Denver Residential Market Update For November

The Denver residential market is currently at one of the highest delisting thresholds in recent history. This may be attributed to interest rates that have been moving in a very narrow range since September, only fluctuating between 6.22-6.23% for the past month. The 10-year average for expired listings is 10,027, but we are presently looking at 16,779 expired listings this year as of November! The months of inventory remained at 4 months in November. Let’s dive into the key market data for Denver residential real estate market to see what is happening with supply, demand, sales prices, and months of inventory for November 2025. 

Supply

In November, we had 3,030 new listings hit the market. This was down (37.9%) from October, and it was down (1.3%) from 2024. This would limit the options for potential buyers.

The total amount of active listings at the end of the month was 12,044. This is down (15.3%) from October 2025. The 10-year November average from 2015 to 2024 is 7,644 listings, so we are above our long-term average.

The most recent report for detached home construction starts is August 2025. The Denver Metropolitan Statistical Area (MSA) pulled permits on 485 homes. This is lower than the five year average of 873 for August. Year to date construction starts for 2025 compared to the same period in 2024 shows a (15.7%) decline.

In terms of active listings, the supply is in a better position compared to 2023 and 2024 but in a worse position for new construction starts.

Demand

Showings are a great leading indicator for demand in the residential real estate market. There were 45,000 showings booked through the largest showing service in the Denver metro area during November.

This is up 11.4% when compared to November 2024. However, the average amount of showings for November, over the last five years, is 51,621. Therefore, we have fewer showing requests than previous years.

Denver had 2,839 properties go under contract in November 2025. This is down (9.6%) compared to October 2025 but is up 3.4% compared to November 2024.

There were 2,698 closings in November 2025 compared to 3,377 in October 2025, representing a (20.1%) decrease. A year ago, we had 3,025 closings in November 2024 so the volume of closings is down (10.8%) YOY.

The median days on market for November was 35 days. This means half of the properties listed are under contract in 35 days or less.

The list price to close price ratio held steady at 99.1%. If sellers aren’t delisting their properties, they are generally getting what they are asking.

All in all, demand for housing is softer when we look at showings and when we look at closings. Let’s look at the median sales price.

Sales Prices

In November, the median sales price decreased from $580,000 to $572,000. This metric includes detached and attached properties. The median price decreased (1.4%) over October and is now only down (1.0%) from November 2024.

The long-term average appreciation for residential real estate is 6%. Higher prices and higher interest rates will continue to temper appreciation in the short run. Tight inventory is helping to prop up the market.

Although prices are down slightly from last year, we are encouraged to see the median price increasing as we get through the winter season.

Let’s look at months of inventory now.

Months of Inventory

The months of inventory is a great indicator to watch for market trends. Typically, a seller’s market has 0-3 months of inventory. A balanced market has 4-6 months of inventory, and 7+ months of inventory is a buyer’s market. In a seller’s market prices go up. In a buyer’s market prices go down.

With 12,044 listings on the market and 2,698 closings in November, the months of inventory is at 4 months or 19.13 weeks of inventory. Therefore, the inventory is moderate when compared to the demand.

All in all, months of inventory is a great metric to watch.

Final Thoughts

In conclusion, supply, demand, median sales price, and months of inventory are ideal key performance indicators to watch for market trends. Supply is way higher than the record lows of 2021 and 2022 and is also higher than the long-term average. Overall demand continues to remain softer with high interest rates. We believe there is a tremendous amount of pent up demand happening right now and as soon as rates come down, more buyers will enter the market. Although, 4 months of inventory indicates a rather balanced market.

Here is a link to the full presentation: