Housing Market Forecast 2021 The rapid growth of home prices…
Houses for Sale Colorado Springs
Real estate sales for the city of Colorado Springs, CO were strong again in August setting the stage for an even hotter housing market in 2021.
Perhaps not surprising for a city that is becoming a desirable location for migrants from everywhere. And with added funding for the military, the local economy is sure to thrive in the next year. Colorado Springs is rated as the hottest housing markets in Colorado and in the US. Prices are 39% cheaper than most cities which just adds to the interest in living anywhere in El Paso County.
Ever Popular Colorado Springs CO
Why is this city so attractive to home buyers? Interest in living in Colorado Springs has been strong for a long time. The military’s strong economic presence gives the region stability while the lifestyle, low of housing, high quality of living, and spacious outdoors provides plenty of interesting sports and leisure activities.
The school system is rated highly, and the amenities and offerings of the city are plentiful. This all adds up to a secure and high quality life next to Colorado’s beautiful rocky mountains and its wealth of skiing and mountain biking opportunities.
Home sales and prices have hit record highs, even during the pandemic showing Colorado is a desirable place to live. Colorado Springs economic base is driven by the US military installations here and by aerospace and electronics industries and tourism.
Colorado Springs is Colorado’s 2nd largest city with almost half million population in 2020. The city is a big draw due to its location next to Pike’s Peak and parks within the Rocky Mountains. A migration of workers out of California and Denver are contributing to the demand for more spacious houses in Colorado Springs.
Rental homes are in big demand too, with average rent prices climbing quickly to $1700 per month.
Total sold properties rose 15% while the median price of homes sold rose 15% to a new high of $380,000. New listings of homes dropped by 8.3% while total active listings on the MLS fell 14.9% compared to last year.
Days on market is extremely low in Colorado Springs as it now only takes 19 days to sell home here. However, with less than 1100 homes for sale currently, it is getting increasingly tough for Realtors in Colorado Springs to find listings for their buyers.
Homes below $250,000 are almost non-existent and those in the $300,000+ are in limited supply. Sales are suppressed due to a lack of available houses, just as it is in most US housing markets. 2021 will bring much higher prices.
Enjoy this this video from Great Colorado Homes covering the latest sales stats.
El Paso County Recent Stats
With prices rising 18% YoY and listings falling 9.6% at the end of the pandemic, we have to believe Colorado Springs real estate is going to be much pricier in 2021.
Colorado State Real Estate Update
Compare and contrast Colorado Springs sales stats with the state averages.
Find homes for sale now in Colorado Springs:
Refin has 1425 houses for sale in Colorado Springs, while Realtor.com has 2431 listed. There is opportunity but the competition is intense. Expect multiple offers if you’re going through the MLS. Check for more houses for sale and consider contacting a Realtor in Colorado Springs to help.
Colorado Springs Home Price History
As the Zillow home price timeline chart above shows, the demand for Colorado Springs homes is strong. Zillow forecasts a price rise of $14,000 to July 2021. The forecast for most single detached homes across the US and in Colorado is for higher prices and lower availability.
New home construction in the Colorado Springs area is not expected to meet demand in 2021.
Colorado Springs Neighborhoods
Briargate, Powers, and Falcon are the three priciest neighborhoods in Colorado Springs. You can drill down further through the Zillow homes for sale widget above.
Other sources of Colorado Springs home listings:
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Housing Market Forecast 2021 – copyright Gord Collins
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