Residential Median Home Prices in Denver Metro (by month)
Great indication that the market is softening slightly with rates increasing. However, still very much a seller's market, but buyer's may finally get a chance to have some say in the game.
January - $524,900
February - $551,600
March - $576,000
April - $600,000
May - $575,000
@Kenny Smith Love the distillation and just simple display of past 6 mos. Sometimes too much data can be overwhelming. The DOM remain low and desirable properties still selling over list. Curious - where do you get your data? May is not out yet and this does not match the RE Colorado data I track.
Volume ?
I hope so! It's interesting, I looked at houses in the median ($500-600K) with a buyer this weekend, and one home goes for $80K over and another home with similar finishes in a similar neighborhood, priced pretty fairly (maybe overpriced $10K) didn't get any offers. I think rates have made people slow down and really think about what they want to buy, but when multiple buyers love the same home, the bidding wars are still happening!
@Chris Freeburg 100% agree! So I do I custom report on RE Colorado. I simply take what the current month is at for the month of May. Of course that number can change daily, but it least gives an idea of what the trajectory is and paint a picture of what the market is doing. I always like to look at median home price vs average as higher priced luxury homes can skew the data.