Denver is in the midst of its most competitive housing market in history. CNBC says telecommuting can be blamed for the record-breaking market. Workers fleeing from the Bay Area, and even those from the East Coast, are flocking to Denver for its expansive outdoor space and relatively cheaper prices. Last month, Denver had a record-low number of homes for sale. The previous record for smallest inventory was 5,693 in September 2017—the number of single-family homes for sale is now just 3,041. And these homes are only lasting a median of six days on the market.
Combining single-family and condominium homes, there were more closed and pending sales than ever before.
Stiff competition resulted in another surge in home prices. The median prices for single-family and condo homes in Denver hit record highs of $510,000 and $334,752 respectively.
New listings did come on the market in September, a record number in fact, but they were no match for the intense demand.