The Denver Real Estate Broker Blog

May 2024 Denver Market Update

Prices soften as we enter our retraction phase earlier than anticipated this year. Recent trends indicate significant shifts, presenting both challenges and opportunities for buyers and sellers alike.

Market Overview:
May brought a substantial influx of new listings, bolstering inventory levels. Concurrently, buyer demand has slowed, pushing us into our retraction phase earlier than usual this year. Traditionally, we see price increases from January through June, but this year, the market peaked early due to the highest inventory levels seen in May since 2014 combined with a softer buyer pool, causing prices to decline.

In the coming months, we expect more inventory to enter the market, leading to continued price softening, with stabilization anticipated towards the end of the year. This period presents a prime opportunity for buyers to negotiate, with concessions becoming more common and sellers more willing to address inspection issues to close deals....