November 2024 Denver Real Estate Market Recap

The Denver real estate market saw some notable shifts in November 2024. As the holiday season set in, the typical seasonal trends emerged, but the market remains resilient. Here’s a detailed look at what happened across Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson Counties.

Detached vs. Attached Properties

When we break it down by property type, detached single-family homes faced a steeper reduction in inventory. On the other hand, condos, townhomes, and multi-family properties continued to move at a slower pace. This split highlights a dynamic market with varying inventory pressures depending on the property type.

Transactions and Pending Sales

As expected for this time of year, transactions and closed volumes trended downward month-over-month (MOM). Pending sales fell by 11% compared to October, reflecting the seasonal slowdown. However, it’s worth noting that October’s pending sales were unusually high, and November’s pending sales still outperformed last year’s numbers. This shows that while activity has slowed, the market is performing better than in 2023.

 Inventory Trends

The inventory boom we saw earlier in the year has officially cooled off. New listings fell sharply in November and are just slightly higher than the same time last year. Active listings dropped significantly, down 17% from October. This reduction in inventory has had a noticeable impact on the months-of-inventory metric, particularly for single-family homes. Meanwhile, inventory for attached properties like condos and townhomes continues to move at a slower rate.

Rising Seller Concessions

One of the more interesting developments in November was the rise in seller concessions. Over 62% of transactions included concessions, up from 60.7% in October. The median concession amount also increased to $9,925, nearly $1,000 higher than the previous month. For buyers, these concessions can make a big difference in affordability, especially in a competitive market.

Home Price Growth

Despite the seasonal slowdown, home prices held steady and showed healthy year-over-year growth. CoreLogic’s data indicates a slight dip of 0.03% in November, but annual appreciation remains strong at 3.4%. Case-Shiller, often considered the gold standard for real estate data, reported even higher annual growth of 3.9% for September. This resilience in home prices demonstrates the strength of Denver’s housing market even during the softer fall season.

November’s real estate data reflects the typical seasonal trends we expect as the holidays approach. Transactions and inventory have decreased, but home prices remain robust, and seller concessions are providing opportunities for buyers. The Denver market continues to show resilience and healthy appreciation, setting the stage for an interesting year ahead in 2025.

If you’re thinking about buying or selling in the coming months, now is the perfect time to strategize. Let’s connect to discuss your goals and navigate the ever-changing real estate market together!