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The Denver Metro Association of Realtors monthly report for February 2025 shows the market picked up in February from January, which is typical as we move toward spring. But when compared to last year, year-over-year home sales in the metro were 16% lower than February of 2024. Prices are up 2.47% year over year with the median price for a single family home in Febuary at $645,575.
Mortgage rates have fallen recently to the lowest level since October. The 30-year fixed rate was 6.73% on average last week. Bu the majority of home owners have a rate below 4%.
Denver housing market still sluggish heading into spring buying, selling season
On Tuesday night in his speech to Congress, President Trump specifically pledged again to bring down mortgage rates. There’s no indication yet how he plans to do so.
Most economic analysts agree the key to bringing down the cost of housing is building more, which could take years. However, Core Logic reports newly enacted tariffs could increase construction costs between 4-6% over the next 12 months because many building materials come from China, Canada and Mexico. That would add $17,000 to $22,000 to the price for the average new home build.
Financial website SoFi released a ranking of markets where it’s cheaper to rent. Sofi says any city with a price-to-rent ratio over 16 is better to rent. If the number is over 21, it’s considered “much better to rent.” Denver’s price-to-rent ratio was 28.
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