Understand COVID-19’s impact on Denver’s real estate market

0 1 minute read

Denver Real Estate Market Continues to Evolve Five Years After COVID-19

Home buyers and sellers in Denver are still navigating a changing real estate landscape, five years after COVID-19 caused a surge in the market. According to the March monthly trends report from the Denver Metro Association of Realtors:

The median home sale price in March stood at $599,000, showing a 6.92% annual appreciation over the past five years, despite a 3.9% decrease from its peak in April 2022.

New listings for the first quarter of 2025 more than doubled compared to the same period in 2020, totaling 15,529.

Sales have not kept pace with the increased inventory, with 1,061 closed sales recorded in the first quarter of 2025. This figure represents a 7% increase from 2024, a 22% increase from 2023, an 8% decrease from 2022, and a 20% increase from 2021.

The Impact of the Pandemic on the Housing Market

Amanda Snitker, chair of the DMAR Market Trends Committee, highlighted how the pandemic drove a need for change among home buyers.

Buyers sought homes with features like home offices, yards, and space for children and pets, leading to a surge in demand and a peak median sale price of $616,500 in April 2022.

Now, the market is rebalancing, with buyers no longer feeling the same urgency to purchase. Sellers must now focus on presenting attractive homes at competitive prices to create buyer interest.

Keri Duffy, a member of the market trends committee, noted that buyers are now more discerning, preferring move-in ready homes at fair prices.

Spring Market Trends in Denver

Colleen Covell, a market trends committee member, discussed the trends in Denver’s spring selling season, which typically runs from March to late May.

In March, the $1 million-plus market saw increased inventory but cautious buyers, resulting in more sales at lower prices. Sellers of higher-priced homes may face challenges in this market.

Overall, the Denver real estate market continues to evolve, with buyers and sellers adjusting to changing conditions and preferences.

This content was prepared independently and does not involve JS’s news and editorial staff.