Denver Metro Real Estate Market Review March 2024 | The Wise Team
Can inventory get any lower? Based on the housing statistics for the Denver Metro Area, we’re not so sure it can. The spring selling season has begun early this year, and the housing market has taken a shift since February. Many sellers, having waited through the winter months, are feeling the warmer temperatures and want to get their properties on the market early. Contracts, however, are being signed just as quickly as houses come on the market. Let’s take a look at the statistics to get a better understanding on this shift in the 2024 housing market.
Denver Metro Area
The greater Denver Metro Area real estate market has seen a nice influx of new listings hit the market. This seems to mirror a trend from last year: as the snow melts, homeowners look ready to enter the market. Homes going under contract have gone up substantially from last month, and considerably higher than last year – with a 12.4% increase! This is showing us there are still a lot of potential buyers in the market, waiting for the right house to come on the market – despite rising home valuations. The median sales price of a home rose to $624,723, a 4.1% increase over last year. Home prices do not seem hampered by the high interest rates. The average days a home is listed on MLS is still hovering around 44, relatively high for our recent memory but a healthy number considering. These statistics are letting us know that the Denver Metro Area real estate market is very competitive this early in the season. If you’re ready to buy, you need to approach the table with a strong offer to catch the attention of sellers.
Boulder County
Like we said last month, and almost every month: Boulder is its own animal. Though the Denver Metro Area real estate market looks healthy we cannot say the same for Boulder County. Active listings, homes going under contract, and new listings continue to decrease as we continue through 2024. The median sales price of a home in Longmont had dropped 24% to $677,000! This is the closest we’ve seen a median sales price in Boulder to that of Denver in a long, long time! With the lower inventory, homes are staying on the market even longer, up to 52 days on average. If Boulder is your goal, be prepared for a very competitive market.
Longmont
Luckily, Longmont is not following the rest of Boulder County’s statistical trend. After a large dip in the median sales price of homes in February, March rebounded nicely. The median sales price in Longmont rose to $575,000. This is 6% higher than this time last year, and over 10% higher than last month! Due to the high prices of Boulder County in general, homes selling in Longmont are not seeing a large margin to asking price. On average, homes are listed for about 34 days. This is a little longer than last year, but is decreasing as we move into 2024. This is telling us that Longmont is a strong market to both buy and sell in. People are keeping their eyes on affordable homes in ideal neighborhoods. We all know that Longmont is quite ideal!
Are you looking to buy, or sell, in the Longmont area? Get in touch with The Wise Team and we’ll prepare your journey into the 2024 real estate market. This year is shaping up to be an interesting year. Let’s navigate this together wisely.
