This is your Denver Housing Market Update for September 2022.
What is happening in Denver
We are in a deceleration period. That means appreciation is slowing. We are not depreciating.
The market is volatile. Because interest rates rose so quickly and will continue to go up and down. Inflation is high. Some say the economy is in a recession some say it’s coming. Our economy is still strong, the job market is strong. Foreclosures are still very low and rent prices are up.
What happened in the Denver Real Estate Market
You’ve seen the headlines that prices dropped in August. Understand that the Denver metro area average and median prices dropped from July but were up for a year ago. The average price is $657,000.
We had fewer homes come on the market in August compared to July 2022 and August 2021.
Our active inventory was over 6900 homes – that is double what we had last year and a little less than we had in July. We are still in a seller’s market.
Our average number of days on market in the Denver Metro area for August was 19.
I broke down a few other neighborhoods to give you extra insight. Downtown’s average days on market was 88, Cherry Creek was 46, Washington Park was 34, and Denver County was 12.
August was a retraction period. Interest rates rose all month. Builders slowed down home starts.
Denver Real Estate Market Predictions
We have moved into a more normal market. Real Estate is hyper-local. Each price point, neighborhood, and style of a house will move at different paces.
You need a seasoned professional to help navigate what is best for you. We are potentially heading into unchartered territory again, real estate is a long game, you want to make good decisions from the beginning, whether that is listing your property to sell or buying a new property.
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