October 2024 - Denver Market Update

The 2024 Election and Real Estate: Key Takeaways for Buyers and Sellers

With the 2024 Presidential election approaching, you may wonder how it might affect your plans to buy or sell. Real estate is a focal point in this election cycle, and while it’s natural to have questions, history and current market dynamics offer some reassuring insights.

• A Temporary Slowdown in Home Sales - Historically, home sales may see a slight dip in November of election years, as buyers and sellers pause to assess any potential changes. Ali Wolf, Chief Economist at Zonda, highlights that while sales may briefly slow, they typically recover in December and strengthen further into the following year. Data from the National Association of Realtors (NAR) shows that home sales increased after nine of the last eleven presidential elections, indicating that any impact on buyer demand is usually short-lived.
  
  In Denver, where demand remains consistently high, this temporary slowdown could even provide a unique window for buyers to face less competition, while sellers can feel confident that the market will regain momentum post-election.
  
• Home Prices Expected to Remain Resilient - If concerns over home values arise, it’s important to know that election years rarely disrupt the long-term upward trend in prices. In fact, home prices have risen following seven of the last eight elections, even amidst nationwide uncertainties. Denver’s steady demand and limited inventory create an environment likely to support continued price stability and potential growth.
  
  
• A Favorable Trend in Mortgage Rates - As seen in previous election years, mortgage rates tend to ease slightly between July and November. Freddie Mac data reveals that in eight of the past eleven election years, rates softened during this period.  While we have seen rates floating up slightly over the last few weeks, many are optimistic as we move into 2025. While a substantial rate drop isn’t forecasted, even a modest decline could positively impact affordability for buyers in the Denver area.
  
  

Look ahead with confidence as we move through the election season. It’s essential to remember that real estate remains a resilient, long-term investment. My commitment is to help you navigate these times with clarity and confidence. Whether buying, selling, or simply exploring your options, I’m here to support your real estate goals every step of the way. Let’s stay connected as we continue to move forward in Denver Metro’s dynamic market.

October Market Report >> CLICK HERE

October Buyer Tips

As the 2024 election draws near, you may see a brief dip in market activity. This could be an opportunity to explore listings with less competition. Historically, buyer demand picks up soon after elections, so now may be a good time to make your move before the market regains momentum.

October Seller Tips

If you're planning to sell, keep in mind that any slowdown in buyer activity during the election season is typically short-lived. Historically, home prices remain resilient and demand tends to strengthen after elections. By staying informed, you can position your property to attract motivated buyers as the market resumes its usual pace.

If you're in the market to buy/sell a home or know someone who is, let’s connect!  I'm happy to share market resources, vendor referrals, or anything else that would be helpful in your journey.

Michelle Fitzgerald
Real Estate Broker, Realtor®

phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/