The Denver Metro housing market demonstrated notable resilience in November 2024, with several key metrics indicating a robust performance despite seasonal slowdowns. According to data from REcolorado MLS, the number of listings that closed in November was 10% higher than the same time last year, although it saw a 13% decrease from the previous month.
The median closed price for homes in the Denver Metro area reached $580,000, marking a 3% increase from last year. However, closing prices did see a 3% decline from October to November as sellers adjusted their asking prices to attract buyers.
Sellers remained active throughout the second half of the year, adding 2,719 new listings to the market in November. This figure represents a modest 1% increase from last November but a significant 41% decrease from October, reflecting the typical seasonal cooling towards the end of the year.
Buyers also showed strong activity, executing contracts on 3,076 home listings in November. This number is 24% higher than last November, although there was a 9% decrease from October, which is less than the typical seasonal dip. Homes spent an average of 29 days in the MLS before a contract was executed, which is 5 days longer than last year and 1 day longer than last month.
The market for homes priced between $1 and $2 million remained particularly strong, with a 30% increase in closings in November and a 5% year-over-year increase in new listings. These homes were actively available for a median of 40 days before a contract was executed.
Standing inventory, or the number of listings actively available for sale, was 40% higher than last year, with 8,972 homes on the market. However, this represents a 17% decrease from October. The decrease in standing inventory is a result of strong buyer activity and a decrease in new listings that were added to the market in November. The gross sales volume in November was 16% higher than the same month last year.
In the rental market, 233 properties were leased through REcolorado’s MLS in November, an 18% decrease from November 2023 and a 28% decrease from last month. The median leased price was 5% lower than last year. Throughout the month, 373 new rental listings were added, 18% fewer than last year and 19% fewer than last month. At the time of data pull, there were 706 active rental properties available, 8% fewer than last month.