As 2024 concludes, the Denver Metro housing market demonstrates resilience and adaptability despite changing economic conditions. This year brought steady growth in single-family home prices, a dynamic townhouse-condo market, and shifting buyer behaviors. Corken + Company Real Estate Group brings you the highlights and key insights shaping the Denver Metro real estate market in 2024.
Key Market Trends in 2024
• Median Sales Price:
• Single-family homes: $612,000 (+3.7% year-over-year)
• Townhouse-condo properties: $392,000 (-6.7% year-over-year)
• New Listings:
• Single-family homes: 1,886 (+11.9% year-over-year)
• Townhouse-condo properties: 603 (+1.9% year-over-year)
• Days on Market:
• Single-family homes: 58 days (+16.0% year-over-year)
• Townhouse-condo properties: 62 days (+29.2% year-over-year)
• Active Listings:
• Single-family homes: 7,178 (-1.9% year-over-year)
• Townhouse-condo properties: 2,802 (+11.9% year-over-year)
These trends reflect a balanced growth trajectory for single-family homes and evolving opportunities in the townhouse-condo segment.
Single-Family Homes: Stability and Growth
Single-family homes maintained steady price appreciation, ending the year with a median sales price of $612,000. Active listings dipped slightly by 1.9%, emphasizing sustained buyer demand. Homes spent an average of 58 days on the market, a modest increase, indicating a well-balanced supply-demand dynamic.
Townhouse-Condo Market: Mixed Performance
The townhouse-condo market experienced varying trends in 2024. While the median sales price decreased by 6.7% to $392,000, active listings rose by 11.9%, offering more options for buyers. Homes in this segment took an average of 62 days to sell, reflecting a slower pace compared to single-family properties.
Market Drivers in 2024
Key factors influencing the 2024 market include limited inventory, rising interest rates, and evolving buyer priorities. With only 2.22 months of inventory in the single-family market, demand outpaced supply, pushing prices higher. Higher mortgage rates impacted affordability, especially for first-time buyers in the townhouse-condo segment. Buyers prioritized affordability and accessibility, creating distinct opportunities across property types.
Opportunities for Buyers, Sellers, and Investors
Sellers in the single-family market benefited from limited inventory, achieving competitive pricing. Townhouse-condo sellers navigated a more cautious buyer pool by focusing on home staging and strategic pricing. Buyers found opportunities to negotiate as days on market increased, particularly in the townhouse-condo sector. For investors, declining prices in the townhouse-condo market paired with steady rental demand created an excellent long-term investment opportunity.
Looking Ahead to 2025
Denver Metro’s real estate market is expected to remain dynamic as we move into 2025. Single-family home prices are likely to continue their steady growth, while the townhouse-condo market may stabilize, creating more balanced conditions for buyers and sellers. Corken + Company Real Estate Group is here to guide you with expert insights and personalized service, ensuring you achieve your real estate goals in the coming year.
