Colorado Springs real estate hot spots
Updated: Jul 26, 2019
Colorado Springs has been making headlines a lot for the right reasons. Several reports have confirmed Colorado Springs as a real estate hot spot. According to a publication made on 19th April 2019 on Forbes website, Colorado Springs was listed as one of the ‘Hottest Real Estate Markets this Spring.’ This spurge was mostly attributed to millennial buyers. Lots of young people are trooping down to Colorado Springs as the investment opportunities are currently on the rise as well as the standards of living. Also, Colorado Springs made on another list, Realtors.com as one of the hottest metro areas in the United States. The realtor.com made use of time-on-the-market data and listing views per property index to arrive at this conclusion. The Colorado Springs has taken an interesting turn, and if it continues on this path, it is likely to make the list as the number one housing market in the United States. The basis adopted when ranking Colorado Springs included affordability of homes for first time buyers, job growth, current numbers of persons currently willing to move to Colorado Springs and also the percentage of millennials buying properties and residing in Colorado Springs.
Two major reasons why Colorado Springs remains a hot spot for real estate investment are:
• Affordable Prices: Despite the heavy demand for real estate in Colorado Springs, supply has been great. Just like every commodity, when the demand is high, and supply does not meet up with demand the price tends to increase on a drastic level. However, this is not the case with Colorado Springs as supply continues to meet demand; this is one reason why investing in Colorado Springs is highly recommended.
• High Demand: Colorado Springs continues to grow, and as such, demand for real estate is high and bound to continue like this for the next couple of years.
• Job Growth: Job growth has continued to create a better and robust economy for Colorado Springs. It is great to see millennials taking the front seat in this drive, and this is one reason why the Colorado Springs market would continue to thrive.
The top neighborhoods making Colorado Springs a hot location for real estate investments include;
• Broadmoor: The Broadmoor neighborhood can be best described as a mixture of the ‘old school and the new school’ with most buildings here built around the 1930s and ’40s but have currently been remodeled to fit new standards. You would find the iconic Broadmoor hotel and resort around this neighborhood. The average house price in Broadmoor is estimated to be around $387,000.
• Briargate: Briargate is located in Northeast Colorado Springs; it is a neighborhood with a great mountain view and lots of green parks and can be best described as an ideal neighborhood. Most millennials are currently settling in Briargate, and this makes it popular with young families. Briargate is home to the United States Airforce Academy. Median Property Price is estimated at $390,141 and the median rental Income at $1,683.
• West Side/Old Colorado City: This can be described as one of the oldest neighborhoods in Colorado Springs. The Old Colorado City is just a stroll away from downtown and still has some touches of an eclectic neighborhood as beautiful cottages are available here. West Side or Old Colorado is known for tourism as the town gets a lot of attention from tourists all year round. The median price for a house here is $282,500, and the median rent is $1,550.
• Falcon: Falcon located northeast of Colorado Springs used to be a ranching neighborhood, and also a railroad hub, and it was not until around 1990 when it began to experience residential growth. The median home price in Falcon is $284,909, and the median rental Income $1,366.
• Central Colorado Springs: Currently, the real estate market in Central Colorado Springs is overwhelming, and it is actually witnessing lots of investors. It is highly sought after due to its unique charm of towering matured trees. Estimated median home price is $ 393,204, and charges for Airbnb are around $2,514.
For more information, contact Top Tier Real Estate at (719) 330-5556.