DENVER — A Nov. 2024 report from the Denver Metro Association of Realtors shows the housing market remains active despite election and economic uncertainties.
The report, which was released Wednesday, shows November was a good month to be a buyer in Denver. Of the homes sold, roughly 50% had at least one price reduction before going under contract, and about 60% of sellers provided concessions to buyers.
The median amount of time a home was sitting on the market in Denver was 29 days.
Lori Abbey, a Compass realtor in Denver, told Denver7 that the median number of days gave buyers more options and more time to decide.
"That gives buyers some time to be a little more picky than they've been able to be in the last little while. It gave them a few more choices," she said. "They have not had a lot of choices for the past bunch of years. It was whatever house was there in the area they were going, that's what they're buying. Now, they had choices."
With the end of the year so close, Abbey said she's looking toward 2025.
"Interest rates are the big, big thing," she said. "When we had the lower interest rates, we had a huge run on houses. Everybody was buying, everybody was doing what they could."
"Then you have these people that bought two or three years ago that have a 3% interest rate, then they're going to buy a house and to move up, it's going to triple their payment or more. I mean, depends on the price range, but it's been huge," Abbey continued.
Hear from an expert about what to expect if you're looking to buy or sell your home:
That's the situation Emily Cook and her family found themselves in. They've been searching for a larger house for the past two years but have struggled due to the higher interest rates.
"Our kids are getting bigger, which means we feel like our house is shrinking. But we just really haven't found that right house," Cook said. "The value is just not there for us to pull the trigger and move."
Cook and her family are hopeful the new year brings the home they've been looking for.
A separate report from Realtor.com predicts the median price of a home will continue to rise, just at a slower pace than what we saw this year. It also predicts the number of home sales will go up slightly, as will the number of houses on the market.
"It's been frustrating," Cook said. "Looking forward to the new year bringing hopefully more houses on the market, great value, better interest rates."
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