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Home » Denver Metro Market Watch: Highlights May 2023

Denver Metro Market Watch: Highlights May 2023

  • Although we’re well within the typical home buying season, the housing market has not picked up the pace. Buyers continue to stay on the sidelines as affordability remains an issue thanks to an uptick in mortgage rates and elevated home prices.
  • The number of fresh listings that hit the market in May was 25% lower than a year ago. Industry experts estimate that 85% of homeowners are sitting on mortgage rates that are below 6% and, as a result, are choosing to stay in place. On the bright side, there was a 10% increase in new listings from April to May, 12% of which are priced at $1M or more.
  • The median closed price for a home in the Denver Metro area is 3% lower than last May; however, we’ve seen 4 consecutive months of increases. In May, homes closed at 99.5% of list price, indicating a slightly advantageous market for buyers over sellers.
  • In May, there were 44% more properties leased using REcolorado MLS than we saw a year ago, which indicates an increase in rental property demand. The median leased price for those properties is more than 7% higher than we saw last year; however, leased price per square foot is lower.