The Denver Metro November Market Stats are in

The season, latest economic news and higher mortgage rates likely played a large role in shaping the November market numbers. We continue to see a reset and the typical seasonal slowdown. It is an advantageous time to be a buyer with less competition, ample inventory and the benefit of additional time to make a decision.

Average Single Family Home Price: $726,378 which is down 1.68% over October.

Average Days on Market: 32.5 days. That is a 22.6% jump from October.

Active Listings: Active Single Family Home listings in November in the metro area were down 22.33% when compared to last month to 4,385 homes.

QUICK TAKE:

Days on market went up slightly to an average of 32.5 days. While this is a slight increase compared to last month, it is still below 2021 and prior years.

November home prices for single family homes declined a bit when compared to October (great news for prospective buyers!) but are still up when compared to this time last year. 

As active inventory drops, sellers are still in a strong position but should plan accordingly. Buyers are finally feeling a bit of relief and, despite rates can take advantage of programs like rate buy-downs to get into their dream home.