How much should I offer on a home in Denver?

Home prices in Denver are a bit lower than last year, so you might have a little more room to negotiate. The median price for a home is $589,000. Right now, there are fewer homes for sale than there were last year. There are 11,465 active listings, which is down 7.2% from last year. This means you have fewer choices when it comes to picking a home. The homes that are on the market are taking longer to sell. On average, a home sits on the market for 43 days, which is 13.2% longer than a year ago. This extended time could mean sellers are more open to offers. About one in four homes, or 25.5%, have had their prices lowered. This number is down 3.9% from last year, but it still shows that some sellers are adjusting their expectations. Also, the median price per square foot has dropped to $290, which is down 3.5% from last year. This lower cost per square foot further suggests that sellers may be more willing to negotiate on the overall price. When you make an offer, consider how long the home has been on the market and if its price has already been reduced.

Home prices in Denver are going down slightly. The typical home is listed at $589,000, and this price has dipped a bit over the last year. Right now, a quarter of all homes on the market, 25.5% to be exact, have had their prices lowered. This suggests that many sellers are open to offers below their initial asking price. Homes are also staying on the market longer. The typical home now takes 43 days to sell, which is over a week longer than last year. This extra time might give you more room to negotiate. Even with fewer homes for sale this year, 11,465 active listings compared to last year, the slower pace of sales and price reductions mean you have some leverage. Consider making an offer below the asking price, especially if the home has been on the market for a while or has already had a price drop. Look at similar homes that recently sold to help guide your offer.