Returning to a more normal market

After years of a market as hot as the high-altitude summer sun, Denver real estate is tempering toward a more normal status, where supply and demand are more balanced, and price appreciation steadies to more historical growth rates.

The median Denver single-family home price has decreased for the fifth consecutive month through October after peaking at $655,000 in June, according to the November Denver Metro Association of Realtors Market Report. The October median of $625,000 represents a 4.6% drop from that 2023 high.

Source: November Denver Metro Association of Realtors Market Report

The market has definitely cooled relative to the extreme heat we experienced in 2021. That means homes are staying on the market longer and have lower close-t0-list price ratios. For example, October’s data showed an average of 30 days on the market for single-family Denver metro homes, more than double July 2022’s time of 14 days. In addition, the close-to-list-price ratio in 2023 through October of 99.6% was the lowest for that period since 2019, when it measured 99.3%.

At the same time, inventory remains low, with the 5,444 active single-family listings at October month end representing a drop of 2.9% from a year ago and 2.7% from the previous month.

While inventory remains low, buyers have more of an opportunity to find better deals than they have in years, as competition wanes toward the New Year. 

A return to a more normal, balanced market means that real estate agent expertise has become even more valuable. I’m seeing this in the market all over: the agents who specialize in specific areas and who have demonstrated years of professionalism, backed up with savvy market knowledge, are poised to really thrive in 2024 and beyond, as more buyers and sellers turn to them.

They will require the best agent to meet their real estate goals. For central Denver neighborhoods, I believe I am one. Reach out anytime with any questions.

Want help navigating on the changing Denver neighborhood real estate market? Email me at