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Real Estate Market Trends: Everything You Need to Know in Beautiful Colorado Springs

Real Estate Market Trends: Everything You Need to Know in Beautiful Colorado Springs

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Colorado Springs, CO, is certainly worth considering.

Just about an hour south of Colorado’s capital city Denver, Colorado Springs is known for its charming architecture and proximity to Colorado’s famous Pikes Peak. Informally known as “The Springs,” the city was founded in 1859 as the first settlement in the Pikes Peak region. What was originally just a supply camp for miners, Colorado Springs has grown into a full-blown metropolis with plenty of historic, Western charm.

But what about the Colorado Springs real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Colorado Springs real estate market

Here are some of the top trends for January, 2024 in the Colorado Springs real estate market:

Colorado Springs, CO General Statistics

  • Population (city proper): 491,530 (up 2.36% since 2020)
  • Population (metro area): 765,424
  • Area (city proper):  201.8 sq. mi.
  • Area (metro area): 2,683.6 sq. mi.
  • Median Age: 36
  • GDP: 47.9 Billion
  • Unemployment rate: 3.3%  (Down .2% month over month)
  • Top employers: Lockheed Martin, Progressive, Microchip, Newmont, Team USA
  • Highest paying jobs: Oral and Maxillofacial Surgeon, Anesthesiologist, Physician-Pediatrician, Cardiologist, Obstetric Gynecology Physician, Psychiatrist, Operator and Truck Driver, Hospitalist Physician, Resident Physician and Radiologist, Physician.
  • Median income (per capita): $42,456
  • Median income (household): $78,768

Colorado Springs Real Estate Market Statistics

Colorado Springs real estate market

  • Neighborhoods: 141
  • Homes for sale as of December, 2023: 2290
  • Median list price: $460k (down 2% year-over-year)
  • Median sold price: $445k
  • Sale-to-list price ratio: 100%
  • Median price per square foot: $219
  • Median days on market: 48 (Down 13% since January 2023)
  • Rental vacancy rate: 3.8%
  • Homeowner vacancy rate: 6.8%
  • One-year appreciation rate: -1.7%
  • Average rent: $1,547 (up 6.2% from 2023)
  • Price-to-rent ratio: 21.88
  • Most expensive neighborhoods:

 

Neighborhood Average Monthly Rent Median Listing Price
Northgate $3,033 $909,099
Old North End $2,103 $884,818
Old Broadmoor/ Broadmoor Hills $3.708 $861,051
Pine Creek East $3,382 $826,117
Black Forest East $2,427 $817,780
  • Least expensive neighborhoods:

 

Neighborhood Median Monthly Rent Median Listing Price
Cimarron Hills South $2,142 $155,602
Southborough $1,957 $188,923
Knobhill $2,035 $260,899
Stratton Meadows $1,828 $295,823
Papeton $1,597 $297,167

Final Thoughts: Colorado Springs Real Estate Market Trends in January, 2024

The Colorado Springs real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Colorado Springs real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Colorado Springs home or one hundred, you don’t have to go it alone.

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:


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