August Metro Denver Market Review

The Denver Metro housing market continues to feel steady on the surface, but the details tell a more layered story. Prices held relatively stable in August, yet homes are spending more time on the market, and sellers are adjusting expectations as buyers grow more selective. With mortgage rates dipping to their lowest point in over a year, the fall season may bring a window of opportunity for buyers. At the same time, sellers who lead with strategy and strong presentation can still achieve successful results.

New Listings and Inventory

​​At the end of August, there were just over 13,000 active listings across the metro area, 6.69% fewer than in July, but 21.77% more than last year. Fewer new listings came to market in August, which is typical for the season, but the overall number of available homes remains higher than in 2024.

The bigger story is how differently listings are performing depending on price, strategy, and presentation. Homes that are priced appropriately and move-in ready continue to sell quickly, often without adjustments. Others are lingering for weeks or even months and seeing multiple reductions, with more than half of active listings already marked down by the end of the month.

Prices

Prices remained steady in August. The median closed price for residential homes was $593,250, nearly unchanged from both July and last year. Detached homes averaged $649,000, while condos and townhomes closed at a median of $385,000.

Even though prices have not moved much, the close-price-to-list-price ratio slipped to 98.5%. Indicating that sellers are becoming more realistic after watching homes sit on the market longer, giving buyers slightly more negotiating room.

Days on Market

The pace of sales continues to slow. Homes spent a median of 30 days on the market in August, up from 24 days in July and 21 days a year ago. Attached homes, in particular, are taking longer to sell, with a median of 44 days compared to 27 for detached homes. The exception is well-presented properties; homes that are updated, staged, and effectively marketed still often move quickly, while those that miss the mark frequently take far longer to secure a buyer.

Mortgage Rates and Economic Context

Mortgage rates became a headline in early September after a weaker-than-expected jobs report sent the 10-year Treasury down, driving mortgage rates to their lowest point in over a year. The Federal Reserve is now widely expected to cut rates on September 17, with the only question being whether it will be a quarter or half-point reduction.

It’s important to remember that mortgage rates do not always move in direct step with the Fed. Historically, mortgage rates track most closely with the 10-year Treasury and tend to adjust in anticipation of Fed moves. In other words, speculation around rate cuts is often “baked in” before the cut actually happens. This is why we sometimes see little change, or even a reversal, after an official announcement. Currently, because rates have already dropped lower than many economists expected, a Fed rate cut does not guarantee a further effect on mortgage rates.

Looking ahead, key indicators to watch include job reports, inflation readings, and broader economic signals regarding growth and trade. These factors influence Treasury yields and, in turn, mortgage rates. For now, buyers are benefiting from the lowest mortgage rates in a year—a level of affordability that may not last if economic conditions shift.

Buyer and Seller Takeaways

For buyers, the fall season could present one of the best opportunities of the year. Sellers tend to become more motivated as the year winds down, and buyers have room to negotiate on both price and concessions. Waiting for the spring may bring more inventory, but also more competition.

For sellers, this market requires a strategy. With nearly 60% of active listings seeing price reductions, it is clear that buyers are not willing to chase homes that feel overpriced or outdated. The properties that are selling quickly are the ones that present well and hit the market with the right pricing from the start.