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By Giulia Carbonaro
Senior Reporter
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The former pandemic boomtown of Denver is now solidly a buyer's market, as the latest data shows that inventory of for-sale homes in the city is now at its highest level in more than a decade.
According to preliminary data by Homes.com shared with Newsweek, there were 17,000 homes for sale in the Denver market in July, up 30 percent from a year earlier. It was the highest number of active listings since 2011 and a bigger increase than the one reported in the same month nationwide, 25.9 percent.
"With a significant increase in Denver for-sale listings this summer, potential buyers have more options now than they have in over a decade," said Jeannie Tobin, director of market analytics for Homes.com in the report shared with Newsweek.
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"July listings data indicate that Denver has shifted to a buyer's market. Buyers now have more leverage, and we're just now starting to see the increase in inventory impact median sale price."
What Led To Such an Explosion in Inventory in Denver?
Denver has experienced the ninth-fastest growth in inventory in the nation, according to Homes.com—especially in its condo market. In July, listings for single-family homes jumped 28 percent year-over-year, to 11,800. Townhome inventory rose nearly 13 percent to 3,500.
But the increase in condo listings was on another scale entirely. There were 1,791 condos for sale in Denver in July, up 116.8 percent from a year earlier.
"Local realtors have noted that condos for sale are in high supply, constraining price growth," Tobin told Newsweek.
"This is due to a combination of multiple factors: the high office vacancy rate in downtown Denver, the number of newly built luxury apartment buildings, substantial increases in HOA [homeowners association] dues—mostly due to the increasing cost of building insurance—and more stringent lending guidelines for condos."
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There are several reasons why Denver has experienced such an explosion in inventory in recent months. Firstly, many sellers who were locked into their homes by lower monthly payments have now stopped waiting for mortgage rates to come down, and they are putting their properties on the market.
Secondly, the surge in housing demand and home prices during the pandemic, combined with historically elevated mortgage rates, has pushed many would-be buyers in Denver to the sidelines. Many who would like to buy a home in the city simply cannot afford it, as the median sale price of a home remains much higher now than before the pandemic hit—when it was under $500,000.
"Denver remains one of the most expensive housing markets in the U.S. While the median price of homes sold in Denver declined 0.8 percent from the previous year through July, Denver still ranks as the ninth most expensive housing market among the 40 largest U.S. cities," Tobin said.
"There was a frenzied pace of home buying in 2021 and 2022 as people rushed to secure a low mortgage rate ahead of the Federal Reserve's interest rate increase. The competitive market, where bidding wars were the norm, brought about substantial price increases," she said.
Since the beginning of 2021, the median home price in Denver has increased by roughly $100,000, with a median price of $585,000 in July 2025, according to Homes.com data.
"The combination of Denver already being an expensive market, higher mortgage rates, and higher prices during the pandemic era have priced many would-be buyers out of the local market," Tobin said. "As a result, inventory on the market has increased to a 14-year high."
This pileup of homes that are struggling to find interested buyers is putting pressure on sellers to lower prices. In July, Denver's median home sale price fell 0.8 percent year-over-year to $585,000. This is still above the nationwide median sale price—but far below the peak of $650,000 reached in the city in 2022.
What Does This Mean for Buyers in Denver?
"Climbing inventory and falling prices suggests that the Denver housing market is searching for some balance," Hannah Jones, senior economist and research analyst at Realtor.com, told Newsweek. "The median listing price per square foot is still much higher than pre-pandemic, meaning the market could soften further before activity picks up again."
What happens in Denver also has an impact on the entire state market. "Denver accounts for a large portion of the Colorado housing market," Jones said. "Altogether, Colorado is seeing a similar trend as Denver, in part because Denver is the largest metro in the area. Other Colorado metros have also seen inventory build over the last year, and many have seen prices soften annually as well."
Nick Gerli, real estate analyst and CEO of Reventure App, previously told Newsweek that he expects prices to continue falling in Denver, but this will not necessarily bring buyers back to the market in droves.
"If homebuyers were to come back into the market and sales were to increase, that could stem the tide of inventory and stabilize prices. However, I don't anticipate this to happen with Denver's housing market being so expensive," he said.
"The typical mortgage payment for new buyers across the metro is nearly $3,693/month, which is 41.5 percent of the area's median monthly income. Many buyers simply cannot qualify for mortgages in Denver's market at today's prices and rates."
Tobin described the issue of whether Denver will become more affordable for buyers as "the million-dollar question."
At the moment, she said, there isn't enough inventory that's at a lower price point meant for first-time homebuyers.
"The higher interest rate environment, elevated materials costs, and reduced construction lending have hindered many developers from moving forward on housing projects," she said.
"However, there have been a few larger housing developments that have recently gone underway in Denver's outlying suburbs, which will help in that segment of the market."
Update 9/3/2025 5:46 a.m. ET: This article has been updated with additional comment from Jeannie Tobin.
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