Denver Real Estate 2024: What the New Year Holds

Denver enters 2024 in a holding pattern. After the 30-year fixed touched nearly 8% last fall, rates have eased back toward the mid-6s, and that small move has already changed the tone at open houses.

Rates: off the highs, not at the lows

The 30-year fixed is hovering around 6.75% to start the year. That's a relief from the autumn peak but still roughly double the pandemic-era loans most current owners hold. That gap is the story of 2024.

The lock-in effect

Millions of homeowners nationally — and tens of thousands across the Denver metro — are sitting on sub-4% mortgages. Many won't sell unless they have to, which keeps resale inventory unusually tight.

What it means for buyers and sellers

Buyers face limited choice but less bidding-war frenzy than 2021. Sellers who price correctly still sell well, because there's so little competition. The mistake in 2024 will be overpricing into a rate-sensitive buyer pool.

Expect a slow, steady year — not a boom, not a bust. Preparation beats prediction.