March Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $698,053 IN MARCH DECLINED 0.8% FROM LAST MONTH AND DECLINED 0.3% FROM LAST YEAR.
Quick Stats:
- The average number of active listings for March is 13,188 (1985-2024).
- The record-high for March was in 2006 with 27,309 listings, while the record-low was set in 2021 with 1,921 listings.
- The historical average increase in active listings from February to March is 10.9 percent. An increase of 14.2 percent this March represents a higher increase relative to the average historical observation.
Things are getting interesting! Primarily, home values retreated marginally during the month of March, which is historically a time when home values rise as buyers compete for hot spring listings and bidding wars ensue.
Looking back the end of March 2021, Denver set a record low for active listings at only 1,921 listings. Compare that to March 2025, which just ended with 9,764 active listings, a 5x increase over the past four years.
Demand also increased, as expected for this time of year. Thus our months of inventory continues to hover around three months, a relatively healthy number that may give a slight advantage to sellers.
However, for this month's update, I'd like to highlight where the market has been over the past five years. March of 2020 was unforgettable for all of us, and the pandemic put fuel on the already hot Denver real estate fire. The combination of work-from-home mandates and record low interest rates drove our median home prices up a whopping 39% for the two years following March of 2020.
The brakes hit quickly in 2022 when interest rates spiked from 3% to 7%. Today, median home values have depreciated 4% from their peak three years ago.
What's most fascinating is that the average annual appreciation over the past five years is now at 7%. This is a significant number as it aligns with long-term local and national averages. In short, the market exploded and then retreated and is now back in line with long-term trends.
Lastly, with all the uncertainty around us today, please don't hesitate to reach out if you have specific questions regarding your specific needs.
Thanks for reading!
