderating demand and pricing adjustments signaling a more stable and sustainable leasing environment heading into the summer months.
