The latest market trends report from the Denver Metro Association of Realtors (DMAR) paints a picture of resilience in the local market, capturing the ebb and flow of buyer and seller activity against a backdrop of economic shifts and election season anticipation. Early in the month, buyers were drawn back by a brief dip in mortgage rates, which was the lowest in 19 months. This break sparked a flurry of home-buying momentum that carried into October. But as economic indicators came in stronger than expected, rates went back up.
Despite the fluctuation, October closed with promising numbers. Home sales rose 2.35% over last month to 3,443, while sales volume grew 7.4%. This steady activity nudged the months of inventory down to 3.18 from 3.6, though homes lingered a little longer, with median days on the market inching up to 26, marking a 4% increase over the previous month.
“Buyers defied expectations they would take a wait-and-see approach until the election was over. If anyone was hitting the pause button, it seemed to be sellers,” notes Aldo Svaldi, real estate reporter for The Denver Post.
Active listings also saw a slight decrease, down by 1.57% as buyers absorbed more of the inventory. However, compared to last year, active listings are still up 46.22%, giving buyers more options and a bit more leverage as the market edges toward balance. Notably, new listings dropped by 7.16% as sellers held off listing in anticipation of the November election—a pattern seen in previous election cycles, with activity rebounding once results are in.
Michelle Schwinghammer, DMAR Market Trends Committee member, states, “In the 11-county Denver metro area over the last three election cycles, we’ve seen more month-to-month home price volatility leading up to an election, followed by increased price stability and a return to traditional seasonal patterns post-election. Once results are in, buyers and sellers tend to shift back to business as usual.”
For now, sellers who plan to list during the holidays are encouraged to capture photos before decking the halls, as neutral settings often appeal more broadly. And while it’s not officially a buyer’s market, many are calling it a “buyer opportunity market,” with sellers more open to price adjustments and concessions. Median home prices remain robust, reaching $599,975, a 4.34% increase from last month and up 3.27% year-over-year.
As the holidays and potential rate cuts approach, buyers are poised to find motivated sellers and attractive deals—setting the stage for a strong start in 2025 as the market steadies.