DENVER (KDVR) — Denver-area homes have nosed up, though not by much.
Denver is still very much a seller’s market, according to the February housing market report from the Denver Metro Association of Realtors, but buyers are still sitting on the sidelines. After the U.S. Federal Reserve began tightening interest rates last spring, home sales have consistently slowed and prices consistently came down.
The median sales price for a Denver metro single-family home is $600,000, up from $595,000 in February. This includes 11 counties along the Front Range from Boulder to Douglas counties.
Prices have been sliding since last April when they reached an all-time high of $680,000 for a single-family home. Since then, homes have cost roughly $10,000 less each month.
It is still taking much longer to sell a home than the same time last year, but the length of time has stalled in the last two months. It took an average of 49 days to sell a home in February, the same length of time as in January. In April 2022, it took an average of nine days to sell a home.
National reports continue to place the Denver-Aurora-Lakewood metro area as one of the most expensive in the U.S.
The median listing price of a Denver-Aurora-Lakewood home was $630,000, the nation’s ninth-highest. It ranks just below the New York City area, which had a median listing price of $680,000 in February.