There’s some good news for home shoppers in the Denver metro area! The housing market is finally starting to see an increase in available homes for sale.
This April saw a significant jump in new listings, with over 6,095 homes hitting the market. That’s a 26% increase compared to April 2023 and a 22% increase from just last month! This marks the fourth consecutive month of rising inventory, and so far in 2024, the total number of new listings that sellers have brought to the market is 15% higher than at the same point last year.
The positive news for buyers is that selection is improving. With over 7,730 active listings at the end of April, this represents the highest level of inventory we’ve seen since October 2019. That means you’ll likely have more choices to find a home that meets your needs.
While there are more options available, demand from buyers is also strong. Home sales are on the rise, with 3,837 closings in April across the 11-county metro area. This represents a slight increase from last year and the third consecutive month of rising closings.
As for prices, buyers are paying more than they ever have. The median closed price for a Denver-area home in April reached a record high of $602,000, which is 4% higher than April 2023 and 1% higher than March 2024.
Another indicator of a vibrant market is the rising number of listings pending sale. This number increased by 7% from March to April, following a significant 27% jump from February to March. Listings pending sale are a leading indicator of future closings, suggesting we might see continued sales activity in the coming months. Homes were on the market for a median of 9 days in April, which is 1 day longer than last year, but 3 days less than last month.
Rental Market Update
The rental market continues to see movement as well. While the number of properties leased using REcolorado MLS dipped slightly compared to April 2023, it was 20% higher than March 2024. The median rental price also saw a slight increase of 2% year-over-year. To keep pace with demand, 412 new rentals were added to the market in April, a 20% increase from the previous month. REcolorado MLS included 464 active rental listings at the end of April.
Overall, the Denver metro area housing market is showing signs of increasing vitality. While buyer demand remains strong, a rise in available homes offers more options for home shoppers.
