Is Denver a buyer's market right now?

At first glance, it might not look like a strong buyer's market. Prices are down a bit over the last year, but not dramatically, and fewer homes are for sale than a year ago. It's important to dig a little deeper into what these numbers mean for you. Currently, the median listing price in Denver is $589,000, which is about the same as last month but 3.4% lower than last year. The average listing price is also down 3.3% from last year, now at $772,328. This means homes are listed for slightly less money than they were a year ago. There are 12,572 homes actively for sale right now. This is 4.9% fewer than last year. Additionally, the number of new homes coming on the market is down 1.4% from last year, with 5,392 new listings. Fewer available homes can mean more competition among buyers for what is out there. Homes are also staying on the market longer, with a median of 48 days. That's 6.7% longer than last year. This longer time on the market could give buyers more room to consider their options. About 29.0% of homes have also had their prices reduced, which is 4.6% less than last year. While fewer homes are seeing price drops compared to last year, a good portion are still getting price adjustments. For buyers, the slight dip in prices and homes sitting longer on the market could offer some opportunities. But, fewer homes overall are available compared to last year, so you still might face some competition for the right home. Knowing how long homes are on the market and if their price has been reduced can help you decide when and how to make an offer.

Right now in the Denver area, it's a balanced market. This means conditions aren't strongly favoring either buyers or sellers. The average listing price is $772,328, which is down about 3.3% from this time last year. The median listing price is $589,000, also down 3.4% year-over-year, which could mean prices are becoming a bit more affordable for buyers. Homes are staying on the market for 48 days, which is slightly longer than a year ago (up 6.7%). This gives buyers a bit more time to consider their options. There are 12,572 homes for sale right now, which is 4.9% fewer than last year. New listings are also down by 1.4%. However, 29.0% of homes have had a price reduction, indicating some sellers are adjusting their expectations. Overall, while prices are a little lower and homes are taking longer to sell, the fewer number of homes available means it's not a clear advantage for either side. If you're looking to buy, you might find some opportunities, but you still need to be prepared for competition.