As demand continues to outpace supply, realtors should be prepared to navigate a highly competitive market.
– Megan Aller with First American Title
Home Prices Up 0.68% Percent From Last Year
- The average home sold for $693,449 in July 2023
- The average single-family home sold for $782,624
- The average attached home sold for $483,995
July Interest Rates Update
The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6,299 attached and detached homes available in the entire Denver Metro area. This is historically and seasonably low. This means that buyers are seeing tough competition for homes in popular neighborhoods, that are well-priced, and for move-in ready homes.
Affordability remains a serious issue for Denver home shoppers. The median sales price is $590,000.
New listings are down year-over-year with 4,773 new homes hitting the market (down from 5,637 last year).
Furthermore, “days on market” is up 76.92% percent from last year to 23 days.
Here are some quick stats about the Denver Market in August.
How Usaj Realty Can Help
Founded in 2011, Usaj Realty takes pride in assisting Denver homebuyers and sellers to reach their goals. We are available to assist you in beginning to create financial stability and securing generational wealth for the future.
Get in touch with our outstanding agents today to receive guidance on the Denver housing market.