Around this time of year I often get one question a lot. What is the real estate market Denver Housing Market 2024 going to do?
If only we had that super snazzy crystal ball right? I mean I do have a Mr Predicto on my desk. His answer was “Yes without question” when I asked him if the real estate market was going to be good this year.
So, we can listen to Mr.Predicto, or we can continue to watch, wait and be ready to jump in when you are in fact ready.
Denver Housing Market 2024 – My personal thoughts
Last year the market was slower due to interest rates. I feel those interest rates are going to continue to play a part in the market this year. Right now we are see mid to upper 6’s. With this downward movement from 8% we have already seen buyers jumping back in the market. However, if for some reason those interest rates go upwards again, buyers may go back in to hiding.
My hopes is that we stay where we are at or lower a little. Buyers will need to get used to the fact that this is the new low of interest rates for a while.
Continuing to see rate drops as predicted. Along with the signs the market are already showing. The market should heat up a little again. Now is it going to be the crazy market of 2019-2021. Likely not. But it will continue to be a active seller’s market.
To flip from a seller’s market to a buyers market we would need 6 months of inventory. That means it would take 6 months for all the active homes on the market to sell out. We still don’t have enough homes. Last year at the peak of slowness we didn’t even hit 3 months inventory. However, sellers did not have the full upper hand as it was a shifting market.
What Would it Take For the Denver Housing Market to Move Fast Again
I think for the market to really get rolling again it will take buyers to understand that we are not going to see 3 or even 4 % interest rates again in a long time if ever again. Yes, those were amazing. Yes, I have one. Yes, it’s a hard pill to swallow.
However, I do think our market will grow more this year. Prices will increase a little or stay stable, making your real estate dreams a reality is a worthy goal.
I have seen predictions from places like Zillow that our equity will drop by 10% in the Denver Housing market 2024. Now I can’t say for sure this won’t happen but it looks unlikely at this rate. However, a job of a realtor like me is to keep a eye on these things and let you know as the market shifts and changes.
If you are sitting on the sideline waiting, getting a action goal in place now can help when you decide it is time to jump in!
Email, text of call me if you have any questions or want to be ready to roll when it’s your time!