There are more homes for sale in Denver now than there were before the pandemic, in 2019, as hundreds of listings are piling up in the market amid buyers’ apparent indifference.
While prices have begun to slide, they remain much higher than they were five years ago—suggesting that the vast majority of homes on the market may still be unaffordable for many buyers in the city already struggling with high mortgage rates and growing housing costs.
Why It Matters
Denver’s housing market exploded during the pandemic, when the nationwide homebuying frenzy spurred by historically low mortgage rates found fertile ground in the city. In the past five years, however, inventory dried up, and mile-high home prices and high mortgage rates have pushed homeownership out of the reach of many locals.
Now, however, things are starting to change. Inventory is finally growing again, as sellers who were waiting for lower mortgage rates have accepted that the situation might not change anytime soon. In Denver, listings are now above pre-pandemic norms, suggesting that prices might soon come down as buyers acquire more negotiating power.
What To Know
Inventory is on the rise in Denver, but sales are not keeping up…