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New - Just Now
$365,000
Active
3
Beds
1
Baths
894
Sqft
0.14
Acres
1117 Montrose Ave, Colorado Springs, CO 80905
MLS#: 2985935
We analyze data from the Pikes Peak MLS every three years to determine which zip codes have appreciated the most over the last five years. This helps us understand where home values have appreciated the fastest in Colorado Springs. The insights we discover are valuable for real estate investors and home buyers.
To accurately measure appreciation, we didn’t just look at sales prices. We combined median sales prices with price per square foot for a clearer view. The spreadsheets below contain all this detailed data, ready for you to dive in and draw your own conclusions.
Click on any zip code listed to see homes for sale in that area. It's a great way to learn about the different parts of town.
2024 Colorado Springs Zip Code Appreciation Map
| # | Zip Code | Price Increase | PPSF Increase | OVERALL INCREASE | 3-Year Change |
|---|---|---|---|---|---|
| 1 | 80809 | 76.0% | 56.4% | 66.2% | ⬆ 18 |
| 2 | 80915 | 59.3% | 68.9% | 64.1% | ⬆ 1 |
| 3 | 80916 | 62.1% | 64.4% | 63.3% | ⬆ 5 |
| 4 | 80910 | 62.0% | 59.8% | 60.9% | ⬇ 3 |
| 5 | 80907 | 53.3% | 64.2% | 58.7% | ⬆ 4 |
| 6 | 80863 | 52,8% | 62.0% | 57.4% | ⬆ 1 |
| 7 | 80817 | 55.8% | 57.8% | 56.8% | ⬆ 1 |
| 8 | 80829 | 54.0% | 59.4% | 56.7% | ⬆ 12 |
| 9 | 80911 | 52.6% | 60.6% | 55.6% | ⬆ 3 |
| 10 | 80133 | 58.5% | 52.9% | 55.7% | ⬆ 11 |
| 11 | 80917 | 54.7% | 56.3% | 55.5% | ⬇ 6 |
| 12 | 80922 | 55.2% | 54.8% | 55.0% | ⬆ 5 |
| 13 | 80923 | 50.0% | 58.8% | 54.4% | ⬆ 5 |
| 14 | 80918 | 52.6% | 54.8% | 53.7% | ⬇ 3 |
| 15 | 80831 | 54.4% | 52.9% | 53.7% | ⬆ 10 |
| 16 | 80925 | 51.0% | 56.2% | 53.6% | ⬆ 6 |
| 17 | 80924 | 48.3% | 58.3% | 53.3% | ⬆ 13 |
| 18 | 80921 | 56.2% | 50.4% | 53.3% | ⬆ 9 |
| 19 | 80909 | 54.5% | 51.1% | 52.8% | ⬇ 17 |
| 20 | 80904 | 56.6% | 48.3% | 52.4% | ⬇ 7 |
| 21 | 80951 | 54.6% | 50.0% | 53.3% | ⬇ 5 |
| 22 | 80906 | 49.3% | 54.4% | 51.8% | ⬇ 7 |
| 23 | 80927 | 48.0% | 55.0% | 51.5% | ⬆ 6 |
| 24 | 80919 | 51.1% | 49.3% | 50.2% | ⬇ 1 |
| 25 | 80908 | 44.2% | 56.1% | 50.2% | ⬆ 1 |
| 26 | 80106 | 45.7% | 52.3% | 49.0% | ⬇ 16 |
| 27 | 80132 | 48.3% | 49.6% | 49.0% | ⬆ 1 |
| 28 | 80920 | 43.1% | 54.6% | 48.9% | ⬇ 4 |
| 29 | 80903 | 35.6% | 59.2% | 47.4% | ⬇ 25 |
| 30 | 80905 | 39.3% | 43.0% | 40.6% | ⬇ 16 |
* The column that says "PPSF" stands for price-per-square-foot. The sales prices are taken from the median sales price for each zip code.
As you'll notice from the infographic above, different neighborhoods in Colorado Springs have varying market appreciation results. Some areas will appreciate faster than others. One thing is sure: every part of Colorado Springs has appreciated well. The lowest zip code on the list still increased by 40.6% over the last five years.
The average annual inflation rate for real estate in America has averaged 4.61% over the last 30 years. Our lowest appreciating zip code in Colorado Springs is appreciated at a rate of 8.0% per year. Every zip code in Colorado Springs gained equity at a rate higher than the national average for the last five years. That's an impressive claim.
Are home prices rising in Colorado Springs?
Home prices have leveled out over the past two years. Let's take a look at the last ten years of sales history in the Pikes Peak region to better understand exactly how much our market has grown. These numbers are current as of March 2024.
Colorado Springs Median Sales Price Over the Last 10 Years
Notice how Colorado Springs has appreciated nearly every year since 2015, but then dropped in 2023. Home prices are relatively flat right now.
Are homes selling fast in Colorado Springs?
We are in a strange market right now. Here is a chart showing our home sales over the last ten years.
Colorado Springs Homes Sold Over the Last 10 Years
We sold the least amount of homes in ten years in March of 2024. Sales have slowed down, but our inventory is still low. This is keeping home prices flat. If inventory increases, home prices will start to drop.
What facts are revealed from this chart?
There are multiple conclusions to consider when reviewing the data.
We found three main points of interest that were most relevant from our collected data.
- Zip Code 80909 covers Cascade and Chipita Park. This zip code has increased its value the most over the past five years. This is a smaller zip code with very few homes for sale, which may be a temporary increase. It had the largest increase in comparison to our report three years ago.
- The zip code that dropped the most over the last five years is 80903, which covers downtown and the Old North End. This zip code dropped from number four number. This could be due to new residential parking restrictions in the area.
- The zip codes that have appreciated the best seem to be close to military bases or located in the mountains. This is a newer trend that was not reflected in our last zip code map study.
Homes near the city's epicenter tend to have higher demand, but that has changed in the last few years in Colorado Springs. Homes in the upper price ranges tend to have less demand, as fewer people can afford them. Also, newly built homes sell for 10% to 20% more than existing homes, so they tend to appreciate slower in the first few years.
This data can yield more interesting facts. For instance, if a person bought two investment properties five years ago in zip code 80915, they probably would experience more appreciation than someone who bought a high-end home in zip code 80920 at the same time.
Is the Colorado Springs Real Estate Market Expected to Continue These Trends?
Everyone wants to know the answer to this question, but the honest answer is that no one knows. This data is provided as a point of reference but not as a guarantee of the future.
This data does not guarantee that you can invest in real estate near downtown Colorado Springs and do better than in Northgate or Black Forest. It's general information about every home sold within our local MLS. Multiple factors can change the outcome of a home's appreciation, which is not a part of this study.
Specific deals within every area do not always conform to these averages. We advise you to work with a great Realtor who knows the market well and can help you navigate each neighborhood to ensure you make the best decisions.
What's the Real Estate Market like right now in Colorado Springs?
Every month, we put out the Colorado Springs Market Insider. You can view it by clicking the image below. You'll find the most recent housing market statistics for Colorado Springs right here.
If you subscribe to any of our social media profiles, you'll receive our newest videos in your news feed as soon as we post them. Our website and Facebook page are the best ways to stay up-to-date with our crazy market shifts.
We also recommend finding an excellent Realtor with enough experience to navigate our current market conditions. Your realtor's skillset and expertise have never been more vital.
Whether buying or selling a home, you need an excellent Realtor. Finding the right agent will be one of the critical factors to your success in this crazy real estate market.
