The Holiday Real Estate Recap You Didn’t Know You Needed

As we sip on leftover eggnog and brace ourselves for gym membership regrets, let’s talk about how Denver Metro’s real estate market closed out 2024. Spoiler alert: It’s like that friend who thrives in chaos—somehow, it all worked out. Here’s the tea:

Realtor® Insights: Keep Calm and Appreciate On

• Buyers are ready to party (read: buy homes) in the new year, undeterred by high-interest rates. Home values are still doing their thing—going up!

• Condos are throwing in perks like free parking and prepaid HOA dues. Next stop? Complimentary wine tastings? (We can dream.)

Local Nuggets of Wisdom

• A non-profit snagged a 23-unit apartment in East Denver to keep rents chill. Bravo to them for fighting gentrification!

• Denver Metro’s Home Price Index hit a record high during Q3 2024. Fancy that!

Mortgage Mayhem

• Rates have been about as stable as a holiday Jenga tower. They’re expected to continue this wild ride into 2025.

• Affordability will hinge on rates chilling out. Cross your fingers, folks.

Quick Stats

• Average active listings since 1985: 11,966. Current listings? Way fewer. Somebody get these homes a speed-dating event!

• Median asking rent fell to $1,710. Good news for renters, finally.

Breakdown by Price Range: What’s Hot and What’s Not

Properties Sold for $1 Million+

This price range was the market’s drama queen in 2024, with detached home sales soaring by 19.5%. Buyers looking for luxury should prepare for 2025’s marathon pace—not a sprint. Cherry Hills sold one jaw-dropper for $15.75M. 

$750,000 to $999,999: The Goldilocks Zone

• Pending transactions increased by 11.1%, while sales volume shot up 42%. It’s like this price bracket chugged an energy drink and said, “Let’s do this!”

• The “close-to-list-price” ratio held steady, signaling sellers aren’t in a rush to give discounts. Nice try, bargain hunters.

$500,000 to $749,999: The Real MVP

• Listings dropped 28.69%, but homes still sold quickly—just 39 days on average. Blink, and you might miss it.

• The price-per-square-foot rose to $276. Smaller spaces, bigger price tags—classic Denver.

What’s Next for 2025?

Brace yourselves for higher inventory and more negotiation power. Sellers, don’t skimp on curb appeal, and buyers, keep your eyes peeled for winter deals. It’s shaping up to be a year of strategy, patience, and probably a few surprises—just the way we like it.

Happy New Year from all of us at R Squared Realty Experts! Here’s to buying, selling, and surviving 2025 like pros!

Randy Avila | 720-935-0248 | [email protected]