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2024 Q1 Market Report

Q1 Real Estate Recap

The Denver real estate market kicked off the spring season on a strong note. More houses were put up for sale in March compared to February, although there were slightly fewer listings than the same time last year. This means there are more options out there for buyers, but the market is still catching up to last year's activity. The price of homes continued to go up, reaching an average of $595,000 for single-family homes in the Denver metro area, but the increase wasn't as steep as we've seen in the past during the pandemic years. This is paired with a decrease in median days on market, highlighting strong demand and quicker sales.
There's been a lot of action in the market for homes priced between $500,000 to $749,999, and for less expensive condos and townhomes priced between $300,000 to $499,999. This shows that people are still eager to buy, regardless of the price range.
The luxury market, for homes over $1 million, is also heating up with more competition among buyers. It seems like everyone wants a piece of the action, whether it's an entry-level condo or a large detached home.
As sellers start to adjust to the reality of higher interest rates, they're coming into the market hoping to make a move, possibly to downsize or cash in on their home's value. Also, first-time home buyers make up 30% of the market today and lenders are offering incentives and special programs to help them navigate prices and interest rates alike.
All in all, Denver's housing market is bustling as we head into the warmer months. With more houses being listed and buyers ready to purchase, it's shaping up to be a busy 2024 buying and selling season!



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