Year-Over-Year Insights
The August housing market showed signs of shifting dynamics for both buyers and sellers. New listings were down 5% year over year, with just 4,779 homes hitting the market. More than half (52%) were priced between $400K–$700K, while only 1% were listed above $1M. Buyer activity picked up, with contracts on 3,883 homes—a 10% increase from last August—though closed sales dipped 4%. Of the 3,580 homes sold, the majority (77%) were single-family, while attached properties made up just 23%. The median closed price rose slightly by 1%, reflecting steady values. Homes spent a median of 32 days in the MLS, up 10 days from last year. Single-family homes moved faster at 29 days, but attached homes lingered longer at 44, signaling sellers of condos and townhomes should prepare for extended timelines.
Month-Over-Month Insights
Compared to July, August saw 13% fewer new listings hit the market, tightening options for buyers. Even with less inventory, buyer activity strengthened as pending listings rose 8%, showing continued demand. Closed sales, however, slipped 5% month over month. Prices remained steady, with the median closed price up slightly by 1%. Homes spent longer on the market, with a median of 32 days in the MLS—six days more than July—indicating buyers are taking a bit more time to make decisions.
Denver Metro Rental Market
August’s rental market showed a mix of opportunity and challenge for both tenants and landlords. The median leased price fell 5% year over year to $2,800, giving renters slightly more affordability, though the cost per square foot held steady with only a 1% uptick to $1.72. Demand remained steady, with 337 properties leased—a 2% increase from last year. Rentals, however, spent more time on the market, a median of 32 days, up five days from 2024. For tenants, this means more choices and negotiation room, while landlords should be prepared for longer marketing times and consider pricing strategies to stay competitive.
