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Housing Spotlight – Colorado Springs, CO

Your guide to market trends in the coolest cities

Demographics
Population:
456,568
Median income:
$55,266
Homeownership:
68%
Property

Feb. 2016
 Feb. 2017
Median sales price:
$240,000
$255,000
Avg. days on market:
60 days
41 days
Active listings: 
 1762
1342
Features
Average annual weather
48.9° F / 16.5” rain / 39” snow
Walk score (out of 100)
35
Transit score
18
Bike score
46
Attractions
Garden of the Gods
Seven Falls
Pikes Peak 
Cheyenne Mountain Zoo
U.S. Air Force Academy
Olympic Training Center
Colorado Springs Fine Arts Center

Random fact

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.

Breakdown

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.

Sources:
US Census Bureau, 2015
USClimateData.com
Walkscore.com
Zillow.com
TripAdvisor.com
GreatColoradoHomes.com
Trulia.com
Gazette.com
Pikes Peak Multiple Listing Service

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