DENVER — Dan Watson had been eyeing a certain townhome complex in Centennial for years.
After looking at several options, Watson was able to choose the home he liked the best and will be closing on it this month. He got the seller to fix everything he noted in the inspection, and even received a slight discount off the asking price.
Watson is experiencing what many are now calling a buyer's market in Denver.
“There's more to look at, and you don't have to bid over asking price anymore,” he told Denver7.
On Wednesday, the Denver Metro Association of Realtors released its monthly report, which showed Denver had the highest number of homes available on the market last month since 2011. At the end of May, there were more than 13,599 listings compared to just over 9,159 in May 2024.
- Read the full report below
However, even with supply increasing and demand decreasing, prices haven’t dropped. The median price for homes in May stood at $600,000.
Amanda Snitker, chair of the DMAR market trends committee, acknowledged that while prices still seem high, it’s in line with historical averages.
“If you look at the long-term average annual appreciation, we're actually on track to where we would be even if we hadn't had the bump during the COVID years," Snitker said.
When excluding the decline in values during the recession and the post-pandemic price surge, Snitker shared data that shows Denver home values have experienced a steady gain of approximately 7% per year since 1990.
Snitker doesn’t expect home prices to fall significantly, nor does she anticipate interest rates returning to their post-pandemic levels anytime soon. For buyers looking right now, realtor Joy Dysart said they can still take advantage of this so-called buyer's market.
“They are having the opportunity to buy down their loans. I don’t think many people are paying that [7 percent] interest rate, especially first-time home buyers,” she said.
For sellers, Dysart said it's important to make sure their home is move-in ready and that they price it right so it doesn't sit on the market for too long.
