Denver Housing Market November 2026: Fed Holds, Rates in the 7s

Hi neighbors! The Denver housing market in November 2026 is a story of two things at once: mortgage rates are stuck in the 7s, and home prices are holding steady anyway. This week we break down the Federal Reserve's Oct. 28 decision, the newest DMAR and SMDRA numbers, what's on your Nov. 3 ballot that touches housing, a Lakewood history story, and where to dump your fall leaves.

The Denver housing market this week

Did the Fed raise rates again?

No. On Wednesday, Oct. 28, the Federal Reserve held its key rate at 3.75% to 4% (Federal Reserve, Oct. 28, 2026). That comes six weeks after the Fed raised it by a quarter point on Sept. 16 (Federal Reserve, Sept. 16, 2026). The vote was 10 to 2, and the two members who disagreed wanted another increase. The Fed's statement said "Inflation remains elevated." In plain English: the Fed isn't in a hurry to cut.

Where are mortgage rates?

Freddie Mac's weekly survey put the average 30-year fixed rate at 7.32% on Oct. 22, 2026, down from 7.40% a week earlier (Freddie Mac PMMS). A year ago it was 6.19%. That's a national average for a borrower with strong credit and 20% down, so your own quote can be higher or lower.

Are Denver home prices dropping?

Not really. Sales are down, but prices are mostly flat. The Denver Metro Association of Realtors (DMAR) says September 2026 closings fell 21.39% from a year earlier to 2,849 homes, the fewest September closings in its records back to 2008 (DMAR Market Trends Report, September 2026, published Oct. 3, 2026). Even so, the median sale price for detached homes so far this year is $650,000, right where it was at this point in both 2024 and 2025.

Here's what else DMAR reported for September 2026:

• Sellers got 98.45% of their list price, up from 98.32% a year earlier.
• Homes spent a median of 32 days in the MLS, down from 35.
• There were 13,567 active listings at month's end, or 4.76 months of inventory.
• Condos and townhomes: 7.21 months of inventory, with prices down 6.28% from a year ago to a $365,500 median.

The South Metro Denver Realtor Association (SMDRA) tracks a different area, seven counties combined (Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson), using REcolorado data. Its September 2026 numbers (SMDRA Market Statistics, September 2026):

• Median price: $571,153, down 2.2% from $584,011 in September 2025.
• Closed listings: 2,734, down 17.2% from 3,301.
• Pending sales: 2,729, down 12.9% from 3,134.
• Median days in MLS: 33, down from 37.
• Months of supply: 4.5.

DMAR and SMDRA measure different areas, so compare each one only to its own past numbers. If you want to see your own city, check our Lakewood market page, Littleton market page or Denver market page.

What this means for you

If you own a home: Your value is likely close to where it was a year ago, which is good news in a 7% rate world. If you're thinking of selling, pricing and condition matter more than they did in 2021. Homes take about a month to sell, and buyers expect to negotiate.

If you're thinking about buying: You have more choices and more leverage than you've had in years, especially with condos and townhomes. Rates are high, so ask about seller-paid credits or a rate buydown, where the seller pays to lower your rate. We believe the quieter weeks between now and the holidays are a good time to shop, because fewer buyers are out looking.

Beyond the headlines

Election Day is Tuesday, Nov. 3. Here's what's on the ballot that touches homes and household costs. We're explaining what each measure would do, not telling you how to vote.

Local: two Denver measures with a home-cost angle

Denver Public Schools Ballot Issue 4A would let DPS raise property taxes by up to $44 million a year. The money would go to educator pay, career and technical education, and student mental health and special education, according to The Denver Gazette's voter guide (Oct. 11, 2026). The Gazette estimates the cost at $11.50 a year for every $100,000 of home value, or about $72 a year on a $624,800 Denver home.

Denver Question 2K would approve a new 20-year franchise agreement with Xcel Energy through 2047. The current agreement ends Dec. 31, 2026. Franchise fees show up on Xcel customers' bills, not property tax bills.

Why it matters for your home: Property taxes and utilities are part of what you pay to own a home every month. If your property taxes are paid through escrow (an account your lender collects as part of your monthly payment), a tax change can change your mortgage payment.

Colorado: natural gas and property tax relief

Amendment 82 would add a right to buy and sell natural gas for homes and businesses to the Colorado Constitution (2026 State Ballot Information Booklet, pages 19 to 20). That could limit state and local rules on natural gas. It needs 55% of the vote to pass. Supporters say natural gas is affordable and reliably heats homes in extreme cold. Opponents say it adds to climate change and air pollution and that communities should set their own energy rules.

Proposition NN would let the state keep some money it would otherwise refund to taxpayers under TABOR, Colorado's tax limit. Part of that money would repay local governments for property tax breaks for seniors, disabled veterans and Gold Star spouses (same booklet, page 41).

Why it matters for your home: Amendment 82 could affect building codes for new homes and how homes are heated. Proposition NN touches how existing property tax breaks are paid for.

National: the Fed waits

The Fed held steady on Oct. 28 after its September increase, with two members voting for another hike. Its statement said economic activity is "expanding at a strong pace" and inflation "remains elevated."

Why it matters for your home: As long as the Fed is talking about inflation, don't count on mortgage rates dropping fast. Plan your budget around today's rates, not hoped-for ones.

Homeowner 101: How the Fed connects to your mortgage rate

The federal funds rate is the interest rate banks charge each other for overnight loans, and the Federal Reserve sets a target range for it. It is not your mortgage rate.

Think of the Fed like a thermostat for the whole economy. It doesn't set the temperature in your house directly, but it nudges everything in that direction. Your 30-year mortgage rate follows long-term bond markets more closely, especially the 10-year Treasury yield. On Oct. 26, the 10-year Treasury yield was about 4.98% (Mortgage News Daily, Oct. 26, 2026). When investors expect inflation to stay high, they want more interest, and mortgage rates rise with it.

That's why rates can move before or after a Fed meeting, and sometimes the opposite way. It's also why "the Fed cut rates" doesn't always mean your mortgage gets cheaper.

Example numbers: On a $400,000 loan over 30 years, principal and interest at 7.32% comes to about $2,748 a month. At 6.19%, last year's average, it's about $2,447. That's roughly $300 a month, or about $3,600 a year, from the rate alone. Taxes and insurance come on top.

History corner: How a Lakewood estate became Belmar

If you've walked around Kountze Lake in Lakewood (in Jefferson County), you've been on the grounds of one of the area's most famous estates.

According to the City of Lakewood, May Bonfils began buying land around what is now Kountze Lake in 1936. Her mansion was finished in 1937 near today's Wadsworth Boulevard and Alameda Avenue, and she called the estate Belmar Farms. May was the daughter of Denver Post publisher Fred Bonfils, and the mansion had about 20 rooms, according to state historian Tom Noel writing for History Colorado.

The estate was a working farm. May and her husband, Charles E. Stanton, raised prize-winning Suffolk sheep and Black Angus cattle. Deer roamed near the lake. In 1959 the couple formed the Belmar Development Company, which planned the Villa Italia Shopping Center.

May died in 1962. In 1970, her husband donated the mansion and 10 acres to the Archdiocese of Denver. According to Noel, the property was sold the next year and the mansion was torn down.

Some of the farm survived. A calving barn from about 1910, a caretaker's cottage, machinery sheds, a granary and an auction house are on the Colorado State Register of Historic Properties. They now sit in Heritage Lakewood Belmar Park, a 15-acre history park with 15 historic buildings. The Lakewood Historical Society opened the city's first museum there in 1976.

The name lives on in Belmar Park and Lakewood's Belmar district. Want to see it? The visitor center is at 801 S. Yarrow St., open Tuesday through Saturday from 10 a.m. to 4 p.m. and Sunday from noon to 4 p.m. Curious about homes nearby? Here's our Lakewood page.

Around the 303: Things to do Nov. 4 to 14

• Open Hours and Historic Tours at Highlands Ranch Mansion. Wednesday, Nov. 4, 3 to 6 p.m. Highlands Ranch Mansion, 9950 E. Gateway Drive, Highlands Ranch. Free. Volunteer docents give free tours of the historic house. Details
• Opening reception: David Ocelotl Garcia, Energy and Movement of Public Art. Thursday, Nov. 5, 5:30 to 7 p.m. Littleton Museum, 6028 S. Gallup St., Littleton. Free, no RSVP needed. Opening night for a new exhibit on David Ocelotl Garcia's public art, with light refreshments. Details
• Holiday Pop Up Market. Opens Friday, Nov. 6 and runs through Nov. 23. Lakewood Cultural Center lobby, 470 S. Allison Parkway, Lakewood. Free to browse. Artisan gifts for an early start on holiday shopping. Details
• First Friday Art Walk. Friday, Nov. 6, 5:30 to 9:30 p.m. Art District on Santa Fe, mostly along Santa Fe Drive between 5th and 11th avenues, Denver. Free to walk. Galleries along the district open their doors for the evening, and the 10th and Osage light rail stop is close by. Details
• Stella Heath and The Billie Holiday Project. Saturday, Nov. 7, 7:30 p.m. Lakewood Cultural Center. Tickets required. A swinging vocal jazz tribute to Billie Holiday. Details
• Time for Three. Friday, Nov. 13, 7:30 p.m. Lone Tree Arts Center, 10075 Commons St., Lone Tree. Tickets required. A Grammy-winning string trio that blends classical, Americana and singer-songwriter music. Details
• Ali Stroker. Saturday, Nov. 14, 7:30 p.m. Lone Tree Arts Center. Tickets required. The Tony Award winner from Oklahoma! performs live. Details

Community resource of the week: Fall leaf drop-offs

Don't blow your leaves into the street. They clog storm drains, and in both Littleton and Lakewood it breaks city code. Instead, haul them to a drop-off.

• Littleton and Englewood: The cities' fall leaf collection runs through Tuesday, Nov. 10, at A1 Organics Mountain States, 2300 W. Radcliff Ave., Englewood. Hours are 7 a.m. to 5 p.m. weekdays and 7 a.m. to 1 p.m. Saturdays. It costs $5 per vehicle per visit, cash or card, with a driver's license or utility bill as proof of residency. Leaves only, and empty any plastic bags (City of Littleton).
• Lakewood: Free leaf recycling runs Nov. 7 to Nov. 22, 9 a.m. to 3 p.m. daily (closing at noon on Fridays), at the city greenhouse, 9556 W. Yale Ave. Bring proof of Lakewood residency. No bags of any kind, and no branches (City of Lakewood).

FAQ

Are Denver home prices dropping?
Mostly no. So far in 2026, DMAR's median sale price for detached homes is $650,000, level with the same point in 2024 and 2025, though condo and townhome prices fell 6.28% from a year earlier in September 2026 (DMAR). Sales are down more than prices.

Will mortgage rates go down now that the Fed held rates?
Not automatically. The Fed held its key rate at 3.75% to 4% on Oct. 28, 2026, and said inflation remains elevated (Federal Reserve). Mortgage rates follow long-term bond markets, so they move with inflation news more than with any one Fed meeting.

Is it a buyer's market in Denver right now?
It's leaning that way. DMAR reported 4.76 months of inventory in September 2026, and 7.21 months for condos and townhomes, which gives buyers more choices and more room to negotiate (DMAR).

Where can I drop off leaves in Littleton or Lakewood?
Littleton and Englewood residents can take leaves to A1 Organics in Englewood through Nov. 10 for $5 a visit (City of Littleton). Lakewood residents can drop leaves free at the city greenhouse from Nov. 7 to Nov. 22 (City of Lakewood).

From us

That's a wrap on our first weekly edition!  If you're curious what your home might sell for in this market, we'll put together a free home value estimate for you. No pressure, just numbers.

Kasey & Allison Learned, 5thGEN Group | Real Broker, LLC