Dec 16, 2023 - Real Estate

What 2024 holds for Denver real estate

Illustration: Brendan Lynch/Axios

Denver housing experts predict the market will be less stagnant β€” but not wildly different β€” in 2024.

Why it matters: Many homeowners and wannabe buyers stood still in 2023, waiting for rates to drop before they made a move.

What they're saying: If mortgage rates fall, it opens the door for first-time buyers to hop off the sidelines. "And more existing homeowners will be willing to exchange their ultra-low interest rates" for a new home, Denver Compass agent David Schlichter predicts.

Yes, but: "When interest rates come down, buyers who have been waiting will come out in force," says Kelly Moye, a real estate broker in Boulder and Broomfield counties.

  • And with supply expected to remain low, it "will likely push us back into a seller's market with competing offers," she notes.

Zoom out: If the economy is steady, rates could land around 6%. If the economy stumbles, mortgage rates could fall more significantly, says Greg McBride, Bankrate's chief financial analyst.

Yes, but: Some buyers will hop off the sidelines, regardless of rates. "2023 has been a waiting game to watch interest rates but eventually, when people need to move, they will actually do so instead of waiting for rates to come down," Moye says.

  • "I try to encourage buyers to focus on what they need, and what they can afford," Opendoor's Merav Bloch tells Axios.
avatar

Get more local stories in your inbox with Axios Denver.

🌱

Support local journalism by becoming a member.

Learn more

More Denver stories

No stories could be found

Denverpostcard

Get a free daily digest of the most important news in your backyard with Axios Denver.

🌱

Support local journalism by becoming a member.

Learn more