As we wrap up 2024, the Denver real estate market continues to show its seasonal shifts. December has arrived, and while the holiday season tends to bring a bit of a slowdown, there’s still plenty happening behind the scenes. Let’s take a look at how the market is shaping up heading into the new year.
Month-over-Month Shifts: November → December 2024
As expected, the market has cooled slightly as we move toward the holidays. Here’s a snapshot of the December data compared to November:
- Inventory: Down 11.4%, now at 8,246 active listings. Sellers are holding off as we approach the end of the year, creating tighter inventory.
- Average Days on Market: Up 4.9%, now at 49 days. Homes are staying on the market a little longer, which is typical as people focus on other priorities during the holidays.
- Average Price: $691,134, down 0.4%. Prices have dipped slightly, but they remain stable overall compared to earlier in the year.
- Homes Sold: Down 14.3%, with 2,953 homes closing. The holiday slowdown is evident, with fewer transactions happening this month.
These numbers reflect a typical seasonal pullback, but they also highlight that the market is still moving—just at a slower pace.
Year-over-Year Insights: December 2023 → December 2024
When we look at the year-over-year data, we see a different story. Here’s how things have changed since last December:
- Average Price: Up 4.5%, showing that home values have continued to rise year-over-year despite the slight dip this month.
- Inventory: Up 41.0%, offering buyers more choices than this time last year.
- Homes Sold: Up 5.5%, indicating strong demand even with fewer transactions this month.
- Days on Market: Up 22.8%, now at 48 days. This trend continues to give buyers more time and negotiating power.
The jump in inventory compared to last year gives buyers more room to shop around, and sellers can still take comfort in steady price growth.
Key Takeaways:
- Sellers: Even though the market is slowing down, year-over-year price growth is still strong. Buyers are out there, but pricing your home competitively and showcasing it well is key to standing out during this quieter season.
- Buyers: The current market offers a great opportunity to negotiate, especially with more inventory and homes staying on the market longer. While the pace is slower, it’s still important to act strategically if you find the right fit.
The Bigger Picture: A Market of Opportunity
As we head into 2025, Denver’s real estate market continues to evolve. Buyers have more options and negotiating power, while sellers can still benefit from steady appreciation in home values. Whether you’re making your first purchase, selling a home, or planning an investment, now’s a great time to get in touch and create a strategy for the year ahead.
Let’s chat and see how we can make the most of the December market. DM me today to start the conversation!
Quick Stats Recap
Month-over-Month (November → December 2024)
- Average Price: $691,134 (↓ 0.4%)
- Days on Market: 49 (↑ 4.9%)
- Inventory: 8,246 (↓ 11.4%)
- Homes Sold: 2,953 (↓ 14.3%)
Year-over-Year (December 2023 → December 2024)
- Average Price: ↑ 4.5%
- Days on Market: ↑ 22.8%
- Inventory: ↑ 41.0%
- Homes Sold: ↑ 5.5%
Have questions about how these numbers impact you? Let’s chat and create a plan tailored to your needs. I’m here to help you navigate this market and set you up for success in 2025!
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