July Housing Market Report
Year-Over-Year Insights
The Denver Metro market showed a continued shift toward balance in July. Buyers have more leverage with rising inventory and longer time on the market, requiring sellers to be flexible and strategic. Homes spent a median of 26 days in the MLS, which is nine days longer than last year. There is more room to negotiate and less pressure on buyers to act quickly. Sellers, however, are still seeing steady activity. Although new listings are up 3% and pending sales rose 6% year-over-year, closed transactions declined by 2%. Additionally, the median sale price fell slightly to $590,000 which is down 2% from July 2024. This cooling indicates buyers are active but increasingly value-conscious. Pricing new listings accurately is more important than ever.
Month-Over-Month Insights
Compared to June, the Denver Metro housing market slowed slightly. New listings fell 7%, pending sales dipped 1%, and closed listings declined 7% signaling a seasonal cooling in activity. The median closed price also decreased by 3% while homes spent an additional seven days in the MLS. As mentioned above this shift offers more negotiating power and less competition among buyers. For sellers, it signals the importance of strategic pricing and preparation as homes are taking longer to sell and buyers are becoming more selective.
What This Means for Buyers & Sellers
Based on the data, we saw a typical market slowdown during the month of July. For sellers, it's important to stay focused on the variables within our control: marketing, home condition, and pricing. If your property has been sitting on the MLS longer than the average—around 26 days—it may be worth reassessing which of these areas can be improved upon. It is also important to acknowledge external factors such as interest rates, inventory, and inflation as all have an impact on your property. Tracking these variables helps you adapt your selling strategy. Offering incentives like a preferred lender program with a 2-1 buy-down or advertising seller credits can help ease buyers’ financial burden and make your property more enticing. For buyers: now is a great time to explore the market and negotiate favorable terms. If you’re unsure where to start, I can connect you with a few of my trusted lenders who can assist with the pre-qualification process. There is no cost to getting pre-qualified but it does require a credit check for accurate loan estimates. Understanding these factors is key to making informed decisions whether you’re buying or selling. Feel free to reach out for personalized advice tailored to your needs.
~ Claire ◡̈
Source: Data supplied by REcolorado®