After hitting housing inventory levels higher than what many of Colorado’s markets have seen in a decade, market data from July suggests the inventory is only growing — and with it comes the gradual shift into a buyer’s market.

Prices on single-family homes, condos and townhomes dipped slightly across the state in July, according to an August Market Trends Housing Report from the Colorado Association of Realtors. Meanwhile, inventory continues to grow as lower sales volume leaves more homes stagnant on the market — all factors that give more negotiation power to buyers.

“For buyers, this is one of the most favorable negotiating climates in more than a decade, and one where opportunities are abundant if you know where to look,” Denver County-area Realtor Cooper Thayer said in the report.

The combination of higher inventory, slower sales and more concessions are giving buyers more negotiation power, as well as time to find the right deal to fit their budget.

Last month, inventory levels for parts of Colorado not only returned to pre-pandemic levels, but also reached numbers not seen in more than a decade. Active listings jumped to over 33,000 across the state, up almost 23% from last year. The increase in homes on the market was attributed to a slowdown in closing across the Front Range’s metro area and other more remote counties as buyers continued facing high interest rates and broad economic challenges.

In July, the median price of a single-family home fell slightly over 1% to $590,000 statewide, but it remains relatively flat compared to median pricing from June 2024, according to the report. The median price for townhomes and condos fell 1.2% from June to July and is down just shy of 6% from a year ago at $400,000. Single-family homes, however, are still slightly more costly than they were in July 2024 despite the month-to-month decrease.

Still, fewer homes are selling at full price than what markets were typically seeing in the years following the pandemic, with more sellers offering concessions. The average percent of homes sold at list price fell slightly to 98.7% for single-family homes and 98.3% for townhomes and condos statewide.

Most markets are also recording a higher volume of active inventory in most product types than what the state saw during the same time last year.

The Colorado Association of Realtor’s July 2025 report recorded 25,086 single-family home listings, an increase of over 18% compared to July 2024. For condos and townhomes, the increase is over 21%. Monthly listings are down slightly compared to prior month, however, following six consecutive months of growth.

The overall months’ supply of inventory also continues to favor a buyer’s market. The state’s months’ supply of single-family inventory stayed at 4.5 months from June, but went up 12.5% compared to July 2024. Condo/townhome supply remains up more than 31% from a year ago.

Despite the rising inventory and more negotiable prices, however, less buyers showed up to the market. In total, roughly 6,220 single-family homes were sold across Colorado in July, 7.4% less than in June. Compared to one year ago, however, sold listings are nearly identical.

“Now is possibly the best time in the past 14 years to be a buyer. Interest rates may not be perfect, but all the other buying conditions are close to perfect for buyers who can always look ahead at refinance options if interest rates go down,” Aurora Realtor Sunny Banka said in the report.

The growing number of homes on the market means buyers have more options when it comes to finding properties with features that fit their preferences, with less need for compromise. Buyers also have more time: The average number of days on the market for all home types jumped to 53 days, a 15% increase compared to last year, according to data from the report.

Western Slope realtors weigh the impacts of a growing inventory

Several counties on the Western Slope have seen similar trends in their respective real estate markets. Monica Graces, a realtor in Grand County, told the Colorado Association of Realtors that the region saw higher inventory and more balanced conditions in July.

“Sellers faced some softness, especially in older or less strategically priced homes. Buyers benefited from greater selection and negotiating power, while desirable properties — like new construction or those with views — continued to move,” Graces said.

Grand County had a 24.4% increase of homes for sale from May to June, with single-family homes being the most popular among both local residents and investors from the Front Range. June’s median sales price — $747,000 — represents a 17.2% drop year-over-year despite already being lower than the month’s median listing price of $849,000.

In Routt County, new listings for single-family homes in Steamboat Springs are up 5.3% year-to-date, according to Steamboat Springs-area Realtor Marci Valicenti. The median price is down 7.7% to just under $2 million, though the average price is up to $3.36 million. Meanwhile, multi-family listings are up 37.2% with six fewer sales than last year. The months’ supply for both homes and condos/townhomes is now approximately eight months.

“The first 10 days of July saw three new homes come to the market priced in the neighborhood of $7 million rapidly go under contract — a first for that type of activity,” Valicenti said in the report.

The July real estate market in Summit and Park counties brought sales up by 9%, though prices held steady for the most part, according to Colorado Association of Realtors President and Realtor Dana Cottrell. In some cases, prices tacked higher, despite several other markets veering in the opposite direction.

Listing for multi-family listings rose 11%, though their days on the market stretched 69% longer, Cottrell said. Listings for single-family homes went against the statewide trend, decreasing by 9%.

The median price for homes in Summit and Park counties climbed 9.5% for single-family homes and 5.3% for multi-family homes, with sellers averaging about 97% of their list price. Some buyers are still willing to shell out major dollars, however, with sales on single-family homes over $10 million surging 150% year-to-date. The average sales price for a single-family home in Summit County was $2,101,540 in July.

Of the current 1,081 active listings in both counties, the prices range from a $160,000 mobile home to a $21 million ski-in/ski-out estate, both in Breckenridge, Cottrell said in the report. Roughly 57% of listings are priced at more than $1 million, and nearly half of July sales sailed above the $1 million mark.

For Eagle County, sales ranged greatly by property type. Single-family and duplex sales were positive 17.1% while townhome and condo sales were negative 10.5%, according to Vail-area Realtor Mike Budd. Pending sales were also greater for single-family homes at 117%, while townhomes and condos were negative 25.4%.

“The pricing impact varies dramatically by location in the valley and the existing inventory. One of the reasons for the decline in townhome/condo is the 2024 completion and sales of some developments which have not been replaced by new construction,” Budd said in the report.

The region’s total inventory of 692 units is the highest level since the COVID-19 pandemic.

More homes on the market means higher competition for buyers’ attention. Across Western Colorado, older or fixer properties are lingering longer while those that are better-priced and in more desirable locations see quicker closings, Graces said.