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With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.
In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):
Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market.
This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.
The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election (see chart below):
That’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.
If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):
And that aligns with the typical pattern of post-election rebounds.
So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.
It’s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.
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It’s officially gourd season. Here are our top suggestions for which pumpkin patch to pick, depending on the fall experience you’re craving.
Dates: Oct. 11–13
Address: 8500 W Deer Creek Canyon Road, Littleton
Tickets: $18 adults; $16 seniors (65+); $12 children (ages 3-15); free for kids 2 and under
Pumpkin price: By size, $8 average
Hours: 9 a.m.–5 p.m.
Why we love it: You can pick pumpkins and peep wildflowers.
This annual pumpkin festival runs one weekend only, and the main attraction is the 10-acre pumpkin patch brimming with a smorgasbord of gourds, from white pumpkins to tiny squash. There will also be a corn maze (this year’s theme is wildlife), carnival games, barrel train rides, face painting, a mini maze, live music, and food and drink vendors serving up bites like funnel cake and corndogs. As an added perk, all Pumpkin Festival tickets also include admission to the entire Chatfield Farms, which is a working farm operated by Denver Botanic Gardens. The property has 2.5 miles of trails through its native plant refuge, plus wildflower gardens and A+ bird-watching. The folks at the festival were even thoughtful enough to offer free “pumpkin day care,” so you can leave your precious picks safely under their watch while you explore all 700 acres. Don’t forget to BYOW (bring your own wagon) if you plan on picking several squashes.
Dates: Fridays, Saturdays, and Sundays now through Oct. 27
Address: 20861 CR 33, LaSalle
Tickets: Fun pass for ages 3 and up starting at $25 (online) and $35 (gate); all-access fun pass starting at $42 (online) and $52 (gate); free entry for pumpkin patch only; Scream Acres experience sold separately
Pumpkin price: By pound
Hours: Varies
Why we love it: You can explore the most elaborate corn maze in Colorado.
With nearly 75 acres to roam, you’re guaranteed to hit your step goal at Fritzler Farms. There’s a pumpkin cannon, go-karts, a giant slide, mini golf, human foosball, and a 14-acre pumpkin patch, where folks can choose from more than 20 varieties. Owner Trevor Fritzler’s pride and joy, though, is the farm’s famous (and elaborate) 15-acre corn maze. In past years, the design has featured a tribute to his parents, the seal of the president of the United States, and the Denver Broncos logo, which is how this patch earned the number-two spot. This year’s design celebrates the farm’s 25th anniversary and features a special shoutout to Life Stories Child & Family Advocacy, a Greeley nonprofit that supports children who’ve experienced abuse and neglect. Stick around after sunset for fireworks on select Fridays, and if you’re feeling brave, for “Scream Acres,” where Fritzler puts a terrifying twist on the corn maze. First responders and vets should mark October 5 and 6 on their calendars: They’ll get free admission with an ID.
Dates: Now through mid-November
Address: 13912 County Road 19, Platteville
Tickets: $18–$28 at the gate, which includes four bags to fill per person; Pumpkins included in the four-bag limit
Pumpkin price: Included in ticket price
Hours: 9 a.m.–6 p.m.
Why we love it: You’ll leave with all kinds of fresh fall produce.
At Miller Farms, visitors are treated to a hayride through 180 acres of fields, where you can pick organic, pesticide-free pumpkins, as well as potatoes, carrots, onions, beets, corn, squash, peppers, and more. The price of admission includes up to four bags of vegetables per person—including the big-ticket gourds—so choose wisely. If you don’t want to get your hands dirty, visit the customer-favorite “Wagon Sale,” where you can fill a red Radio Flyer with all the pre-picked produce you can fit for only $50. The festival also features classic attractions like corn mazes, an antique tractor alley, a hay bale pyramid, and lawn games. Don’t miss out on the “Croc-pit”—a play pit filled with thousands of cut-up Crocs given to the farm by the Broomfield-based company when it nearly went out of business in 2018. All this affordable (and unconventional) fall fun earned Miller Farms the number-three spot on our list. Don’t forget to fill out the farm’s waiver while you’re making the roughly 40-minute drive to this pumpkin party.
Dates: Saturdays and Sundays from Oct. 5–27
Address: 26745 Weld County Road 17, Johnstown
Tickets: $15 for ages 3 and up; $12 for military & seniors (with ID); free for kids 2 and under
Pumpkin price: Mini $2, small $8, medium $12, blue/specialty pumpkins $14, giant $20
Hours: Saturdays 11 a.m.–5 p.m., Sundays 12 p.m.–5 p.m.
Why we love it: Budget-friendly pumpkin prices
Score specialty gourds at, ahem, killer prices at Hankins Farms, a family-owned operation since 1910 located less than an hour outside of Denver. This haunt’s wallet-friendly pumpkin prices earned it the number-four spot on our list, but there’s so much more to do than peruse the patch. Fight off zombies with corn cannons, race pedal cars, and try your hand at foam ball archery. The festivities also include two themed corn mazes: Farm Scene Investigation and Monster Mystery.
Dates: Sept. 28–Oct. 31
Address: 2001 S Chambers Road, Aurora
Tickets: Free admission with additional pricing for activities
Pumpkin price: By size
Hours: Monday–Saturday 8 a.m.–6 p.m., Sunday 9 a.m.–5 p.m.
Why we love it: The short commute and free admission
Save money on gas and put it toward gourds at this close-to-home patch in Aurora. Nick’s Garden Center and Farm Market throws an annual Fall Fest for all the Denverites who hate driving, earning it the number-five spot on our list. Here, you’ll find a variety of pumpkins to choose from, plus activities for every kind of kiddo. There are no tickets required to enter, and it’s free to enjoy the straw maze, Professor Pumpkin story time, kid’s play area, and tons of games. The fest also offers pedal karts, an inflatable obstacle course, mini golf, rubber ducky races, and train rides through a haunted tunnel for an additional charge. Pro tip: Stop by this daily fall festival on a weekday to avoid the crowds and get your garden shopping done at the same time with help from their friendly and knowledgeable staff.
Dates: Now–Oct. 31
Address: 10600 Isabelle Road, Lafayette
Tickets: $8; free for seniors and kids under 6
Pumpkin price: By size
Hours: 10 a.m.–6 p.m.
Why we love it: All the fall family photo-ops
Cottonwood Farms is a small-but-spirited operation that offers a 10-acre pumpkin patch with straw bale and corn mazes, wagon rides, vintage farm equipment displays, and yard games. But what earns this patch the number-six spot on our roundup are all the whimsical photo-ops. Make it a tradition to snap an annual pic of your kiddos beside the “How Tall This Fall?” ruler board for an adorable holiday card. Then, borrow a wagon from the farm, and wander the petite patch in search of the perfect canvas for your next jack-o’-lantern.
Dates: Saturdays and Sundays from Sept. 28–Oct. 27
Address: 11 Cavanaugh Road, Bennett
Tickets: $19 for adults (ages 13–59); $16 for military/first responders and seniors (60+); $14 children (ages 5–12); free for kids 4 and under
Pumpkin price: 85 cents per pound (up to 40 pounds), then 60 cents every pound after
Hours: 10 a.m.–6 p.m.
Why we love it: It’s the perfect playground for little ones.
A day at Mile High Farms sort of feels like a trip to Halloweentown thanks to the owners who constructed an entire village on the working farm made up of buildings, life-size characters, and antique farming equipment. Climb aboard an antique tractor to tour this 11-acre pumpkin patch, where helpful staffers can snip your selected pumpkin straight from the vine. Channel your inner Targaryen and see if you can escape the dragon’s lair—this year’s theme for the corn maze—or simply let your lively little ones burn their energy on the playground. Don’t leave before saying hello to the farm’s newest resident: August, a one-month-old alpaca. Mile High Farms may not have all the bells and whistles of other patches, but its charming vibes and family-friendly feel earned it our last-but-not-least spot.
Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.
As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.
Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):
While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.
And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake:
If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant.
So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move.
To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says:
“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.”
Bottom Line
The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.
If you want help weighing your options and thinking through how the current market factors in, connect with a local real estate agent.
Despite a historic construction wave that has sent vacancies soaring, apartment rents in Denver increased by 0.8% in August. This marks the largest monthly increase since January 2023 and brings year-to-date rent growth to nearly 3%.
Average market-rate rents increased to $1,898 per month, according to CoStar data, and the recent gains reversed what appeared to be the beginning of a downward trend that was expected to last through the remainder of the year. Typically, rent growth declines in late summer and lasts through the winter months in response to the seasonal slowdown in demand.
Renter demand in the Denver apartment market staged an impressive rebound through the first eight months of the year, helping to support continued rent growth. Net absorption, or the difference between move-ins and move-outs, totaled over 8,500 units through the end of August. With 2,900 units absorbed in July and August alone, this is already the best third quarter since 2021 when demand was at an all-time high.
Still, the remaining months of 2024 will prove to be challenging for Denver’s landlords, as completions are expected to remain elevated through the final months of the year.
CoStar projects that in total, 16,000 units will be completed in 2024 while only 10,600 units will be absorbed. These projections show that among major markets across the country, Denver will end the year with one of the widest supply and demand gaps, ranking just behind the Texas markets of Dallas-Fort Worth and Austin. Vacancy is expected to exceed 10% for the first time by year-end.
Landlords are hopeful that 2025 will mark a return to historical norms, as new groundbreakings in the past year have dwindled to a decade low. Fewer completions are setting the stage for a more supply-constrained market, which should support stronger rent gains.
A Denver nonprofit purchased the multifamily building, at 1521 N. Humboldt St., for $2.4 million.
A local nonprofit addressing poverty has acquired a multifamily building in Denver for $2.4 million to make more affordable housing available near one of its transitional employment sites.
Open Door Ministries purchased the building, at 1521 N. Humboldt St. in Denver’s City Park West neighborhood, on Aug. 23, according to public records.
The building was previously owned by an LLC associated with Denver-based commercial real estate firm Rio Residential. Rio Residential purchased the building in 2015 for nearly $1.92 million, records show.
“Humboldt Housing provides affordable, supportive housing for men, women and families looking to thrive as they seek a stable, sober-living environment within [a] Christian community,” according to ODM’s housing purpose statement. “Potential residents include graduates from Open Door Ministries’ housing programs, graduates from other transitional housing programs, Open Door Ministries staff and others needing this kind of housing.”
Built in 1930, the two-story building has 13 units and spans 8,180 square feet, according to LoopNet. ODM paid roughly $184,600 per unit.
The nonprofit is keeping current tenants in the building for the remainder of their leases and has arranged for two people to move into one empty unit this month, Kat Efaw, ODM’s communications and staff fundraising coordinator, said via email.
Residents don’t have to be Christian to live in a home provided by ODM, the nonprofit says.
“The ultimate purpose is to move people toward full self-sufficiency,” reads the nonprofit’s housing statement. “As such, we do not see this community as a final destination.”
Residents typically live in an ODM property for three years, with rent gradually increasing over time. The nonprofit helps transition residents into more permanent housing and then offers ODM units to others in need.
In addition to housing, ODM provides job training and transitional employment through Street2Life, a print and embroidery shop one block from 1521 N. Humboldt St.
ODM founded Street2Life in 2012. It is one of 18 ministry programs under the ODM umbrella, according to Street2Life’s website.
Other ODM offerings include kids and youth programs, leadership development and community outreach.
ODM is a supporting organization of Open Door Fellowship, which owns 11 properties with operations at two additional properties, Efaw said.