Colorado Springs Housing Market: Trends & Prices
Colorado Springs Real Estate Market Overview
(Last Updated – 7/2023)
What’s not to love about stunning vistas and fresh mountain air? Good old Colorado Springs sits near the base of the Rocky Mountains and was founded in 1871 with the intention of becoming a high-quality resort community. So many British tourists came through the area that the neighborhood was nicknamed “Little London”.
Despite Colorado having a reputation for being pretty chilly, winters are relatively mild in this area, with large snow accumulations not happening often in the downtown areas. Colorado Springs receives about 18 inches of precipitation a year, with the average snowfall totaling 57 inches per year.
Today, Colorado Springs still maintains a resort-like feel that locals and tourists alike can enjoy, thanks to stunning scenery such as Pikes Peak, Garden of the Gods Park, The Broadmoor Seven Falls, and Cave Of The Winds Mountain Park. For those looking for culture, this city can offer that too with historical attractions, a fine arts center and multiple museums to choose from.
Keep reading to learn more about what it’s like to live in Colorado Spring and for a breakdown of its key demographics and most important neighborhoods.
Overall Colorado Springs Market Trends
The Real Estate pros over at Redfin feel that Colorado Springs is one of the most competitive housing markets around.
In this “very competitive” real estate market, homes typically sell in around 23 days of being on the market and they sell for around their list price. Many homes in the area receive multiple offers, so buyers may want to act quickly when they find a home they love.
$463,000
Avg. Home Price
$218
Avg. Price Per Sq. Ft
23 days
Avg. Time on Market
Colorado Springs Housing Market Forecast
The Colorado Springs housing market is hot. While the median home price in Colorado Springs went down by 1.6% in May 2023 compared to last year, the market is still competitive, and experts predict positive growth over the next year.
This handy chart outlines home value trends in the area.
Demographics of the Colorado Springs Market
From historic to modern, the Colorado Springs housing market has it all! It’s easy to see why home buyers are drawn to the area.
Before making a decision about where to put down roots in Colorado Springs, it can be helpful to take a look at some helpful demographics relating to this lovely city.
Median Income: $71,957
Median Age: 34.9
College Educated: 40.2%
Homeowners: 61%
Married: 51.7%
Popular Colorado Springs Neighborhoods
With 20 charming neighborhoods to choose from in Colorado Springs, prospective home buyers will have a lot of difficult choices to make.
To save home searchers some time, we rounded up five of the most popular Colorado Springs neighborhoods and are breaking down their key demographics, what their real estate market looks like, and what it’s like to live there.
Briargate
This neighborhood may appeal to newer Colorado Spring residents who are looking for a master planned community that is family friendly and designed to foster a sense of community.
Who wouldn’t love gorgeous parks (inducing a playground designed to be inclusive for children with disabilities), hiking trails, and well-maintained landscaping in their neighborhood? Not to mention, many homes in this area can offer stunning mountain views.
Quick Facts
Population:
38,988
Median Age:
36.3
Housing Units:
14,220
Bike Score:
47/100
Walk Score:
34/100
Transit Score:
0/100
Average Household Income:
$121,008
Briargate Housing Market
With so many lovely amenities, it’s understandable why the Briargate housing market is considered to be a competitive one.
Many homes in the area receive multiple offers, some with waived contingencies, and homes typically sell for around their list price in just 18 days.
Average Home Price
$504,000
Average Price Per Square Ft.
$204
Broadmoor
Broadmoor is considered one of Colorado Springs’ more prestigious neighborhoods with historic mansions built as far back as the 1920’s, 30’s and 40’s.
Most homes are within walking distance of the beloved and historic Broadmoor hotel and resort, which is a perfect spot for welcoming out of town visitors or for stopping by for a drink or a great meal on the weekends.
Quick Facts
Population:
38,046
Median Age:
38.6
Housing Units:
16,314
Bike Score:
40/100
Walk Score:
36/100
Transit Score:
21/100
Average Household Income:
$124,351
Broadmoor Housing Market
In this somewhat competitive housing market, some homes on the market receive multiple offers from buyers.
Broadmoor homes typically sell for about 1% below their list price and stay on the market for an average of 42 days.
Average Home Price
$819,000
Average Price Per Square Ft.
$270
Garden Ranch
The amenities in Garden Ranch are just as lovely as the name of this neighborhood implies. For example, Colorado Springs’ largest city park, Palmer Park, resides in Garden Ranch.
A strategic location near the intersection of Union and Academy makes this community a fairly walkable one.
Quick Facts
Population:
5,253
Median Age:
36
Housing Units:
2,363
Bike Score:
45/100
Walk Score:
45/100
Transit Score:
25/100
Average Household Income:
$82,487
Garden Ranch Housing Market
The Garden Ranch housing market is very competitive, so buyers may want to familiarize themselves with the market.
Generally, homes in this area sell in around 13 days for about their list price and it isn’t uncommon for these homes to receive multiple offers from buyers.
Average Home Price
$497,000
Average Price Per Square Ft.
$209
Knob Hill
Busy workers will appreciate the fact that on average, the greatest number of commuters in this area only spend 15 to 30 minutes commuting to work, which is less than the average time spent to get to work for most Americans.
This neighborhood has single-family homes for sale and many homes in the area are older and were built between 1940 and 1969 which is ideal for buyers looking for a home with a history and some character.
Quick Facts
Population:
37,821
Median Age:
35.9
Housing Units:
16,853
Bike Score:
52/100
Walk Score:
64/100
Transit Score:
37/100
Average Household Income:
$64,048
Knob Hill Housing Market
Knob Hill is another super competitive neighborhood for home buyers in Colorado Springs. Homes typically sell for 1% above their list price in Knob Hill and only stay on the market for about 23 days.
Average Home Price
$363,000
Average Price Per Square Ft.
$227
Old North End
History Buffs will love calling Old North End home. There are plenty of large, stately homes to admire that were built in the late 1800s. Many of the homes are so historic they are on the National Register, which can make the renovation process a bit on the trickier side for homeowners who are looking to modernize.
Residents enjoy close proximity to the upper reaches of Monument Valley Park, as the west side of Old North End is bordered by the park. Locals love the biking and hiking trails, as well as the sports fields and playgrounds designed for family fun.
Quick Facts
Population:
9,620
Median Age:
35
Housing Units:
4,479
Bike Score:
88/100
Walk Score:
55/100
Transit Score:
33/100
Average Household Income:
$70,506
Old North End Housing Market
The Old North End housing market is heating up. In May 2023, home values in this area rose a staggering 40.3% compared to last year.
Homes in the area also typically sell in about 36 days.
Average Home Price
$895,000
Average Price Per Square Ft.
$279
SoFi Home Loans
It’s easy to see why Colorado Springs has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Colorado Springs could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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