If you were thinking that the real estate market in Colorado Springs was going to be cooler than 2021, think again! This spring season is already looking to be hot hot hot, but there are projections that it could become the hottest homebuying season ever! While rates are beginning to rise, homebuyers are still rushing to nab a new home before they continue to increase as we get later into 2022. Take a look at current trends for Colorado Springs below!
Colorado Springs has been a top market for the past few years, and as a result, expensive. Colorado Springs was recently tied with the Miami-Fort Lauderdale market as the 11th most expensive. Part of the current high prices has resulted from a lack of inventory. Despite hopes that inventory would recover in 2022, Colorado Springs has less properties for sale now than this time last year.
The median sales price for the market is also 15.9% higher than last year at $475,000.
Looking at top neighborhoods in the Colorado Springs market, Park Hill will be with most affordable as homes have a median list price of $325,000. East Colorado Springs has seen almost an 20% increase in median list prices from last year, with a median list price of $400,000. Broadmoor is the most expensive by far. It’s median list price is $822,000.
The competition in Colorado Springs is still very high, with many properties for sale still getting multiple offers and even waived contingencies. The average homes in the area tend to go in about 14 days, and the more desirable properties can be pending in just 4 days!
