Active Inventory Count — Denver-Aurora-Lakewood, CO | ResiClub / Realtor.com]

Active listing count (properties for sale, excluding pending), July 2016–April 2026. Source: ResiClub / Realtor.com

The Denver housing market has a story the headlines keep getting wrong. Here’s what the data actually shows.

The median sale price in April 2026 was $605,000. In April 2025 it was $604,000. In April 2024 it was $602,000. Three years. Essentially flat. That is not a market in freefall — that is a market finding its level.

The DMAR April 2026 report paints a nuanced picture. Active listings reached 11,539 — up 17% from March — up more than 65% from April 2024's level of 6,270, and nearly 5x the pandemic low of 2,214 in 2021. More inventory. More choices for buyers. But look at what’s happening on the other side of those transactions: the average close-to-list ratio is 99.44%, and the median time in MLS is just 14 days. Well-priced homes are still selling fast, at nearly full ask.

Closed sales came in at 3,926 in April, and year-to-date closings are down only 3.71% versus 2025. The market is transacting. It’s just doing so on more balanced terms than buyers have seen in years.

For buyers, this is a window. Inventory is at levels not seen since 2019. You have real selection and, in many cases, real negotiating leverage. But the 14-day median and 99.44% close-to-list ratio are a reminder: that leverage applies to overpriced or poorly positioned homes. Well-priced properties in good condition are still moving quickly. Come prepared.

For sellers, flat is not the same as falling. A median price of $605,000 — up from $602,000 three years ago — is stability, not a collapse. The sellers who are struggling are the ones who haven’t adjusted to the new normal: more competition, more days on market for mispriced homes, and buyers who no longer feel pressure to skip the inspection. Price it right and the market is still there.

A word on the “Denver is the next Austin” narrative circulating online: it isn’t. Austin is down more than 6% and ranks among the four worst-performing markets in the country. Denver is near-flat and ranked ninth. These are different markets with different fundamentals. The DMAR data above is the rebuttal.

Net domestic migration into Denver was –14,608 in 2025 — the steepest outflow in recent history, per ResiClub. That's a real number worth watching. Colorado's total net migration was barely positive in 2025 (roughly 3,200 net), and international arrivals to the state fell nearly 70% year-over-year as federal immigration policy tightened. Population growth is now driven primarily by births, not in-migration. This is a trend to watch heading into 2026 and 2027 — if it accelerates, demand fundamentals will shift. For now, the market is absorbing it without price collapse, but it belongs on your radar.

When you think about the Denver market right now — does “flat for three years” feel like a reason to wait, or a reason to move?

Mile High Housing Brief is a short monthly snapshot of what’s happening in the Denver housing market — and what it could mean for buyers and homeowners.