DMAR Real Estate Market Trends Report | September 2026
Real estate data always arrives a step behind the market. September's numbers mostly tell us where buyers were in August, and the months ahead will show how they're responding to what September delivered. After months of drifting, rates finally picked a direction in September, and it wasn't the one buyers wanted. The 30-year fixed rate climbed each week, topping out at about 7.5 percent by the end of the month. Mid-month, the Federal Reserve raised the federal funds rate for the first time since July 2023. Anyone holding out for cheaper financing just watched the Fed move the other way.
It's important to note that September's closings don't yet reflect that shift. Most homes that closed in September went under contract in August, when rates were still hovering around 6.7 percent. Even so, closed sales fell 11.71 percent month-over-month and 21.39 percent year-over-year to 2,849, the fewest September closings on record dating back to 2008. The first real read on September's rate climb comes from pending sales, which slipped 6.07 percent to 2,908, a measured pullback rather than a retreat. The full impact will show up in October and November closings, and softer numbers ahead would not be surprising. Year-to-date, closings trail 2025 by 4.96 percent, a gap that has widened since August.
Rates and policy will keep surprising us, but the Denver market's response to those surprises has become very consistent. Since 2023, year-to-date closings have stayed within roughly six percent of one another, while the overall median price has stayed within about three percent. The year-to-date median close price for detached homes is $650,000, matching each of the past two years. The close-price-to-list-price ratio was 98.45 percent this September, up from 98.32 percent last September, and the median days in the MLS came in at 32, down from 35 year-over-year. Inventory followed its usual seasonal arc, climbing through the summer to 13,567 active listings at month's end.
This consistency creates opportunities for buyers who know where to look. With 4.76 months of inventory, buyers have more selection and more room to negotiate. Condos and townhomes offer the greatest leverage. With 7.21 months of inventory and a median close price of $365,500, down 6.28 percent year-over-year, the attached segment favors prepared buyers and sellers who price with HOA fees and insurance costs in mind.
“As October begins, the fourth quarter tends to reward buyers who keep moving while others wait for a fresh start after the New Year,” said Amanda Snitker, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “Active listings typically taper through the fourth quarter, and some sellers will pull their homes for the holidays. Buyers who remain in the market will face less competition than at any other time of year. With rates now in the seven percent range, the conversation has shifted to how to structure the purchase. Rate buydowns, seller-paid concessions and adjustable-rate loans are all on the negotiating table right now, and sellers who build those options into their pricing strategy will find a ready audience.”
Added Snitker, “The real test of September's rate climb comes over the next two months. If the market responds the way it has to every other shift over the past four years, the lesson will be the same one it keeps teaching: the opportunities here don't hinge on rates falling or prices climbing—they belong to the buyers and sellers who keep an eye on where the market is going and have the right people in their corner to get there.”
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.
While overall year-to-date sales across the Denver Metro area were down 4.96 percent, sales in the $1 million+ segment were up 1.99 percent, with 4,449 closed sales so far this year. Sales volume in this segment was also up 3.17 percent, reaching $7.30 billion, barely shy of its 2022 peak. In September, new listings in this segment jumped 12.15 percent month-over-month, suggesting increased seller confidence. Buyers within the segment aren’t exactly taking the scenic route either. $1 million+ listings spent a median of just 21 days in the MLS in September, compared with 32 days across the broader market. Detached homes moved even faster, selling in a median of 19 days.
While attached properties across the broader Denver Metro market continued to struggle, the $1 million+ segment is bucking that trend. Year-to-date closed sales for attached homes in the $1 million+ segment were up 6.35 percent, with homes selling in a median of 23 days in the MLS. And that strength isn’t confined to just one section of this market. Sales are up across all three luxury attached segments analyzed in the report: 5.60 percent in the $1 million to $1.5 million range; 5.41 percent in the $1.5 million to $2 million range; and 11.11 percent in the $2 million+ range. That’s not a random signal—it’s a message.
“When you have room to maneuver, you can make a move—and right now, Denver’s $1 million+ market has plenty of it,” said Michelle Schwinghammer, DMAR Market Trends Committee member and Metro Denver Realtor®. “While lower price segments struggle, this segment isn’t waiting for conditions to improve. It’s capitalizing on the opportunities already in front of it.”
Highlights from September’s closed transactions include the sale of the highest-priced detached home, which was at 31 Albion Place in Castle Rock. Spanning more than 10,000 square feet, it sold for $7.4 million after 44 days on the market in a cash deal. The highest attached sale was located in Cherry Creek North at 500 Adams Street and sold for $4.3 million in cash.
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