Colorado Springs Housing Market: Trends & Prices

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    Colorado Springs Real Estate Market Overview

    (Last Updated – 10/2020)

    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. The area receives 17.4 inches of precipitation a year, with the average snowfall totaling 44.6”.

    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.

    $355,000

    Avg. Home Price

    $158

    Avg. Price Per Sq. Ft

    23 days

    Avg. Time on Market

    Colorado Springs Housing Market Forecast

    The Colorado Springs housing market is hot, hot, hot. According to Zillow, the median home price in Colorado Springs rose by 7.6% over the past year and home values aren’t expected to drop in the coming year. This handy chart outlines home value trends in the area.

    Housing market forecast chart

    *Graph taken from Zillow as of 09/2020

    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: $65,331

    Median Age: 34.6

    College Educated: 39%

    Homeowners: 60.6%

    Married: 51%

    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:

    39,758

    Median Age:

    36.1

    Housing Units:

    14,373

    Bike Score:

    48

    Walk Score:

    30

    Transit Score:

    0

    Average Household Income:

    $111,657

    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 17 days.


    Average Home Price

    $398,000

    Average Price Per Sqare Ft.

    $149


    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:

    36,199

    Median Age:

    38.8

    Housing Units:

    16,205

    Bike Score:

    41

    Walk Score:

    35

    Transit Score:

    21

    Average Household Income:

    $104,929

    Broadmoor Housing Market

    In this very competitive housing market, it’s not uncommon for homes on the market to receive multiple offers from buyers.

    Broadmoor homes typically sell for about 0.5% below their list price and stay on the market for an average of 31 days.


    Average Home Price

    $465,000

    Average Price Per Square Ft.

    $184


    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:

    5,323

    Median Age:

    36

    Housing Units:

    2,379

    Bike Score:

    48

    Walk Score:

    45

    Transit Score:

    25

    Average Household Income:

    $71,504

    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 23 days for about 1.1% above their list price and it isn’t uncommon for these homes to receive multiple offers from buyers.


    Average Home Price

    $383,000

    Average Price Per Square Ft.

    $155


    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:

    39,119

    Median Age:

    34.8

    Housing Units:

    17,195

    Bike Score:

    53

    Walk Score:

    62

    Transit Score:

    37

    Average Household Income:

    $55,931

    Knob Hill Housing Market

    Knob Hill is another super competitive neighborhood for home buyers in Colorado Springs. Homes typically sell for 2.4% above their list price in Knob Hill and only stay on the market for about 29 days.


    Average Home Price

    $298,000

    Average Price Per Square Ft.

    $182


    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:

    9,150

    Median Age:

    34

    Housing Units:

    4,374

    Bike Score:

    83

    Walk Score:

    54

    Transit Score:

    33

    Average Household Income:

    $58,290

    Old North End Housing Market

    The Old North End housing market is heating up. In the past year, home values in this area rose by 28.3%.

    Despite this rise in prices, homes in the area still sell relatively quickly in about 39 days.


    Average Home Price

    $572,000

    Average Price Per Square Ft.

    $219



    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.

    Learn more


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