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October 2024 Real Estate Market Update: Great Time for Buyers on Colorado's Front Range

Writer's picture: Chelsea SteenChelsea Steen

Updated: Dec 2, 2024


A fall-decorated home with a for sale sign and pumpkins out front

As the air cools and pumpkins start popping up on doorsteps, the real estate market on the Front Range is seeing some changes that could be a treat for buyers—but sellers need to be careful not to get caught in a pricing trick! Let’s take a look at what’s brewing in the market this fall.


Homes in a row with an upward arrow

Inventory Is Growing, Giving Buyers an Edge


The months of inventory have climbed to 3.6 months—a 21% increase. Just like a cornucopia spilling over with fall bounty, this means more options for buyers. Homes are lingering on the market a bit longer, offering buyers the chance to take their time finding the right fit. For those who felt like they were in a haunted house of bidding wars earlier this year, this shift feels like a welcome change.


A house and coins being balanced on a scale.

Prices Are Softening


The median close price has dipped by 2.34%—a small but noticeable shift, like the first frost on a crisp morning. Buyers have a little more room to negotiate, especially with homes staying on the market longer—25 days on average, up 19%. This means the market is no longer as spooky for buyers, offering a bit more leverage compared to the tighter conditions earlier this year.


Two people discussing home contracts

Sellers Need to Be Competitive


Sellers, beware! This is no time to carve out an inflated price. Homes are still selling, but the market has shifted slightly in buyers' favor. If you overprice your property, it could sit as stale as Halloween candy come Thanksgiving. Competitive pricing is critical, and making sure your home is "show ready" will help it stand out. The homes that are selling are the ones that make a great first impression—think of it like decorating your home for a festive open house, but for every showing!


A person holding a calculator with a home and contract on the table

Concessions Could Help Sellers Close Deals


To sweeten the deal, sellers might want to consider offering some buyer concessions. With the increase in inventory, buyers have more negotiating power, so a little something extra—like help with closing costs or a home warranty—could be the candy that seals the deal.


A home and percentage sign on top of a stack of coins.

Mortgage Rates: Slight Reduction Despite FED Rate Cut


The Federal Reserve recently cut rates, but mortgage rates have only slightly decreased. It’s not a huge drop, but every little bit helps. If you're a buyer, this fall could be your golden opportunity to lock in a good rate before any future increases. Waiting until spring for better rates or more homes may not be the best strategy—by then, you might find yourself in a crowd of other eager buyers, like trick-or-treaters all eyeing the same house.


2 people's feet standing by a "first time buyer" doormat

Why Buyers Shouldn’t Wait for Spring


With the market tipping slightly in buyers' favor now, waiting until spring could mean missing out on the best deals. Historically, the spring market brings more competition, which can push prices back up. This fall offers more inventory, softer prices, and a bit of a buyer’s advantage—making it the perfect season to find your dream home before the holiday rush.


"For sale" sign with "sold" sticker on top in front a home.

Key Takeaways

• Months of inventory: 3.6 months, up 21%

• Median close price: Down 2.34%

• Days on market: 25, up 19%

• Buyers: Now is a great time to enjoy more choices, softer prices, and slightly lower mortgage rates

• Sellers: Price competitively, make your home stand out, and consider offering buyer concessions


Chelsea Steen Realtor

Just like getting your home ready for the holidays, this is the season to be strategic with your pricing and presentation. If you're thinking about making a move before the year ends, don’t hesitate to reach out—I'd be happy to help you navigate the market and find a home before the pumpkins turn into snowmen!


Chelsea Steen Realtor

740-334-9898



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