Compared to most markets in the U.S., the Colorado Springs real estate market is moving ahead in appreciation at a faster rate than similar cities and national averages. Housing market experts believe the market will continue to grow even though some specific homes are stabilizing and growing slower, such as single family homes. While new inventory hits real estate offices throughout the state, prices are still rising but doing so at a slower rate.
Real Estate by the Numbers
As of May 2019, the median home prices in Colorado Springs sits at $293,500 which is an 8.8% gain over this same time last year. 2019 predictions look to place the market at a 5.5% gain for a year to year total. Once on the market, the average home will take just under 60-days to get under contract. In many ways, while the market is a great one for sellers, the housing is still affordable enough that buyers are scooping up great deals as well.
Median Home Price
Increase Since May 2018
Average Days on Market
Predicted Increase in 2019
Over 60% of the housing market in Colorado Springs is comprised of single-family homes. Apartments and condo highrises make up about 22% with attached style homes (such as in downtown areas) total about 8% of market share. While home ownership is more popular than renting the numbers are relatively equal with about 57% owning homes the remaining 42% make up the rental market. Since the market favors renting, especially being that seasonal employees, military and student come and go in Colorado Springs, you’ll find investment opportunities exist too.
Top Ranks of Home Appreciation
Colorado Springs can be found in the top 10% for real estate appreciation nationally. That is because the market has shown to be growing year after year with a nearly 43% appreciation rate. This works out to be just under 4% annual appreciation which homeowners and investors love to see on paper.
And the reasons for this trend in appreciation look to include a few factors. This consists of a robust student living market, low mortgage rates, lower property taxes (average $800-$1500), an active job market and a destination for tourism. Tourism has led to several investors buying property since the market is Airbnb friendly. These factors contribute to the eye-catching statistics that show Colorado Springs is in the top 5% of markets with the best appreciation rates in America.
Where to Live in Colorado Springs
Located Northeast of the city, marked by mature trees, great views of the mountains and spacious homes. Families find a lot to love in this area of the city.