Optimism for 2024 is blowing

For much of 2023, the housing market in Denver, as it has in many areas of the country, has dragged, in large part, because of higher interest mortgage interest rates.

However, with the Fed meeting in the second week of December and announcing that it anticipated lowering rates in 2024, was a big deal. A wave of optimism spread through the local market, I can tell you from first-hand experience: from our internal broker meetings at milehimodern, with developers I work with game-planning their strategy.

The market spoke, too: mortgage applications rose 4% in the first week of December from the last week in November.

The average close price on single-family Denver metro homes still head steady in November 2023, according to the latest data from the Denver Metro Association of Realtors, but things are looking up for next year — for demand, inventory, and … prices.

These homes registered an average close price of $738,986 in November, which marked a drop of 3.7% from the month previous, and a slight rise (0.9%) from the same month a year ago.

Source: Denver Metro Association of Realtors December 2023 Market Report

The next few months will likely remain slower, as rates remain relatively high. This means that sellers should expect the average days on market for Denver homes to remain relatively high. The average days on market for single-family homes of 38 days in November represented a jump of 5.6% from a year ago.

If you’re a seller, you need to have a strategy for 2024. If on the market now, consider pulling your home off the market and re-listing in February for a reset.

For buyers, you have an opportunity right now to snag a deal.

Buyers also have much more time to evaluate properties. I’m seeing buyers come back two and three times, to look at floor plans, to bring friends and family through. All of our recent listings have seen this activity.

2024 is promising to be a different market. Reach out to get ahead.

Want help navigating on the changing Denver neighborhood real estate market? Email me at kharris@milehimodern.com