Locked in with great interest rates, buyers remain sparse

As summer wanes, the Denver real estate market has hit a dog days’ lull. Homeowners — potential buyers of a next house — remain locked in to record low interest rates, as mortgage rates rise.

This has a two-pronged effect: It means that the market has few buyers, but also few listings as sellers who typically may have sold their homes, remain in place, enjoying their low rates.

As usual, the story plays out clearly in home prices. The average price for a single-family Denver metro home in July of $782,624 represents a 2.3 percent drop from June, according to the latest Denver Metro Association of Realtors data.

In addition, the number of closings for single-family Denver homes in July of 2,579 represents a drop of 17.9% from June and 18.5% from a year ago. The market is stalling a bit.

Source: Denver Metro Association of Realtors August 2023 market report

But this does not mean that Denver buyers and sellers can’t find success or meet their goals. I’m helping plenty of clients buy and sell at the moment. The current market just requires some deep knowledge and savvy tactics. Reach out with any questions — I would love to help!


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