November 2024 Market Review
November’s market news brought its fair share of interesting developments for homeowners and prospective buyers. Inventory levels took a dip compared to October, limiting choices for those in search of a new home. However, on the bright side, there were more homes on the market compared to November of last year, showing some growth year over year which is a positive sign for the market’s long-term stability.
One dynamic layer to all of this is the varying performance between attached and detached properties. Single family/detached homes are showing different patterns compared to townhomes and condos. These distinctions are worth watching, as they can influence both the buying and selling strategy for each property type.
Listing Prices are up 4.95% Percent from Last Year
In November 2024, the average residence sold for $693,861
The average single-family home sold for $762,586
Average attached home sold for $463,755
November 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 9,310 attached and detached homes available in the entire Denver Metro area. Pushing a 14.9% decrease from last month in available properties, but the numbers are up by 39.29% from November 2023.
Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $585,000 this past month, a 3.05% increase from 2023. October 2024 had a $10,000 higher median price of $595,000.
During this Fall to Winter transitionary season, there is a slowing of new homes on the market. In the last month, 2,747 new homes hitting the market, a near 2,000 home drop from last month. The market is showing a consistent amount of new listings from this time in 2023 at 2,721. The average days on market Denver Metro area is experiencing at a 6.82% increase from last month, showing a steady timeline for the lifecycle of a home on the market still climbing month to month.
The November snapshot of Denver’s real estate market underscores how important it is to stay informed. Whether you’re buying or selling, understanding these shifts is key to making the most of your opportunities in this evolving landscape!
At my new. brokerage, Usaj, I have access to some pretty cool new tools like monthly home value reports, neighborhood reports, and market trends. Reach out if you want access to any of these and I’ll get you set up!
