Ready to Make Your Move?
Text or Call David and Tom

Front Range Real Estate Market Update, August 10, 2023

It can be helpful to compare our local market with the national market. National trends can show us where we may go or how we differ from much of the country. They also help give us context for what’s happening here.

In the second quarter, almost 60% of all metro areas saw price increases. That was also true in our area. Our average sold price went from $640,609 in the first quarter to $676,809 during the second. That’s a 5.7% increase. The median price rose from $538,000 to $568,288, a rise of 5.6%.

One in 20 markets posted double-digit annual price appreciation. The Front Range didn’t make that list, which includes Fond du Lac, Wis. (25.3%); New Bern, N.C. (19.7%); Duluth, Minn.-Wis. (14.6%); Davenport-Moline-Rock Island, Iowa-Ill. (12.6%); Allentown-Bethlehem-Easton, Pa.-N.J. (11.7%); Kingsport-Bristol-Bristol, Tenn.-Va. (11.5%); Peoria, Ill. (11.5%); Green Bay, Wis. (10.9%); Trenton, N.J. (10.5%); and Cape Girardeau, Mo.-Ill. (10.4%).

During the second quarter, the national median single-family existing-home price declined 2.4% from one year ago to $402,600. The median single-family existing-home price went from $590,175 to $568,288. Our decline was 3.7%, significantly higher than the national decline. 

Year-over-year prices in the second quarter declined by 19.1% in Austin, 11.3% in San Francisco, 9.6% in Salt Lake City, and 7.4% in Las Vegas. Like metro Denver, these areas saw prices increase quickly during the pandemic, but our 3.7% decline was less drastic than those cities.

Seven out of ten of the most expensive markets in the country were in California, but one was here. Boulder came in 9th with a typical home sales price of $871,200, down significantly from a year before, when the typical home sold for almost 6% more.

Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1476
Back On Market – 320
Price Increase – 111
Price Decrease – 1611
Pending – 1324
Withdrawn – 173
Closed – 1082
Expired – 216

Previous week:
New Listings – 1269
Back On Market – 294
Price Increase – 89
Price Decrease – 1379
Pending – 1342
Withdrawn – 178
Closed – 1370
Expired – 358

Based on data from REColorado®

“We really enjoyed working with David! The value of service you receive for the 1% commission he charges to sell your home is exceptional. We had a sale with a few complicated variables – David handled them timely, effectively and professionally. While selling our home, we were also looking for a place to purchase. David was patient with us, always made himself available for questions, educated us along the way, and got us into our dream home. I will miss seeing him for our weekend outings to go look at properties and would not hesitate to use him in the future or recommend him to friends/family members. Thanks, David!”
– Brooke and Andy M., Denver

See what other clients have to say about the services we provide.