Why Denver's housing market is heating back up in 2024

The Denver metro area ranks as the hottest housing market in the country for a second year in a row, according to a recent analysis from U.S. News & World Report.

What the report says: The metro area "retains a mix of strengths including low unemployment, few mortgage delinquencies, low rental vacancy rates for investors and a positive ratio of building permits to job growth."

By the numbers: The median closing price of single-family homes in the Denver metro area last month was $595,000, up 5% from $565,000 in March 2023, according to the latest data from REcolorado.

• Buyers are snapping up homes faster as inventory increases after years of tight supply. The number of new listings jumped 21% from February 2023 to February 2024.
• There were 4,258 metro-area homes for sale in February compared to 5,020 last month , per REColorado's report.

What's next: For the rest of the year and even beyond, rising property taxes and home insurance could be pushing homeowners into financial distress despite them sitting on low mortgage rates or owning their homes outright, Lauryn Dempsey, a Denver-area real estate agent and broker, told U.S. News & World Report.

Go deeper ... Denver's best neighborhoods in 2024, according to local real estate experts