July Market Update
The biggest news in the Denver real estate market is rising inventory – finally! With a 19.75% increase month over month, leaving Denver with 7,059 active listings – inventory is the highest we have seen in quite some time! Median sales prices continue to rise, with the median single family home price at $425,000 and median attached home price at $276,000, up year over year 7.6% and 10.8% respectively. Even with those average price increases, Denver is not in the top 3 for fastest growing home prices among 20 major cities, and hasn’t been since May. It’s all relative, right?
In short, we do see things balancing a bit in Denver, but as signs on I70 East would remind you: “Truckers (Buyers), do not be fooled,” we are still in a Sellers market.