December 2024 Market Update and 2024 Market Wrap Up
December’s Market News and Usaj Review
December’s Market News wrapped up 2024 with stability and resilience. December’s median close price for residential properties remained steady at $580,000, a 0% change month-over-month. Active listings dropped by over 26%, and new listings fell nearly 33% compared to November. The market continued to exhibit strong buyer interest with 3,107 homes sold, contributing to a sales volume of $2.14 billion. Inventory levels tightened and the median days on the market extended to 40 days, the trends highlight a competitive market environment as we move into 2025.
Listing Prices are up 6.42% Percent from Last Year
In December 2024, the average residence sold for $687,572
The average single-family home sold for $765,060
The average attached home sold for $446,591
December Interest Rates Update
Inventory and Affordability Over The Years
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6,888 attached and detached homes available in the entire Denver Metro area. Pushing a 26% decrease from last month in available properties; whereas the numbers are up by 38.56% from December 2023.
Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $580,000 this past month, a 5.45% increase from 2023. Ironically, November 2024 had the steady median price of $580,000.
As the snow starts to fall, there is a slowing of new homes on the market. In the last month, 1,840 new homes hitting the market, a near 1,000 home drop from last month. Showing a consistent amount of new listings from this time in 2023 at 1,729. The average days on market Denver Metro area is experiencing at a 21.74% increase from last month, showing a steady timeline for the lifecycle of a home on the market still climbing month to month.
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This graph provides an overview of active listings, market highs and lows, and new listings.
