DENVER (KDVR) — There are more homes to buy in the Denver metro, but they continue to get more expensive.
The newest report from the Denver Metro Association of Realtors shows prices for Denver area real estate are still climbing even as housing inventory has expanded from rock bottom lows.
The inventory of single-family detached homes has rebounded to levels unseen since last fall. In March 2022, there were 1,627 active listings, the most since last October and double the inventory from February. This March even exceeds the number of listings from a year ago by more than 500 homes.
There were 4,332 new listings altogether in March, the most since last September.
Though the new listings may take some pressure off potential homebuyers, they have not kept prices from climbing.
The median close price for a single-family detached home in March finished at yet another record – $660,000, a 4% month-over-month increase. The average price has risen to just under $800,000.
Homebuyers continue to pay over the asking price for homes. Homebuyers paid an average of 106.46% of the asking price, meaning roughly $43,000 over for a single detached family home.