Colorado Springs Housing Market Today

Here's the latest news about the Colorado Springs real estate market. We update this page with the most recent data from our local MLS (Pikes Peak Association of Realtors) every month. If you're moving to Colorado Springs and have questions about our local real estate market, please let us know. We specialize in local housing market data, and we enjoy talking about it.


The Current State of the Housing Market in Colorado Springs
*Updated on June 15th, 2022

Average Sales Price:
$554,013

*13.2% year-over-year increase
Average Sales Price in May 2021: $489,526

Median Sales Price:
$487,000

*12.7% year-over-year increase
Median Sales Price in May 2021: $432,095

SUMMARY: The median home price is the most common sales price of all the homes sold in El Paso / Teller Counties from last month's sales in May of 2022. The average sales price is the combined average of all sold properties in El Paso / Teller Counties and Colorado Springs, CO, for the same period.


  • Total Active Listings in Colorado SpringsThere were 1,365 active real estate listings in Colorado Springs last month. There were only 582 active listings this time last year. That's a 134.5% increase in available homes for sale from the previous year.

  • New Versus Sold Listings in Colorado SpringsThere were 2,200 new listings submitted to our MLS last month. That was a 17.3% increase from the previous year. There were 1,689 homes sold last month, which was an 8.9% increase since May of 2021. This April started a new trend with more listings than sales.

    • Days on Market in Colorado SpringsThe average days-on-the-market for homes listed in April 2022 was 11 days. That's a 9.5% increase from this same time last year. Some homes are still selling at record speeds with multiple offers.


10-Year Home Price Trend in Colorado Springs

10 Year Price Trend in Colorado Springs

The 10-year home price trend reflects the median sales price for May 2022, going back 10 years. Colorado Springs has been on a 10-year price increase with no end in sight. Inventory is slowly creeping back up, which will eventually slow this price increase trend. Right now, prices are increasing from 12% to 15% per year around the country.


10-Year Active Inventory Trend in Colorado Springs

10 Year Price Trend in Colorado Springs

The 10-year active inventory trend reflects the active homes for sale for May 2022, going back 10 years. The stability of our local housing market is based on the available homes for sale and the number of active buyers currently looking for a home. Inventory is slowly coming back to pre-pandemic numbers. Prices are still rising, but at a much slower pace.

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Is Colorado Springs in a buyer's or seller's market right now?

Soft Sellers Market in Colorado SpringsColorado Springs just experienced one of the strongest seller markets that we have ever seen. Now things are shifting. There were 1,365 homes for sale last month. 2021 had much lower inventory at this time, but the need for homes is still impacting our market. Prices are rising, but at a slower pace.

Sellers are still experiencing record sales prices, but high prices and rising interest rates are thinning out the number of active buyers. Colorado Springs is expected to have one of the hottest housing markets in 2022, according to Realtor.com.

The speed of our local market is causing some folks to try and sell their home without a Realtor (FSBO). Buyers are having more success getting their offers accepted. It's essential to have a good Realtor and mortgage lender to help navigate through this shifting market as a home buyer or seller.

Is the Colorado Springs housing market going to crash soon?

Our local real estate market has experienced a slight increase in inventory over the last year, but not enough to slow it down. The median price of a home listed for sale today is roughly 12% higher than last year. There are no actual signs of a housing market crash in Colorado Springs, as of now, but there is definitely a shift happening.

Even with interest rates rising in 2022, housing prices are still increasing in the Pikes Peak region. The supply of homes is not enough to meet the demand for single-family homes in Colorado Springs.

On the flip side, more and more people are starting to cash out on their equity by borrowing against their property. As a result, the market seems to be changing, but it's too soon to tell when inventory will return and help balance out the market. It's a strange time to try and predict the housing market, but Colorado Springs is expected to be one of the hottest real estate markets in 2022.

Our real estate agents at Great Colorado Homes enjoy discussing the local market with anyone interested in learning about it. If you have any questions, feel free to contact us. ?

*Based on information from the Pikes Peak REALTOR® Services Corp. ("RSC"), for the period May 1, 2022, through May 31, 2022. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.


Recent Blog Posts About Our Local Market

  • The Best Areas to Buy a House in Colorado Springs Based Off of Market Appreciation

    This extensive article visually tracks our local market appreciation.

  • 22 Things To Know Before Moving To Colorado Springs

    Learn about the unique aspects of living in Colorado Springs.

  • Best Neighborhoods in Colorado Springs

    This article covers twelve of our favorite neighborhoods in Colorado Springs.

 


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