November Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
The average sales price of $732,213 in October rose 6.2% from last month and rose 3.8% from last year.
- Active Listings: 12,495 down 4.4% from last month | up 14.2% from last year
- Homes Closed: 3,354 down 7% from last month | down 7.7% from last year
- Months of Housing Supply: 3.7 months up 0.1 months from last month | up 0.7 months from last year
Mortgage News:
Mortgage rates have come down slightly in recent weeks, but they remain high enough to keep affordability tight. The impact of years of rising prices and elevated borrowing costs isn’t something that lower rates can quickly undo. Even with modest rate improvements, buyers continue to feel the squeeze as both home values and monthly payments remain elevated.
2025 continues to keep us on our toes! Or is it the exact opposite? On one hand, the market is drastically different from the "good 'ole days" of 2019-2021. However, it remains shockingly similar to the past couple of years. So are we now done with the "correction" or is this a new normal?
For example, from March 2020 to October 2025, the median sale price increased 34% percent. Most of that was from 2020-2022. We then experienced mostly flat pricing from 2022 until today. This all equates to an average annual appreciation rate of 7 percent over these past 5 years which is in line with 30-year historical annual appreciation rates. Sounds pretty normal when you look at it this way, right?
So when does the market recalibration stop? That's the burning question. Many buyers continue to wait for rates to come down while many sellers wait for the market to get "better." Rest assured, pricing has corrected by remaining relatively flat for a three year period. When mortgage rates land solidly in the 5% range, many predict that demand will increase. The biggest question is if supply will follow suit as well to keep the market balanced.
Until then, we remain a fairly balanced market, offering stability and predictability for both buyers and sellers. There's just enough supply to meet demand.
As always, don't hesitate to reach out for more specific data for the sub-markets that interest you the most!
Best,
Amanda
