Looking for homes for sale in Colorado Springs? In this video we’re going to look at how many new listings came on the market this week as well as some of home prices and different types of homes for sale in Colorado Springs that are on the market. I’ll show you how to navigate the website and some tips on finding the right home in Colorado Springs. We will also talk about the housing crash in Colorado Springs and what the experts are saying.
Hello! My name is Iris and I’m a real estate agent in Colorado Springs. You are always free to call or text me (719.315.5016) if you have any questions at all. My goal is to help you make your move so you can build wealth through homeownership in Colorado Springs. No question is too insignificant, even if you don't feel qualified to buy a home. Remember, I started off with a tiny income and a credit score of 480 or so. I could never have afforded a house on my own. Our median home price just went down to $445k from January. Just about $5k less for single family homes. As the market begins to pick up, it is likely that we will see this number change
This is an interactive blog, so it's best to watch the video so you can follow along. But the content will include the following:
Will house prices go down in Colorado?
House prices in Colorado Springs may be going down but probably not in the next couple years. It’s really tough to know for sure when that will happen. However if you take a look at this graph of the last twenty years of the average home price in Colorado Springs, it’s pretty telling what prices might look like in another five to ten years. In the past there was always this ebb and flow of sellers market/buyers market. But it’s been a seller’s market for many years. And with the recent changes with the inflation and supply chain it’s only gotten worse. Look at this spike since 2016. During the recession we see this dive where it hit a crash in 2009 otherwise known as The Great Recession. We have bad lending to thank for that. This was one of the worst economic declines in our history. Some lenders didn’t even verify jobs and income so when our economy was hit so many people lost their income and could no longer afford housing. So all that to say prices may level or taper and correct itself, but if you’re looking for a housing crash, it may not happen. At least not any time soon. Lawrence Yun for the National Association of Realtors says, “With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”
How many homes are for sale in Colorado Springs?
As of today, there are 411 homes on the market in El Paso County. If I change my filter to Colorado Springs only, that changes to 80. 80 homes for sale! Insanity. This needs to change asap.
New homes for sale in Colorado Springs
You've gotta jump into the video for this part. Here's the time stamp. Start watching. Condos start at $215k with a high HOA fee. There is a single family home for sale in 80909. 2 bedrooms, 720 square feet, no garage.
Colorado Springs Housing Crash
The experts are not foreseeing a housing crash in the Colorado Springs market. It is still topping the best places to live and best zip codes and best cities to move to in the US by Bankrate, US News, Business Insider, and Livability. Furthermore, as long as there is a supply vs demand issue where there’s a shortage of homes for sale in Colorado Springs, we will see prices rise. With us being a strong military city and home to Fort Carson, Peterson Air Force Base, Norad - where Santa is tracked during Christmastime, and the Air Force Academy, we have plenty of ways to keep people moving here. On top of sunny and clear skies, clean restaurants and businesses, beautiful mountains and clean air, there is no wonder why Colorado Springs is so popular.
Interesting fact: back when Colorado Springs was being established, the Chamber of commerce actually asked Fort Carson to come to Colorado Springs. They offered them land south of town which back then was downtown Colorado Springs if they would grace us with their presence. Colorado Springs donated that land where Fort Carson is now to the War Department. From there came the other military bases and our growth has been exponential since then.
Average house price in Colorado Springs
The average house price in Colorado Springs in January of 2022 was $494,954. This number is up 14.2% from last year, but down 2.2%. This has become a frustrating factor when it comes to affordability. According to Danielle Hale at realtor.com, she says “Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.” The best way to see if you can afford the monthly payment with room to invest, save, and breathe, would be to use the mortgage calculator. Figure out the down-payment and use the average home price amount in the home price box.
We’re going to stick with the 30 year mortgage as that’s common just for this example, but you can use any of the loan programs. Then click advanced here and you can type in the other additional payments. I already have a video. This video explains where all your money is going when you own a house. If you are a teacher or other service member such as military, fire and police or healthcare, text me about getting 1% of your loan towards your closing costs. It’s a great deal!
The rising rates and home prices could make the dream of living in Colorado Springs feel so far away. But if you want to learn some common mistakes that are killing any chances of buying a house in this type of super sellers market, watch this video next on why buyers aren’t winning the bidding war.
Iris Burton, Colorado Springs | REALTOR®
Prosperity Group, eXp