The average home price in Colorado Springs
Updated: Jul 23, 2019
Most cities in Colorado are currently experiencing a real estate boom and the city of Colorado Springs is not an exception. However, the real estate boom is currently slowing down in the city of Colorado Springs. Nevertheless, It is important not to confuse the slow-down in Colorado Springs real estate boom with a shrink in the real estate market as it is mostly as a result of reduced migration rates and it is bound to pick up sooner or later. Moreover, the slowing down of the Colorado Springs real estate market does not actually mean a drop in the prices of the real estate properties; it actually means slowing down of the increase rate of real estate prices. For example, prices for real estate sales rose by 1.92% to a median price of $331,000 in June.
The slow-down is affecting both real estate buyers and sellers, but it seems to be more beneficial to buyers currently. The real estate boom on the other hand, is more beneficial to home owners and sellers. Currently due to the slowdown, home sales in Colorado Springs have witnessed a slight decline with June 2019 witnessing a 4.95% decline. Also, when compared with last year January it was discovered that home sales took a week longer in 2019, that is an average of 46 days as compared to 2018 for listed homes
Despite the slow-down in Colorado Springs real estate market, the price for real estate continues to gradually move up though at a very low rate compared to previous years. This might have something to do with Colorado Springs being a very ‘hot cake’ when it comes to real estate housing. Getting a home in Colorado Springs is actually very competitive. Despite how tough it is presently to get a home in Colorado Springs, it has been rated as one of the best cities to move to. Some of the reasons for this rating can be ascribed to the wonderful climate in Colorado Springs. Perhaps, another factor why Colorado Springs is rated as one of the best cities to move to is the high availability of jobs. It is almost impossible to move to Colorado Springs and not get a good job.
Home prices in Colorado Springs continue to be on the increase, with the average price for a home in Colorado Springs currently estimated at around $373,393 according to Top Tier Real Estate. Even at this rate, most of these houses just spend a couple of days on the real estate market after being listed. However, the median price for sold homes is $295,800. This average price ranges across various neighborhoods, including: Southeast Colorado Springs at $184,600, Old Colorado City at $220,400, Southeast Colorado Springs at $184,600, and Briargate at $328,800.
The median rent rate in Colorado Springs is estimated to be around $1,125. The rent price differs depending on the neighborhood, with Knob Hill rated as the most affordable neighborhood in Colorado Springs with an average monthly rent of $904. Some other cities and their average rent rate in Colorado Springs include; Pikes Peak Park at $908, Southborough at $916, Gateway Park at $916, East borough at $916, Spring Creek at $933, East Colorado Springs at $972, Cragmoor at $1,081, Wagon Trails at $1,099, Kissing Camels at $1,123, Ivy wild at $1,149, and Old Colorado City at $1,155.
For more information on real estate prices across various neighborhoods in Colorado Springs, you can contact Top Tier Real Estate at (719) 330-5556, you would be glad you did!