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Inventory Remains a Key Issue for Home Buyers
It appears homebuyers are getting used to higher rates as demand has picked back up.
According to the Denver Metro Association of Realtors’ latest report, 4,516 attached and detached homes are currently available for the entire Denver Metro area. This area is home to 3.3 million people and covers 11 counties. New listings are down significantly year-over-year with 5,093 new homes hitting the market (down from 6,035 last year).
Fewer homes on the market mean buyers are continuing to compete with each other.
4,274 homes found a buyer in March in the Denver Metro area, according to the Denver Association of Realtors’ latest report, up from 3,740 the month prior.
Home Prices Down 5.24 Percent From Last Year
- The average home sold for $665,390 in March 2023
- The average single-family home sold for $743,175
- The average attached home sold for $475,655
March’s Numbers Over the Years
Avg. Days on Market
|Avg. Sold Price: Single Family Home||Avg. Sold Price: Condo||# of New Listings||# of Homes Sold||# of Homes Pending||Avg. Sold Price Change YOY|
+ 1.79 %
+ 15.26 %
|March 2023||37||$743,175||$475,655||5,093||3,790||4,274||– 5.24%|
How Interest Rates Affect Your Monthly Payment
This year, the 30-year fixed mortgage rate has been fluctuating in the range of 6% to 7%. A meager 0.5% adjustment to your monthly payment can yield a big change to your monthly payment.
The Bottom Line
Investing in a home today is an effective strategy to ensure long-term financial stability. At Usaj Realty, we know the constant fluctuations in the housing market have caused many people to feel overwhelmed and apprehensive. From major increases in interest rates to affordability challenges, our clients know that when they work with us, our team provides the necessary education and strategy to navigate this market successfully.
For more than a decade, we have proudly helped thousands of Denver homebuyers and sellers to realize their real estate dreams. And we are ready to help you today to start building financial stability and generational wealth for tomorrow.
Contact one of our exceptional agents today for guidance in the Denver housing market.