As we close out the year, the December 2024 Denver Metro real estate market data provides valuable insights into the trends shaping the local market. Whether you’re buying, selling, or investing, understanding these metrics is crucial to making informed decisions. Here’s a comprehensive breakdown of the December 2024 market, brought to you by Corken + Company Real Estate Group.
The median close price for residential properties, both attached and detached, held steady at $580,000, showing no change from the previous month. This stability reflects a market where buyers and sellers are finding equilibrium despite broader economic uncertainties.
Sales activity showed a slight decline. A total of 3,107 homes were sold in December, representing a slight decline of 0.89% month-over-month. The overall sales volume for the month reached $2.14 billion, reflecting a modest drop of 1.09% compared to November. While the dips are minor, they align with seasonal trends typically observed during the winter months. These figures highlight a consistent, albeit slightly cooling, market as we transition into the new year.
Inventory levels saw a significant drop, with 6,888 active listings available, marking a 26.02% decrease month-over-month. Only 1,840 new properties were listed in December, a sharp decline of 32.97% compared to November. Contracts signed but not yet closed totaled 2,459, which is 15.59% lower than the previous month. These declines are typical for the holiday season but also underscore the importance of pricing and marketing strategies for sellers. Fewer homes on the market mean less competition, offering opportunities for well-positioned properties to shine.
The market currently has 2.22 months of inventory, a drop of 27.92%, signaling a strong seller’s market where demand outpaces supply. Homes are taking longer to sell, with the median days on market rising to 40 days, an increase of 42.86%. This data reflects a nuanced market—buyers may have more time to make decisions, but limited inventory ensures competition for desirable properties remains strong.
With inventory tightening, this winter could be a great time to list your home. Fewer listings mean your property has a better chance of standing out to motivated buyers. However, the increase in days on market suggests pricing appropriately and showcasing your home’s unique features is critical.
While the market is competitive, rising days on market may provide opportunities to negotiate. It’s still essential to act quickly on properties that meet your criteria, as limited inventory can create bidding wars in popular price points.
Stability in the median price and consistent sales volume indicate that Denver remains a solid market for long-term investment. With inventory levels dropping, rental demand is likely to grow, providing additional opportunities in the leasing market.
As we enter 2025, all eyes will be on how inventory levels, interest rates, and buyer activity evolve. Whether you’re planning to buy, sell, or invest, having the right team by your side is essential. Corken + Company Real Estate Group is here to guide you through every step of your real estate journey. Let us help you make the most of Denver’s ever-changing real estate market. Contact us today to explore your options or schedule a consultation!
