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Denver’s real estate market has seen some crazy trends over the past few years. This includes several years of continual double-digit appreciation, then nearly 20% appreciation in just 6 months, followed immediately by nearly 10% depreciation. So, what has Denver’s market done in 2023? Have the crazy swings continued, or has Colorado’s market calmed down? 

12-07-23_2023 Year Recap_inset.jpgThe quick and short answer is 2023 was definitely a calmer year that gave sellers opportunity to make a move and buyers time to make a decision when purchasing a home. The highest appreciation we saw in 2023 was reached during the month of June, with an average of 8% value increase. At the beginning of the year, I had expressed concerns that the last part of 2023 would see depreciation similar to what we saw in 2022. However, much to many experts’ surprise, we saw just below 5% depreciation after June’s peak. This might seem like a lot when compared to the year’s highest appreciation, but this 5% is within normal range for a fall market in Denver. Even more surprising is that we actually saw a small amount appreciation in the month of September.

In October, Denver area home values remained completely flat. Then, in November, we saw roughly a loss value of 2.7%. Based on the current uptick in activity we’re seeing across the Denver metro area right now, it is looking like the year-end appreciation for 2023 will be right around 4% to 5% for the Denver metro area. This level of appreciation, although it might seem low compared to previous years, is much more manageable for the overall market. Homeownership still proves to be a net worth increasing investment while still giving buyers an opportunity to buy. This year we are more in line with historical appreciation figures. 

To wrap up 2023, Denver’s real estate market enjoyed a much calmer year, where sellers were still able to sell their home in a timely manner, while giving buyers the opportunity to take more time in their purchasing decision. We saw continual appreciation from the start of the year through June, followed by a very moderate seasonal slowdown. Homes in the Denver metro area will be welcoming in the new year with about 4%-5% additional value from where they started the year. The final question is: What will 2024 bring for Denver’s real estate market? Be sure to come back the first Thursday of 2024 to see what our 2024 Denver Real Estate Market Prediction will be.

 

 



~ Written by CEO/REALTOR® Trevor Kohlhepp

 

 

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