December 2023 Denver Porch Report

Happiest of holidays! I hope you’re having a joyful time with your friends and family. As we get ready for the new year, please feel free to reach out if I can help out with anything home or real estate related. I’m always available for my friends. Cheers and all the best!

With the Denver real estate market slowing for the season, new listings of detached, single-family homes decreased by 27.71% month-over-month, yet still managed a small increase over 2022.

Days on the market also remained in the double digits (up by six versus last month) as buyers took their time to find the right home and the right deal. The median home price of $625,000 was a drop compared to October, yet up slightly year-over-year.

November also closed with inventory remaining tight despite closed sales decreasing by 15.72% compared to October and 14.38% compared to 2022. With mortgage rates starting to ease, this could create buyer competition when the weather and market warm up in spring. 

Whether you have plans to renovate or buy a home in the new year, you might be searching for inspiration based on what home design and decor trends are on the horizon.

With gray and white everything heading for the door, home design in the new year will focus on mixed styles, a timeless feel, and welcoming spaces. Top trends for 2024 include:

     • Relaxed minimalism
     • Organic handmade tile
     • Natural wood tones in curved shapes
     • Creams and warm neutral paint 

Fannie Mae announced that the conforming loan limit for conventional home loans in 2024 is going up to $766,550. In 2023, the conforming loan limit was $726,200. So, this 5.56% increase will help buyers more easily finance one-unit homes at the higher end of the price scale.

The conforming loan limits apply to conventional home loans only. They are basically a dollar cap on the size of a conventional mortgage loan that Fannie Mae and Freddie Mac will purchase from mortgage companies and guarantee.

Under the mandate of the 2008 Housing and Economic Recovery Act, the conforming loan limits are adjusted yearly to account for changes in the average home price in the United States.