DENVER (KDVR) — Spring has sprung, and with it the return of record Denver metro housing prices.
Denver metro home prices have reached levels approaching their record highs from 2022 before the Federal Reserve’s series of interest rate hikes cooled off rising prices.
The Denver Metro Association of Realtor’s May housing report shows a rebound in some of the market signs from last summer. Typically, homes get scarcer and more expensive in the spring as more buyers look to purchase.
Buyers had been rushing to purchase Denver area and Colorado real estate during the COVID pandemic’s national housing space race. In April 2022, the median sales price of a Denver metro detached single-family home grew to $680,000.
This April, the median single-family home price was $640,000, which is around the listing price from last July and August.
Prices had been falling since April 2022, dropping to $595,000 by January. Since then, they have risen every month despite high mortgage rates.
Homes are now selling as quickly as early fall 2022. Homes sat in listings for a median of 30 days – as long as last October. Homes sat on the market for as many as 49 days in January and February and have fallen quickly since.