Tennessee

<p>In Denver, CO, there has been an observable shrinkage in average property values from September of last year, when the average value of a home in Denver hit $597,000, to a lower average value of $500,000 as of April 2024. What stands out is not just the downward shift in property prices but also the clear decline in both the availability and sales of properties.</p>
<figure id="attachment_25591" aria-describedby="caption-attachment-25591" style="width: 1556px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25591" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/05/Colorado-CO-Home-Price-and-Value-Per-Sq-Ft.png" alt="Colorado, CO - Home Price and Value Per Sq Ft" width="1556" height="962" /><figcaption id="caption-attachment-25591" class="wp-caption-text">Colorado, CO – Home Price and Value Per Sq Ft</figcaption></figure>
<p>In parallel, variations can be seen in the average sale price of homes in Denver. The market experienced its <a href="https://www.realtytrac.com/market-trends/denver-co/">highest average sale price</a> in September 2023 at approximately $579,928. Since then, this figure has shown slight fluctuations, rather than a steady decline, and as of April 2024, the average sale price rests at a bit higher figure of $572,753 when compared to earlier months in 2024.</p>
<p>Further exploration into the per square foot value of the properties adds another dimension to the market trend story. Starting from a high in January 2024 at $400 per square foot, this figure dipped by about 12% to $351 per square foot in April 2024. Sold properties reflect a similar trend with a decrease from the September 2023 high of $470 per square foot to $457 per square foot in April 2024.</p>
<p>Finally, the number of homes sold in Denver dropped from 8,535 transactions in September of 2023 to 7,083 homes sold in April this year. These numbers are paralleled by a fall in the property count available on the market, firmly suggesting a tightening in the Denver real estate market space.</p>
<h2>Current Denver Real Estate Values and Volumes</h2>
<p>As of April 2024, the average value for a home in Denver is at the $500,000 mark with an average per square foot value set at $351. Interestingly, the average sale price stands higher at approximately $572,753, indicating that homes may be fetching higher final prices compared to their listing values. The sold per square foot value for April resides at $457, converging close to the general trend observed over the past months. Furthermore, with 7,083 properties reportedly sold, the market activity suggests a somewhat moderate but continuing pace compared to the higher numbers recorded in the latter half of 2023.</p>
<h4 class="sc-fff60b4-3 bmIvnq">Housing Market Summary for Denver, CO</h4>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">May 2023</th>
<th class="sc-7568d94b-2 hTsliE">April 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$575K</td>
<td class="sc-7568d94b-5 eqHQXK">$572.8K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-0.39%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$573.5K</td>
<td class="sc-7568d94b-5 eqHQXK">$572.8K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-0.13%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">98</td>
<td class="sc-7568d94b-5 eqHQXK">132</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">34.69%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">7,140</td>
<td class="sc-7568d94b-5 eqHQXK">7,083</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-0.80%</span></td>
</tr>
</tbody>
</table>
<p>March 2024 data show a slight dip in average property value to $499,900 with a per square foot value at $349. The average sale price takes a noticeable drop to around $552,927, and the sold per square foot value also decreases to approximately $444. The total number of homes sold for the month was 6,271, which reinforces the ongoing trend of declining sales volume.</p>
<p>Moving back to February 2024 provides insight into the beginning of observable declines. The average property value in Denver was notably higher at $550,000, with the per square foot value standing at $378. The average sale price, being lower at around $528,394, contrasts with the average values during this period. This indicates a market where negotiations might have favored buyers. Similarly, the sold per square foot value was at $424, with 6,724 properties sold for the month.</p>
<p>January 2024 is significant in being the point before continuous declines. The average property value was set at $535,750 with a high per square foot value of $400. The market seemed robust with an average sale price of around $538,130 and a sold per square foot value of $435. A total of 6,975 properties exchanged hands, placing January as a strong start to the year.</p>
<p>In summary, the Denver real estate market as of early 2024 shows a contraction in both value and <a href="https://www.realtytrac.com/denver-co/sold/">sold units</a>, indicating a potentially more buyer-friendly environment. It is important for potential buyers and sellers to stay informed on these trends to make the most of the current market dynamics.</p>


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