How Much Are Homes in Colorado Springs?
The real estate market is at an all-time high, with available homes remaining scarce. In 2022, the housing market in Colorado Springs is expected to be one of the hottest. Buyers are struggling to find homes for sale and sellers are experiencing record sales prices.
Current Home Prices in Colorado Springs
Overall, there has been about an 18% increase in home prices in Colorado Springs. The median sales price has increased to $450,000, up from $380,000 from this time last year. The average sales price has increased to $507,507, up from last year's average sales price of $429,163. Colorado Springs's home values have increased 29% over the last year.
What is the difference between the median and average sales price? The median price is the most common sales price, the average price is figured by the combined average of homes sold.
Broadmoor easily received the title for the most expensive neighborhood with the median list price of $686,000. Park Hill received the honor of the most affordable neighborhood title with a median list price of $385,000.
Homes For Sale
Colorado Springs is seeing a slight increase in the homes available for sale with a 26% increase from last year's availability, a positive sign for home buyers. When the housing market is considered to be a "seller's market" this means that there is less than a 6-months of supply. Single-family home sales have declined by 7.1% in El Paso County and new listings have decreased 1.1% year after year.
Homes are selling at record speeds, but the average home is staying on the market for 14 days compared to last year's 20-day average.
What kind of homes can you expect? The most common home available is three and four-bedroom single-family detached homes.
10-Year Housing Trend
Colorado Springs home prices have been steadily increasing over the last 10 years, at the rate of 18% per year. The housing inventory is slowly creeping back up which will start to slow the price increase trend.
The housing inventory has continuously decreased through the years with a bump in 2018, then back to decreasing. There is still minimal inventory, and it is slowly coming back but, not quite quick enough for the demand.
Will the Housing Market Crash
Currently, there are no actual signs of the housing market in Colorado Springs crashing. The slight increase in inventory has not slowed down the price increases. Even with low inventory and increasing prices, the market is being balanced by none other than current homeowners.
Homeowners are refinancing to get lower interest rates and smaller mortgage payments; some homeowners are taking this opportunity to cash out some of their equity. Why would homeowners borrow against their equity? They are taking the opportunity to make updates, remodel, and renovate. This is the perfect time for homeowners to take advantage of the record low-interest rates, especially if they plan to sell their home within the next few years. Renovations can be pricey, especially in the current market when materials are also at an all-time high.
Colorado Springs is expected to have one of the hottest real estate markets in 2022.