In recent years, you've likely seen bold headlines about a significant housing shortage in the US. While these headlines are true, what does this mean for Denver's micro-market?
Since the early 2000s, Denver has experienced dramatic fluctuations in housing inventory. The highest inventory occurred during the 2008 market crash, marked by record foreclosure rates and homeowners selling to recoup losses. At its peak, the Denver metro area had 26,247 single-family homes on the market. Conversely, inventory lows happened during COVID. More people working from home created the desire for different living spaces, and this combined with low interest rates prompted more real estate transactions. At the same time new home builds also halted due to supply chain issues, labor shortages, and rising material costs. All of this resulted in a low of 1,304 single-family homes on the market in March of 2021.
So, where are we today in terms of inventory? At the end of June 2024, the Denver metro area had a total of 6,854 active single-family residences on the market. With this consistent rising inventory, we are heading towards a more balanced market where neither the buyer nor the seller is at a disadvantage. If you'd like to discuss the current state of the market, please feel free to reach out to me by email or phone. I am always happy to chat!
