The country is full of outstanding places to live, but among the most underrated is Colorado Springs. It is a family-friendly place to be with beautiful flowers, the commute is generally quite easy, the temperatures are wonderful, and there is a ton to do and see. It gives you many of the benefits that somewhere like Denver does, without being so busy and large.
However, if you are looking to buy in the city and move there, there are some facts you want to know about the market. These can help you make informed decisions, and know what you are getting into.
Whether you are looking at the most charming homes to buy in Old North End, or want to make a purchase in a different area of the city, this guide is going to take you through some of the most important facts to know about the market.
Prices are Rising
While the homes are still more affordable than in many other cities, the median price of homes in Colorado Springs hit a record high of nearly $490,000 in May 2022, which is much higher than it was only a year ago. This has priced some people out of the market and limited the options that many potential buyers have.
If you aren’t aware of these dramatic piercing increases over the last year, you may be in for a rude awakening when you want to buy in the city with Ivy outdoor plants. Prices have been consistently rising for years due to the growing popularity of the area, but the increases have been massive recently, and this is certainly something you need to think about.
With interest rates rising we may see this price begin to drop, but only time will tell. We wouldn’t be shocked to see prices continue to rise, as the city continues to become more popular for people to set up shop.
Homes are Often Selling Above the Asking
Despite studies saying that people are overpaying for their homes in Colorado Springs currently, many homes in the city are actually selling for above their asking price. Everyone wants their offer to stand out and be chosen, and offering more money is a great way to do just that.
As a buyer, this can make things difficult, as you may not know how much to offer to remain competitive with other potential buyers. In this situation, it is a good idea to rely on the help and guidance of your real estate agent to help you look at comparables and truly see what a home is worth. You won’t always need to offer the above, but if a home is worth it and might see a lot of offers, it is certainly an option to consider.
Much More Inventory on the Market
Over the years, Colorado Springs has enjoyed a fairly healthy housing inventory with plenty of homes available to view and purchase. However, this was not the case throughout 2021. Due in large part to the pandemic, much fewer people were selling their homes, which severely limited the number of available homes for people looking to move into the city.
Thankfully, these numbers have rebounded and there are much more new listings to consider. Of course, it is still lower than the inventory was a couple of years ago, but is certainly promising after 2021 and could be a sign that housing scarcity will be a thing of the past in this area. Also, more homes on the market mean more selection and options for buyers, which generally leads to more favorable pricing.
We hope that this article has been able to help you learn some of the most important facts about the real estate market in Colorado Springs.
