Greater Denver Metro Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
With only one month remaining in 2021, the housing market in the Denver Metro area is on pace to break records in terms of both closings and prices. The Average Closed Price for a home is now $627,945 and the number of homes that were purchased in November is 5,169.
Home prices in the Denver Metro area continue to climb. In November, the average price was 15% higher than November 2020 and 3% higher than October 2021. Single Family Residences sold for an average of $703,119 and Multi-Family/Condos/Townhomes sold for an average of $444,242.
Looking to Buy?
The good news for buyers is that 3,751 new homes were added to the market in November, which is an increase of 2% year over year. However, the count of Active Listings of homes for sale at the end of November was 2,423, 24% fewer than last year and 33% fewer than the end of last month. New Listings are struggling to keep pace with demand and, as a result, available inventory has fallen to record low levels.
If you’re having trouble finding your dream home, you can use this time to prepare for the home buying process or talk with a real estate agent to learn how you might be able to expand your home search.
We are still in a very strong seller’s market. Buyers remain eager to purchase homes, due in part to low mortgage interest rates, and are taking homes off the market on an average of only 14 days.
We currently have just two weeks of housing inventory, which is one week fewer than November 2020 and one week fewer compared to last month. The last time we had only two weeks of inventory was five months ago in June 2021.