In October, the median sale price for single-family homes in the Denver metro area was $645,000. This is only 0.64% lower than last October, but total transactions for the month dropped to 2,748, a decrease of 23.54%. Prices are holding steady, but the market is seeing a decline in transactions; this sums up the current state of Denver.

The sales figures are sourced from the October report released by the Denver Metro Association of Realtors (DMAR) on November 4. It's important to note that these numbers reflect the entire metro area, not just the city of Denver.

Condos and townhomes show a slightly different trend. The median sale price is $375,000, which is a 2.74% increase from September, but 3.25% lower than last October.

Looking at the cumulative figures for the year, the differences become clearer. The cumulative median price for single-family homes is $650,000, the same as in 2025 and 2024, while condos and townhomes are at $382,500, down 3.16% from last year.

The fact that nominal prices have remained the same for three years suggests that real prices have decreased when adjusted for inflation. This may not be welcome news for homeowners, but it provides some relief for buyers.

The speed of sales also varies. Single-family homes sold for a median of 98.55% of the listing price in an average of 26 days, which is four days faster than last year.

Condos and townhomes sold for 97.69% of the listing price, down from 98.17% last year. The time to close also increased, with a median of 48 days, which is 17.07% longer.

DMAR has reported that the inventory of condos and townhomes exceeds seven months. This gives buyers significant negotiating power, but it poses a considerable challenge for sellers who must sell.

One statistic I've been closely monitoring is that 65% of homes sold in October included seller concessions, with an average amount of $12,557.

Looking solely at the median sale price does not reveal how much sellers actually contributed. This is why it's hard to believe that prices haven't dropped.

The inventory stands at around 13,000 listings, which is 3.87% more than last October. However, new listings have decreased by 16.70% from September and 9.02% from last October.

While having many options is advantageous, the decline in new listings means we can't guarantee that desirable homes will continue to appear.

DMAR's Market Trends Chair, Amanda Snitker, described October's market as one where fear influenced decision-making. The report attributes the decrease in transactions to the anticipated effects of rising mortgage rates from September.

The high-end market is no exception. Transactions for homes priced over $1 million in October fell by 24.05% compared to last year, with total sales down 26.04% to $656 million.

However, year-to-date transactions stand at 4,878, nearly the same as last year's 4,890. It's too early to draw conclusions based on just one month's figures.

Now, let's move on to rentals. According to Apartment List's November report, the median rent in the city of Denver is $1,414 for a one-bedroom, $1,761 for a two-bedroom, and $1,598 overall.

This represents a decrease of 0.7% from last month and 2.4% from last year. The national annual change reported in the same report is only 0.1%, indicating that Denver's decline is much more significant.

Still, the rent in Denver is 15.5% higher than the national median of $1,384. The metro area overall has a median rent of $1,632, down 2.0% year-over-year, slightly more expensive than the city and with less decline.

These rental figures are based on the November report, so please do not read them in conjunction with DMAR's October sales figures.

CBRE's third-quarter data shows different numbers. The metro average rent is $1,776 per unit, up 0.6% from the previous quarter, marking two consecutive quarters of increases, but down 2.9% from a year ago.

Apartment List reports median values, while CBRE reports averages, and the samples differ, so direct comparisons should not be made. However, both indicate a decline from a year ago.

According to CBRE, the third-quarter new supply was 1,290 units, the lowest in five years, and the average occupancy rate is 93.9%, up 0.4 percentage points from last year.

Over the past 12 months, net absorption has exceeded supply, with 7,346 units absorbed against 6,481 units supplied. Currently, tenants have the advantage, but if this trend continues, negotiating power may gradually diminish.

If you're facing a lease renewal, it's wise to compare free rent offers from nearby buildings. Personally, I would consider the actual cost after promotions rather than just the monthly rent.

On the policy front, there's the Unlocking Housing Choices zoning proposal in Denver. According to DMAR, it initially allowed duplexes to fourplexes throughout the city but has since been narrowed to within a quarter-mile radius of transit-priority roads and rail stations.

City council approval is still pending, and the earliest implementation would be in spring 2027, so nothing is finalized yet. A separate proposal to limit the size of new homes has been postponed.

According to DMAR's preliminary tally on November 6, the Denver Public Schools property tax measure 4A has passed, amounting to $44 million.

Based on DMAR's calculations, a Denver home valued at $624,800 would see an increase of $72 annually. This amount is based on the tax description for Denver homes, so it should not be mixed with the metro median value mentioned above.

Condo buyers have significant negotiating power, but price recovery may be slow. Single-family home buyers may have room for concessions, but prices themselves haven't dropped significantly.

Sellers should realistically calculate their net proceeds, including concessions, rather than just the asking price. The metro figures reflect neighborhood conditions, so be sure to check DMAR's city and county reports for the specific area before making decisions.