The metro Denver region is seeing the value of homes continuing to blossom — and sellers are waking up to smell the roses.

Most homes, including single family, townhomes and condos, sold for at least $602,000 in April — an increase of nearly 4% from last year’s median price, according to the monthly Market Trends Report from the Denver Metro Association of Realtors released Friday.

Denver’s housing market is cyclical with sale prices, rising during the first half of the year before dropping in the latter half. The last time Denver’s median closing price hit $600,00 was in July 2023 at the peak of last year’s slower spring selling season due to rising interest rates.

This year is still behind 2022 when most residential properties sold for at least $624,000 during the month of April. Interest rates are still high this year but sellers are showing signs of relenting. 

The biggest difference from 2023 is the number of homes on the market. There were nearly 7,000 active listings at the end of April, up 51% from the same time last year, the report said.

Home buyers in the 11-county Denver region — Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties — now have more choice after years of low inventory.

Denver housing market’s peak season off to better start from pent-up demand

The number of homes on the market is expected to climb this month despite high interest rates, said DMAR Market Trends Committee chair Libby Levinson-Katz in a statement, and sellers should price conservatively.

Most homes are selling at or below listing price, unlike last year when the close-to-list price was a little more than 100%.

“Buyers on the hunt for their next property will likely choose the one priced at fair market value, with very little work needed,” Levinson-Katz said. “This is not the time to push the price or to place a home on the market to see if you can obtain the price you hope to achieve.”

Despite more homes on the market, the number of sales closed is still lagging. About 3,700 homes sold in April, the report said, down nearly 5% from last year.

The total sales volume hit $2.7 billion in April, up about 1.75% from the year before.

The amount of time a home is on the market is also speeding up, as most homes sold within eight days after being listed, the report said, down from 11 days in March.