November wasn’t just about mashed potatoes, blockbuster movies, and a steady jobs report — it also delivered some pivotal updates in Denver’s housing market. As the real estate scene recalibrates and seasonal slowdowns take hold, the numbers paint a picture of a market finding its footing. With motivated sellers, concessions on the rise, and inventory playing catch-up, DMAR’s December 2024 Denver real estate market trends are setting the stage for what could be an interesting 2025.
December 2024 Denver Real Estate Trends
A Generous Helping of Stability and a Seasonal Slip
Denver’s housing prices held steady in November, a reflection of its resistance to dramatic market swings. The average closed price declined 1.79% month-over-month but still rose 4.95% year-over-year, with median prices showing similar resilience. Remember that while some volume stats slipped since October, year-over-year numbers paint a more accurate picture of market trajectory. November nearly always brings a real estate activity lull as house hunters close their laptops and pause their new listing alerts in favor of passing the green bean casserole.
That said, sales activity has slowed, with closed transactions down 16.54% month-over-month and 6.04% year-over-year. Despite these dips, sales volume remains 11.29% higher than last year, signaling a market that’s stable, if quieter, heading into the holidays.
Discounted Homes for the Holidays
November’s typical seasonal slowdowns saw pending sales fall 10.54% month-over-month. Yet, this time of year also comes with opportunities. About 60% of homes sold included seller concessions, from interest rate buydowns to repair credits, and nearly half underwent price reductions before going under contract. Those Black Friday deals went way past the cash register and landed in the real estate market.
For buyers willing to brave the cold and holiday distractions, this could be a moment to negotiate better terms. Sellers, meanwhile, are adjusting their strategies to meet demand in a competitive environment.
We’re a (Housing Market) Trendsetter
While Denver’s market may be cooling in pace, it isn’t sliding into volatility. Unlike speculative regions that have seen sharp corrections, Denver remains anchored in strong fundamentals, bolstered by job growth and a steady influx of new residents. The increase in days on market — up 23.68% year-over-year — may suggest more time to weigh options, but it’s a far cry from the panic-inducing surges seen in overheated markets.
Denver’s role as a trendsetter is evident in its adaptability. Interest rate buydowns, concessions, and price adjustments are quickly becoming the norm, demonstrating a nimble response to national economic pressures.
Denver’s housing market has been a bellwether for years, and its current trajectory hints at broader trends to watch. As Lawrence Yun of the National Association of Realtors predicts a shift toward balance in 2025, Denver is already laying the groundwork. Stabilizing prices, a rise in concessions, and moderating demand signal a market adjusting to new realities.
For buyers, this could mean less competition and more negotiation power (while sellers might need to embrace creative solutions).
Corcoran Perry & Co. Featured listing: 2435 S Milwaukee Street, Observatory Park
Leading the Way into the 2025 National Real Estate Market
Along with some wicked movie releases, a presidential election, and a promising jobs report, November brought news of housing market recalibration and a holiday hiatus. And Denver’s real estate market isn’t just adapting—it’s leading. The city’s measured response to economic shifts offers a playbook for resilience, proving once again why it’s often looked to as a national indicator. As 2024 wraps up, Denver remains a prime example of how markets can evolve without losing their footing.
Are you a seller looking to strike while home appreciation is still hot? Or, are you a buyer ready to snag some concessions? Connect with one of our Denver Realtors to get started.
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