Housing Spotlight – Colorado Springs, CO
Your guide to market trends in the coolest cities
|Feb. 2016|| Feb. 2017|
|Median sales price:||$240,000||$255,000|
|Avg. days on market:||60 days||41 days|
|Active listings: || 1762||1342|
|Average annual weather||48.9° F / 16.5” rain / 39” snow|
|Walk score (out of 100)||35|
Katharine Lee Bates first wrote the song “America the Beautiful” as a poem in 1893, titled “Pikes Peak.” Bates, an English professor at Wellesley College, was in Colorado Springs to teach summer school and was inspired by the view she took in from the summit.
Situated at the base of Pikes Peak in the Rocky Mountains, Colorado Springs is one of the more picturesque cities in the country. Its 195 square miles also make it one of the more expansive cities in the country, accounting for the low walk and transit scores. The housing market was red-hot last year, with record-breaking numbers for home sales (up 15.6 percent from 2015). Though its upward trajectory is not as steep as last year, the market is still robust and will continue to perform on the strength of its #11 ranking by U.S. News & World Report in its annual list of the 100 best places to live in the U.S. (based on desirability, value, job market, quality of life and net migration).
In this high-demand housing market, you may need to more carefully plan your purchase and timing, and exercise a little more patience. To make their offer more attractive, some buyers include an option for the seller to occupy the property after closing so the seller has time to find a new home. Whatever your approach, the key to buying your perfect home is to find a good realtor who knows the area well.
If you love the outdoors and want the convenience and culture of a metropolitan city, Colorado Springs may be the place for you. Just don’t be surprised if you need to get a little creative during the home-buying process.