DMAR Real Estate Market Trends Report | Sep. '25
As fall arrives, both buyers and sellers are adjusting their strategies. With interest rates showing early signs of easing and sellers rethinking expectations, September’s seasonality sets the stage for a nuanced marketplace.
“September always brings a natural shift in the Denver housing market, not just because of the calendar, but because life changes pace,” said Amanda Snitker, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “Summer vacations wind down, kids head back to school and buyers and sellers alike settle into new routines and motivation. This year, the seasonal rhythm aligned with a remarkably steady market. Sales, prices and overall tone through 2025 have followed a consistent path. Still, the close of Q3 signals a moment to recalibrate; interest rates, which have defined so much of the year, are showing early signs of easing.”
Snitker added, “The seasonality and economic conditions of our market today are micro adjustments compared to a market where we saw large swings in demand and prices during 2020 through 2022. These variations in the market may seem uneventful compared to the extremes of the previous cycle, but they are no less meaningful. The subtle adjustments show a nuanced buyer and a nuanced seller, requiring tenacity, trust and expertise to make the perfect match.”
Options continue to emerge for buyers, with new listings in September increasing slightly for both attached and detached homes, by 12.74 percent and 3.87 percent, respectively. Active inventory at month’s end was up 17.62 percent year-over-year and 70.17 percent from 2022. Buyers leaned toward detached homes, with sales volume up 6.55 percent year-over-year, while attached sales volume decreased by 16.78 percent. Pricing strategies remain critical as days in MLS stretched to 35 in September, up from 30 in August.
The stress on buyer demand eased slightly with a 25-basis-point reduction in the federal funds rate, prompting the lowest mortgage interest rates seen in 2025. However, buyers remain cautious, balancing inflation and employment concerns with the promise of potential further rate cuts.
Our monthly report also includes statistics and analyses in its supplemental markets that include properties sold for $1 million or greater, properties sold between $750,000 and $999,999 and properties sold between $500,000 and $749,999.
In the $1 million+ market, September told two different stories. Detached homes saw a slight uptick in activity, with pending sales rising 5.23 percent and price-per-square-foot values continuing to appreciate. Attached homes, on the other hand, struggled: contracts fell 7.69 percent and price-per-square-foot values dropped sharply, despite rising inventory in both segments.
“In Denver, the old saying of ‘location, location, location’ has shifted to ‘affordability, affordability, affordability,’” said Colleen Covell, DMAR Market Trends Committee member and Metro Denver Realtor®. “The lack of affordability has defined our market all year, leading to growing inventory, longer days in MLS, lower sales volume, price drops and seller concessions.”
The most dramatic difference appeared in months of inventory. Detached homes priced $1 million to $1.499 million held at 4.59 months of inventory, while detached homes priced above $2 million carried 6.98 months. In contrast, attached homes in the $1.5 to $1.999 million range reached 20.5 months of inventory, with attached homes priced over $2 million skyrocketing to 30 months.
“Now is the time for buyers in this segment to land a great deal,” added Covell. “While detached homes should see weak appreciation, attached homes will likely face continued price depreciation. Sellers need to stay realistic and patient as affordability continues to guide this luxury market.”
Highlights from September’s closed transactions include the sale of the highest-priced attached home, 1901 Wazee Street Unit #1020, which sold for $2,100,000, and the highest-priced detached home, 615 Cliffgate Lane in Castle Rock, which sold for $8,500,000. Both properties were represented by current DMAR Realtor® members, with the same member serving as both listing and buyer’s agent on the Wazee property.
