The median home sale price in Denver has fallen every month since October, and a surge in available apartments and landlord concessions may be playing an outsized role.

According to data from Homes.com, the residential affiliate of CoStar, Denver saw the largest February median sales drop in more than eight years — 4% to $575,000 — yet remains one of the most expensive housing markets in the nation, ranking ninth among the top 40 metropolitan areas. The median home price has dropped every month since October.

“Renting has become significantly more accessible in the past couple of years for most Coloradans,” Cooper Thayer, an agent with The Thayer Group in Denver, told CoStar News. “That creates a diminished demand for for‑sale housing.”

He explained that in Denver, it costs more each month to own a home than it does to rent one. In many parts of the metropolitan area, owning a home costs about 70% to 100% more than renting — a gap that has reshaped housing demand.

That difference has spurred apartment development and intensified competition among landlords, helping to ease pressure on rents.

Rent growth under pressure amid supply surges

CoStar data shows that the asking rent in the Denver metropolitan area is $1,795 per month, down 3.4% from the previous year. Rent growth has been under pressure for the past two years, largely due to a surge in new supply.

A record 18,000 apartments were completed in 2024, followed by another 12,200 units in 2025, according to the data.

More than 60% of properties contacted by CoStar’s research division reported offering some form of free rent in February — a level that has held steady since last fall and represents the highest concession usage on record in the Denver metropolitan area.

In supply‑heavy parts of the market, renters can now find leases offering up to 14 weeks of free rent on a one‑year term, though 10 to 12 weeks has become standard. That’s up sharply from the six to eight weeks of free rent typically offered a year ago.

Condos feel the pressure most

The growing appeal of renting has also spilled over into the condo market.

According to Athena Brownson, with Compass in Denver, condos have been especially affected, as buyers weigh ownership costs against increasingly competitive rental options.

“The condo market in particular has taken a huge hit,” Brownson said. “Buyers want single‑family or even a duplex so they can enjoy outdoor space, and as the demand for single‑family increases, the demand for condos continues to decline and is absolutely causing condo prices to fall.”

Homes.com data shows Denver’s median condo price fell 9.7% year over year in February to $299,900. Condo sales were flat during the month, while inventory jumped 53.2% compared with a year earlier — the largest growth rate among property types.

“So, there is great opportunity out there for purchasing condos at great prices,” Brownson said, “but the buyer has to want that lifestyle.”

Looking ahead

Thayer expects the broader housing market — including rentals — to remain stable heading into this spring.

He noted that activity on the for‑sale side remains strongest among homes that are priced correctly and well prepared, even as renters enjoy increased leverage.

“If there’s one thing that’s moving fast,” Thayer said, “it’s those well‑positioned, well‑priced, well‑presented listings that sellers and their brokers are being very strategic about how they’re presenting.”

“I’ve always said that Denver is a very resilient market when it comes to how we compare to other areas around the