The Denver Metro October Market Stats are in

Average Single Family Home Price: $742,192 which is down 1.22% over September.

Average Days on Market: 26.5 days which is up 60% when compared to September.

Active Listings: Active Single Family Home listings in October in the metro area were down 13.35% when compared to last month to 5,198 homes.

The season, latest economic news and higher mortgage rates likely played a large role in shaping October market numbers. We continued to see a market reset. Active inventory decreased slightly since September but was still up 92.88% when compared to last year at this time. October also saw increased days on market, a drop in pending listings and a decline in the percent-sold-to-list-price to 98.6%.

Quick Take:

Days on market went up slightly to an average of 26.5 days. While this is a slight increase compared to last month, it is still below 2021 and prior years.

October home prices for single family homes declined a bit when compared to September (great news for prospective buyers!) but are still up when compared to this time last year. 

As active inventory drops, sellers are still in a strong position but should plan accordingly. Buyers are finally feeling a bit of relief and, despite rates, may have a strong opportunity.