The housing market in Metro Denver has reached a notable milestone, with unsold listings surging to levels not seen since 2011. According to the latest monthly update from the Denver Metro Association of Realtors, there were 13,599 properties available for buyers at the end of May. This figure represents a staggering nearly 50% increase from the 9,159 listings recorded just a year ago, and a dramatic rise of 6.5 times from the mere 2,075 listings available in May 2021, which was historically low.
The chairwoman of the DMAR Market Trends Committee, Amanda Snitker, commented on the current state of the market by stating, “Right now, the Denver Metro housing market is a master class in patience.” She emphasized that both buyers and sellers must take the time to strategize and remain engaged in the changing market conditions.
In May, the market saw 7,284 new listings, marking a 4.5% increase from the prior year. While this uptick in new listings may not appear substantial, it signals a gradual buildup in inventory. Throughout the first five months of the year, sellers listed 29,881 homes and condos, which is an impressive 17.5% increase compared to the same timeframe in 2024.
Despite the surge in available properties that buyers and their agents have long sought, actual sales have not kept pace with the inventory increase. Data reveals that the 4,036 homes sold in the metro area during May represent a 2.6% decline from April, and a 9.5% decrease in sales compared to May 2024. As the influx of new listings continues to outnumber sales, inventory levels are expected to rise further, creating challenges for sellers.
Snitker noted, “As more homes enter the market and fewer are closing, we’re seeing a build-up of active listings rolling into the next month.” She further highlighted the importance for sellers to be aware of their home’s market positioning, while buyers may finally find some breathing room in negotiations.
As inventory levels inch closer to historical averages—14,510 listings for May according to DMAR records dating back to 1985—the median time for listings to go under contract stands at 13 days. This is not as rapid as the pace seen during the market boom a few years ago, but it is still relatively brisk.
As the market adjusts from the hyper-competitive conditions of 2021 and early 2022, questions arise about the potential for home prices to decline amid a surplus of inventory. Currently, the data does not reflect a downward trend in pricing; however, analysts at Seattle-based brokerage Redfin suggest that a shift may be on the horizon. In May, the median price for a detached home in Metro Denver was recorded at $665,000, showing a slight increase of 0.76% from April and a 1.5% rise year-over-year. For condos and townhomes, the median price was $405,000, exhibiting a 4.5% increase from April but a marginal decline of 0.25% from May 2024.
Redfin estimates that at the end of April, sellers nationally were holding onto $698 billion in unsold inventory, with $331 billion of that being on the market for 60 days or more. This excess inventory is attributed to an oversupply of sellers—approximately 500,000 more than buyers, translating to a 42% surplus of sellers over buyers in the Metro Denver market.
Matt Purdy, a Redfin Premier agent in Denver, commented on the marketplace, stating, “A huge pop of listings hit the market at the start of spring, and there weren’t enough buyers to go around.” He pointed out that buyers are now more selective and only purchasing if absolutely necessary, with even committed buyers frequently opting to back out of contracts. With a surplus of inventory available, buyers may find themselves in a favorable position to negotiate prices down.
image source from：https://www.denverpost.com/2025/06/04/metro-denver-housing-market-unsold-listings/
