DENVER (KDVR) — A new report describes the Denver-area housing market coming down from a sugar high — albeit with prices that remain among the nation’s most expensive.
At $600,000, the median sales price for a single-family home in the Denver-Aurora-Lakewood area is cheaper than only West and East Coast metropolises. That median price has been falling though, according to the January report from Realtor.com.
Denver metro home prices have fallen farther than most of the other 49 largest metro areas, and the length of time it takes them to sell has risen faster than any of them.
In the past year, the median sale price for a single-family Denver metro home sunk 5.8%, farther than any other metro except New Orleans.
Sellers cannot hope for the return per square foot they could expect last year. The price per square foot for a Denver metro home has fallen 8%. This is the sharpest yearly drop out of the 50 largest metros and twice as much as the next sharpest drop in the Boston area.
Denver home sellers now need to wait several weeks longer to sell their homes than they did last January.
It took 67 days to sell a Denver metro home in January.
That isn’t the highest or lowest among U.S. metros, but it has risen more in the last year than most. It takes 40 more days to sell a home now, the third-highest jump in the number of days on the market.