“Ed and the Katchen Company team were very professional in handling the sale of our home. It was a pleasure to have Ed as our real estate agent. Ed did not leave any question unanswered and was always prompt in responding. We appreciate his direction and outstanding representation of our needs during the transaction. Ed was the driving force in getting our house sold. We give him and Katchen Company 5+ Stars! Thank you, Katchen Company.” – Rix Stone, seller
Entering the Denver 2024 real estate market? Well, 2023 closed with fireworks in the city of Denver and in the real estate market! Predictions galore! What’s in store?
There is so much to say about the RE market in Denver, so many positive vibes that present conditions will improve!
9News take on how housing prices are expected to change in Denver 2024 (by Ashley Fahey and Staff – Denver Business Journal),” Housing economists vary somewhat on their assessments of what’s to come in the for-sale market during the next 12 months, and predicting factors like where mortgage rates will end up can be difficult. Most, however, agree the conditions for housing will improve, even if only slightly, and that’s expected to unlock inventory, moderate home-price appreciation and make transactions easier to achieve.
In Denver, home prices are expected to decline modestly — about 5.1% according to realtor.com’s 2024 National Housing Forecast. With that, sales growth is expected to decrease by 15.3%.”
The persistent demand for homes remains a factor along with interest rates, a growing population, and a strong job market. The supply side has struggled to keep up amidst a shortage of available homes has driven up prices. It is expected that in 2024, this supply shortage is likely to persist especially as millennials are ready to take the leap to home ownership, fueling inventory demands.
Bankrate key take aways “Low levels of inventory mean that sellers continue to have the upper hand in the housing market. Mortgage rates have come down from their peak but are still high, and steep home prices are dissuading would-be buyers. If rates were to drop further in 2024, that would spur the market for both buyers and sellers.”
Rocket Mortgage (NOVEMBER 27, 2023 AUTHOR: KEVIN GRAHAM) had some predictions they published online, “Real estate trends in 2023 have been dominated by rising mortgage rates and stubbornly high home prices due to low housing inventory. It’s important to keep two things in mind: No one knows the future and real estate is local, so it’s hard to make sweeping predictions.
Ultimately, the choice to buy or sell a home now or in the new year should come down to whether the buyer or seller is personally ready to take the leap.”
Many ask if home prices will drop. This does somewhat depend on interest rates and what’s happening in the local market. There is no answer to this question, but at Katchen Company, we would advise to closely follow local trends and rely on an experience, specialized real estate agent who knows their territory and can answer any in depth questions you might have.
Your Denver Market Trends Report
City and County Market Trends For December 2023