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Colorado Springs Housing Market Update - Real Estate for November 2021

Colorado Springs housing market stats video is officially here! Today people are wondering if there is a housing crash on the horizon? If you’re here to just check the pulse of the market to help you decide how you move forward with your housing needs, or you’re interested in seeing how your own house is gaining or losing value, you’ve come to the right place. Coming up in this video we will learn what the experts are predicting for 2022, and the average and median home prices in Colorado Springs for single family homes and condos and townhouses.

Number of homes for sale in Colorado Springs

I don’t really share a lot of statistics when it comes to how many homes were sold, because do you care? I feel like sharing more relevant content to your journey and most of the people who watch this channel are trying to figure out how the market is doing here, what the price points are along with affordability but if I’ve judged incorrectly, please let me know in the comments. Although the number of homes sold matters, it doesn’t really directly shape or sway your decision from what you need to do personally when it comes to your housing needs. My goal is to help you build wealth through homeownership in Colorado Springs, not tell you how many homes were sold in the last month. However, I will say that the number of new listings was down by 24.7% so that makes things more competitive in our city. But it was also November, which is naturally one of the slowest months anyway. So with that said, here’s the stuff that matters.

Average home price in Colorado Springs

The average home price in Colorado Springs for single family homes for the month of November was $507,507. This number is down from October and just a reminder that this includes all homes averaged together including the high end homes which is why it’s so different from the median home price, which is a lot of what you’ll see as you’re scrolling for houses on the internet. I like to use the median home price in Colorado Springs for single family homes which was $450,000. For more affordability, people are looking to condos and townhomes just so they can get in on the equity and use them as leverage homes. Here’s a great idea. If you can’t afford a single family home, buy a nice townhome with a garage, live in it for a few years, then either use that townhouse as leverage to get a bigger place or rent it out and buy again. This is how you build wealth for yourself and your people. The condos and townhome price point is rising quickly. The average condo and townhouse price last month for Colorado Springs was $336,208 which is up 2.9% but the median house price for condos and townhomes is down less than half a percent landing at $325,000 American dollars.

Colorado Springs housing market predictions 2022

Now that we have those average and median home prices in Colorado Springs, what are real estate experts predicting for Colorado Springs in 2022? Prices are expected to continue to rise as inflation rises alongside. Mortgage rates will still be lower than previous years for 30 year loans according to Freddie Mac which will help affordability. Though rates are higher this year, they are still historically low. Home prices are expected to rise and be another strong year for the housing market according to Mike Fratantoni.

I wanted to talk about why you should "overpay" for a house in 2022, but I’ve got a lot of data and information on this topic so I’ll wait to do that video. Please subscribe and get that notification so you’ll know when that is ready. But contrary to popular opinion, I think you should “overpay” for a house. I’ll go into detail on why in that video. Click to subscribe or read this blog on the housing market and Zillow and foreclosure effects in Colorado Springs. See you soon!

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