Greater Denver Area Real Estate Market Report from September 2025

 
 

September always brings a natural shift in the Denver housing market-not just because of the calendar, but because life changes pace, according to the Denver Metro Association of Realtors.

Summer vacations wind down, kids head back to school and buyers and sellers alike settle into new routines and motivation. This year, the seasonal rhythm aligned with a remarkably steady market. Sales, prices and overall tone through 2025 have followed a consistent path. Still, the close of Q3 signals a moment to recalibrate; interest rates, which have defined so much of the year, are showing early signs of easing.

The seasonality and economic conditions of our market today are micro adjustments compared to a market where we see large swings in demand and prices, as we did during 2020 through 2022. These variations in the market seem uneventful compared to our lingering expectations of the previous market cycle, but they are no less meaningful. The subtle adjustments show a nuanced buyer and a nuanced seller, requiring tenacity, trust and expertise to make the perfect match.

Options continue for buyers; new listings in September increased slightly for both attached and detached homes, by 12.74 percent and 3.87 percent, respectively. The active inventory at month's end was up 17.62 percent year-over-year and 70.17 percent from 2022. This increase in active listings is a result of lower buyer demand, as the total number of new listings that have entered the market through the end of September is up 10.46 percent year-over-year and down 1.75 percent compared to 2022.

Buyers are increasingly opting for detached homes over attached ones. The sales volume for detached homes in September was up 6.55 percent year-over-year, while the attached sales volume decreased by 16.78 percent. Attached homes continue to see challenges in the increased costs of insurance and community maintenance, resulting in higher-than-historically-typical community dues.

Although the market has seen a large number of listing price reductions, the detached home market saw only a small decline in the median sale price in September, 1.79 percent month-over-month, while attached homes experienced a slight increase of 1.17 percent. Year-over-year, however, the median sale price for detached homes increased by 1.33 percent, while the median sale price for attached homes decreased by 3.35 percent. The number of days in the MLS has increased from 30 in August to 35 in September, representing a 16.67 percent increase and a 40.00 percent increase from September 2024. Pricing strategy is the most crucial element for sellers in this market, and as days in the MLS in-crease, determining when to wait for the right buyer and when it's time for a price reduction is a delicate balance.

The stress on buyer demand was eased slightly in September with a 25-basis-point reduction in the federal funds rate.

The anticipation of the rate cut brought the lowest mortgage interest rates we have seen so far in 2025, but it did not prompt a rush of buyers into the market. Whether they are holding out for additional rate cuts or feeling the uncertainty of inflation and employment, buyers remain cautious.

Learn more about the market from the Denver Metro Association of Realtors.

Thank you to our partners at the Denver Metro Association of Realtors for compiling this information.

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Sellers in Top Buyer’s Markets Are Sweetening Deals With Discounts

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Sellers eager to offload their properties in inventory-rich, buyer-friendly markets are increasingly turning to price cuts as a way to attract shoppers—but mostly at certain price ranges.

Price cuts have emerged as the go-to strategy among sellers this year in the face of slowing housing market activity due to elevated mortgage interest rates, rising inflation, and general economic uncertainty, which are keeping many would-be buyers on the sidelines.

Looking at the national picture, in September, 19.9% of all for-sale homes across the U.S. had price reductions, up 1.2 percentage points year over year.

Regionally, the South and West led the way in the price reduction category, with 21.1% and 20.9% of listings, respectively, offering discounts, according to the latest monthly housing market trends report from Realtor.com®.

The Midwest was not too far behind with 19.2%, while the inventory-scarce, in-demand Northeast offered the fewest price cuts, at just 14%, meaning that only about 1 in 7 for-sale properties in the region came with a discount.

Price ranges drive price cuts

Although price reductions continued to be a widespread selling tactic last month, Realtor.com researchers found they were particularly concentrated in the $350,000 to $500,000 price range, suggesting that sellers in the lower-cost segment of the market were especially eager to make a deal.

On the other hand, reductions were least common among luxury home sellers.

Nationwide, over 20% of listings priced below $350,000 came with a price reduction, compared to just 13.3% of listings priced above $1 million.

"This is consistent with more motivated sellers at the bottom of the housing ladder, who need to sell in order to buy their next home, compared to patient or price-anchored sellers at the top," explains Realtor.com senior economist Jake Krimmel.

The divide between affordable and high-priced homes also mirrors regional trends, with expensive Northeastern markets proving most resistant to discounts due to robust buyer demand.

For example, in Portland, OR, the metro with the second-most price cuts in the U.S. in September (20.9%), reductions were most common in the sub-$350,000 tier of the local housing market. In that segment, roughly 34% of Portland's listings came with a price cut.

Homes ranging between $500,000 and $750,000 had the second-highest share of price cuts, at about 32%, followed by properties priced between $350,000 and $500,000, at 31.7%.

On the other side of the spectrum, just 23.6% of for-sale homes with an asking price of over $1 million offered price adjustments.

Located 3,000 miles to the east, costly Hartford, CT, in September had the second-lowest share of listed homes with price cuts, at just 11%.

Unlike in Portland, where buyer demand has been soft, price cuts in sought-after, undersupplied Hartford showed little variation across price tiers. In fact, they were slightly more common at the top of the market, with 11.7% of listings between $750,000 and $1 million offering reductions.

Discounts in 7 buyer's markets

In August, Realtor.com researchers identified seven metros that fell under the category of buyer's markets based on their housing supply.

The metric used to identify those markets represents how many months it would take for all of the listed homes to be sold at the current sales price.

The higher the months of supply, the slower the market—and the more negotiating power buyers have.

The rule of thumb is that it is a buyer’s market if supply is above six months.

Based on June housing data used in the analysis, only 7 of the top 50 U.S. metros had six or more months of supply: Miami; Austin, TX; Orlando, FL; New York City; Jacksonville, FL; Tampa, FL, and Riverside, CA.

"Even in buyer's markets, price cuts tend to be least common at the top of the market, meaning that home shoppers at middle or lower price tiers seem to be gaining more leverage in such markets than those shopping at the luxury end," notes Krimmel.

However, research shows that there is no universal pattern that fits neatly across markets.

Inventory growth slows, prices flatten

September saw housing inventory nationwide increase 17% from a year ago, the 23rd consecutive month of gains, but the pace of growth has been slowing since May, according to the latest monthly report.

The number of for-sale properties remained above the 1 million threshold for the fifth month in a row.

Supply levels continued to vary widely across regions, with the South and West surpassing pre-pandemic inventory benchmarks, while the Northeast and Midwest are still suffering from a scarcity of homes.

At the metro level, Washington, DC, and Las Vegas recorded the biggest year-over-year inventory gains, at 48.7% and 40.8%, respectively, mirroring regional trends.

New listings, which are a measure of sellers putting their homes on the market, fell 1.2% from September 2024 and 1.8% from August.

The typical for-sale home spent 62 days on the market waiting for a buyer in September—a full week longer than during the same period a year ago. This marks the 18th month in a row of homes taking longer to sell on an annual basis.

Notably, all four regions saw year-over-increases in days on the market, led by the West with an additional 10 days, followed by the South with eight days. In the Midwest, the typical home waited for a buyer an extra three days, while in the Northeast, a listing saw a delay of just one day.

Among the top 50 metros, homes lingered unsold the longest in Florida’s buyer-friendly Miami and Orlando, with 16 and 14 days, respectively.

The national median list price held steady at $425,000, same as a year ago, but it dropped 3.6% in the inventory-abundant West.

Read more at Realtor.com

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6 Things Real Estate Agents Say You Should Always Fix Before Selling Your Home

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Selling your home is a big move. It is not only a financial decision but also an emotional one. It may be hard to imagine that future buyers won't appreciate design features that you find charming, but the reality is that it’s a buyer’s positive first impressions that will sell your home fast. That’s why it's prudent to make repairs before listing your home, not after house hunters have seen a few warts.

According to real estate experts, targeted repairs can dramatically increase your chances of attracting buyers and securing a strong offer. These improvements can make your home shine and show potential buyers that it’s been well cared for over the years. Also, knocking these lower cost tasks off the punch list may make a buyer more forgiving of other issues that they may find along the road to securing a loan, finalizing inspection, and—ultimately—moving into their dream home. Real estate pros share the best advice they offer to their clients in this competitive market.

A Fresh Coat of Paint

One of the simplest and most transformative fixes is a fresh coat of paint. A cost-effective paint refresh in a neutral, bright white creates a blank canvas that allows buyers to imagine themselves in the space. “Apply a fresh coat of paint: This is the simplest way to reset a home," Amanda Valente, co-founder and COO of Renovation Sells. "Stick to light, buyer-friendly neutrals like beige or soft whites so rooms feel bigger and brighter.”

Light colors not only brighten rooms, but they also provide more versatility for staging furniture and photographs. In today’s digital-first real estate market, strategic pops of color should be in movable items like an accent throw or a fruit basket—items that buyers can easily remove to reimagine how they’d use the space if it were their own.

“While DIY renovations, like painting, can be tempting, hiring professionals ensures a clean and polished result that can make a big difference in how your home is perceived," Valente says. "It’s an investment that can pay off by attracting more serious buyers."

Fix the Lighting

Lighting sets the tone of a home. Poor or yellow lighting often makes rooms feel smaller or older than they really are. And while changing a light bulb or adding a new lampshade is simple enough, prospective buyers on a walk-through might not assume so.

Kori Sassower, founder and principal agent at The Kori Sassower Team in Westchester County, New York recommends starting with LED bulbs because they're “bright white and not a yellow light.” While you're at it, update fixtures for a more modern look, too. “For entry and dining chandeliers, you can get modern-looking ones that are inexpensive," Sassower says.

Remember, if a future buyer likes the house, they may want everything inside—including the fixtures. So if you’d planned on taking a chandelier or lamp with you to your new home, it’s probably best that it’s not on show for prospective buyers who might also fall in love with it.

If your light fixtures feel move-in ready, they may be a huge selling point, making them part of the deal.

Refresh Countertops

The kitchen is the heart of a home, and its condition often makes or breaks a buyer’s decision to make an offer—and the price of that offer. Countertops can play an outsized role in the calculations.

“Counters are the visual anchor of a kitchen,” says Valente. “If yours are scratched, worn, or outdated, swapping them out makes a huge impact. Quartz is a winning pick—it’s durable, easy to clean, and gives a natural stone look without the upkeep. Skip high-maintenance or loud patterns; broad buyer appeal wins.”

The same is true for countertops in the bathroom or laundry room. If they look dated, scratched, or simply out of sync with the rest of the home. It’s best to invest in a refresh before listing the home.

Update Cabinets

Much like countertops, cabinets are a modest investment that can pay off big. “Refresh your cabinets: This is one of the highest-ROI moves you can make,” Valente says. “Older wood tones date a space fast; a fresh coat of white, warm gray, or a soft neutral instantly feels open and current. Finish the look with new hardware—polished nickel, matte black, or antique brass all work and photograph beautifully.”

This fix allows homeowners to update the kitchen without the exorbitant cost of a full remodel. It’s best to avoid big rehabilitations for aesthetic purposes because the new buyer may not appreciate the change. In those cases, the upfront cost may not equate to a higher sale price.

Double Check Safety Equipment

Beyond cosmetic updates, safety features matter. Even if a buyer puts in an offer and you accept, most are required by their mortgage lender to perform an inspection. Buyers and inspectors alike want to know the home has been well-maintained and poses no hidden safety risks. Small repairs for little items can slow down closing, so it’s best to check these basics first. Fix loose banisters, install GFCI protection on electrical outlets near water (typically in the kitchen and sink areas), and replace the batteries in smoke and carbon monoxide detectors.

These repairs are not flashy, and they take no time to fix, so DIYing them early can make for smooth sailing after an offer.

Elevate Curb Appeal

A little curb appeal goes a long way in attracting buyers to step inside your home and make a competitive offer. But simple lawn care—mowing, weeding, trimming shrubs—creates an inviting atmosphere for potential buyers to take a chance on the interior.

Broken fences, dying bushes, and yellow grass make a home look unkempt. While a savvy buyer with imagination might see the house’s true value, they may be inclined to make a low-ball offer—assuming they would need to put money in after the sale to see the full potential of their purchase.

How Much Should You Budget for These Repairs?

Of course, one of the first questions homeowners ask is how much to budget for these updates. “I would budget around 10k for these repairs, the biggest expense being the painting of the interior of the home," Sassower suggests. "A local painter and electrician is who you will need to make the repairs. Don’t try to do this yourself unless you're a licensed painter or electrician. You want it to look like a professional job, so the buyers feel that the home has been well taken care of.”

Valente cautions against guessing on price. "Many people are unaware of costs, and end up overspending," she says. "Find a provider who can give you a true estimate, backed by real project data.”

Read more at Real Simple

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Closing Costs Unpacked: State-by-State Breakdowns for Today’s Buyers

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If you’re planning to buy a home this year, there’s one expense you can’t afford to overlook: closing costs.

Almost every buyer knows they exist, but not that many know exactly what they cover, or how different they can be based on where you’re buying. So, let’s break them down.

What Are Closing Costs?

Your closing costs are the additional fees and payments you make when finalizing your home purchase. Every buyer has them. According to Freddie Mac, they typically include things like homeowner insurance and title insurance, as well as various fees for your:

  • Loan application

  • Credit report

  • Loan origination

  • Home appraisal

  • Home inspection

  • Property survey

  • Attorney

National vs. Local: Why the Numbers Look So Different

When you search for information about closing costs online, you’ll often see a national range, usually 2% to 5% of the home’s purchase price. While that’s a useful starting point if you’re working on your homebuying budget, it doesn’t tell the whole story. In reality, your closing costs will also vary based on:

Taxes and fees where you live (like transfer taxes and recording fees)

Service costs for things like title and attorney work in your local area

While the home price is obviously going to matter, state laws, tax rates, and even the going costs for title and attorney services can change what you expect to pay. That’s why it’s important to talk to the pros ahead of time so you know what to budget for. It can put you in control before you even start shopping.

To give you a rough ballpark, here’s a state-by-state look at typical closing costs right now based on those factors for the median-priced home in each state (see map below):

As the map shows, in some states, typical closing costs are just roughly $1-3K. In a few places, they can be closer to $10-15K. That’s a big swing, especially if you’re buying your first home. And that’s why knowing what to expect matters.

If you want a real number to help with your budget, your best bet is to talk to a local agent and a lender. They can run the math for your price range, loan type, and exact location.

And just in case you’re looking at your state’s number and wondering if there’s any way to trim that bill, NerdWallet shares a few strategies that can help:

  • Negotiate with the seller. Ask for concessions like a credit toward your closing costs.

  • Shop around for homeowner’s insurance. Compare coverage and rates before you commit.

  • Check for assistance programs. Some states, professions, and neighborhoods offer help. Your agent and lender can point you to what’s available locally.

Bottom Line

Closing costs are a key part of buying a home, but they can vary more than most people realize. Knowing your numbers (and how to potentially bring them down) can go a long way and help you feel confident about your purchase.

Read more at Keeping Current Matters

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What the Government Shutdown Means for Mortgage Rates as Financial Markets React

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The federal government has halted most operations for the first time in nearly seven years, a move that will have ripple effects through the financial markets that determine mortgage rates.

The government shutdown began at 12:01 a.m. on Wednesday, after Republicans and Democrats in Congress failed to reach a deal on a new spending bill to fund federal operations.

At Wall Street's opening bell, the major stock indexes opened slightly lower, all losing less than 1%, while long-term bond markets saw a moderate decline in yields, easing recent upward pressure on mortgage rates.

During a government shutdown, hundreds of thousands of federal workers are placed on unpaid furloughs, which can slow economic growth. Typically, the effect is temporary and most of that lost growth is regained when the shutdown ends and furloughed workers receive retroactive pay.

However, this shutdown comes at a time of heightened economic uncertainty, with recent federal reports sending mixed messages suggesting that overall growth appears strong while the labor market seems to weaken.

The Federal Reserve's next decision on interest rates later this month hinges on how those trends play out. But during the shutdown, the government will cease issuing crucial reports on inflation and the economy, including the highly anticipated monthly jobs report that had been due on Friday.

That leaves Fed policymakers, and the investors who ultimately determine mortgage rates, groping in the dark as they try to assess economic conditions, introducing new uncertainty and volatility into the market.

"The loss of federal labor and inflation reports comes at a critical time in the monetary policy cycle," says Realtor.com® Chief Economist Danielle Hale. "The Fed recently recalibrated its policy rate for the first time in nine months and may or may not continue to do so depending on what the incoming data suggest is appropriate."

Markets will instead rely heavily on private-sector economic data, such as Wednesday morning's ADP employment report that showed a surprise decline of 32,000 in private payrolls in September—the biggest monthly decline in more than two years and a troubling sign for workers.

That news sent 10-year Treasury yields to their lowest level in two weeks, as investors gauged the Fed as being extremely likely to cut rates again later this month. Mortgage rates typically follow the 10-year yield, meaning the move reversed recent upward pressure on rates.

However, the longer the government shutdown persists, putting a blackout on gold-standard federal economic data, the greater the risk that market expectation will stray from reality, and sharply correct when reporting resumes.

"Markets and investors will continue to make decisions with the best information available, but when the information bottleneck finally clears and the government issues reports again, we may see a bigger adjustment in interest rates, including mortgage rates," says Hale.

Hale predicts that mortgage rates will remain steady or rise slightly during the shutdown, and then resume easing once the disruption resolves and federal economic data resumes.

"In the meanwhile, home shoppers can rate-test their budget by using mortgage calculators to determine how swings in mortgage rates will affect their housing payments," she says.

Last week, average rates for 30-year mortgages ticked higher to 6.3%, up from an 11-month low of 6.26% the prior week, according to Freddie Mac.

How the shutdown affects the housing market

Most homebuyers won't be directly affected by the government shutdown, which isn't expected to significantly affect the processing and approval of traditional mortgages.

However, the shutdown will disrupt small but important elements of the housing market, and a lengthy shutdown could generate significant uncertainty, weighing on home sales.

Perhaps the most significant impact on homebuyers is a lapse in authorization for the National Flood Insurance Program (NFIP), which provides more than 90% of flood insurance policies sold across the country.

Although existing policies remain in force and the program will continue to pay claims, the NFIP cannot write new policies until a new spending bill is passed.

Mortgage lenders typically require flood insurance for homes that are located in areas at risk of flooding, and the suspension of NFIP underwriting will leave thousands of homebuyers scrambling for alternative coverage, or unable to close.

The National Association of Realtors® estimates that the pause in new NFIP policies will delay or disrupt some 1,400 home transactions each day, and many buyers in high-risk areas without flood insurance coverage.

“Each day that passes during the shutdown, potential real-life impacts will be felt in America’s housing market, which accounts for nearly 20% of the U.S. economy," says NAR Chief Advocacy Officer Shannon McGahn.

Meanwhile, the hundreds of thousands of federal workers who are furloughed or working without pay may struggle to pay rent or make mortgage payments.

"If the shutdown lasts for weeks, the resulting financial strain could weaken home sales, particularly in metros with a higher share of federal workers," says Realtor.com senior economist Anthony Smith. "Over time, this could even contribute to softening home prices in these markets."

A recent Realtor.com analysis identified markets with a significant share of residents employed by the federal government, including Washington, DC (11%), Virginia Beach, VA (7%), Oklahoma City (4.2%), Baltimore (3.7%), San Diego (3.1%), and San Antonio, TX (3%).

Overall, uncertainty from the shutdown threatens to derail an early fall bounce in the housing market, afer falling mortgage rates finally boosted activity following a historically weak spring and summer.

"A government shutdown adds uncertainty into a housing market that is already under pressure from high home prices and elevated mortgage rates," says Smith. "Anything that further discourages prospective buyers from entering the market and risks slowing sales even more in a slow housing market is not helpful."

Read more at Realtor.com

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