Denver Market Update
Denver Market Update
Real Estate News – May 2024
Quick Summary:
- National interest rates are currently ~7%.
- Inflation is still high, so rates aren’t going to go down anytime soon.
- Rates will go up immediately after the election. It happens every time, regardless of who wins.
- CEO of Chase says rates COULD go up to 8% by next year.
- US News & World Report has Denver as the hottest real estate market in the country.
- The average price in the Denver Metro area is $727,700 (Median is $602,550).
- Buyers:
- More inventory to choose from! The “best house” on the block is under contract the first weekend, likely over list price, and the others follow suit after 2-3 weeks.
- Sellers:
- With more competition out there, it’s more important than ever to show well and be priced properly.
We’re here to answer any questions you might have, so don’t hesitate to reach out!
If you’re thinking about a new construction home, be sure and reach out to us so you will have proper representation. The sales office represents the builder, not you, and it costs you NOTHING for us to represent you.
Questions? Comments? Contact us anytime. We’re here to help.
Thank you!