Denver's median hit $605K in April — and the sellers holding sub-4% mortgages are quietly running the whole show

Something worth paying attention to in the April numbers: Denver's median resale price hit $605K — up 2.5% in a single month — and single-family homes pushed to $670K. Days on market dropped to 13. On the surface, that sounds like a hot seller's market. But the real story is more complicated than that. The inventory problem in Denver right now isn't about demand. It's about sellers who locked in rates below 4% and simply will not move unless they absolutely have to. That rate lock effect is quietly suppressing supply, which is propping up prices even while affordability stays stretched. So buyers are competing for fewer homes, and sellers who do list are holding real leverage — not because the market is frenzied, but because there's just not much to choose from. Jerome Powell stepping down adds another layer of uncertainty to where rates go from here, which means that rate-lock grip on inventory isn't loosening anytime soon. My honest read: if you're a Denver seller sitting on a sub-4% mortgage and you've been wondering whether you can afford to move, that's the exact conversation worth having right now — because the math is more nuanced than most people assume. The answer isn't always no. If you're a buyer, 13 days on market means you need to be ready, not just interested. "In Denver right now, the people who aren't selling are shaping the market just as much as the people who are." Are you one of the homeowners in Denver who bought between 2020 and 2022 and has been doing the mental math on whether a move is even possible at today's rates? — Tammy Morran | The HomeBridge Group @ eXp Realty