Call / Text: 719-357-7366

Colorado Springs Housing Market Today in 2023

Here's the latest news about the Colorado Springs real estate market. Last month, the Pikes Peak MLS area experienced the lowest amount of homes sold in the last ten years. The market is slowly changing to a buyer's market as interest rates make buying a home difficult.

The Current State of the Housing Market in Colorado Springs
*Updated on September 12th, 2023

Average Home Price:
$553,959

The Average Home Price in August 2022 was $530,547.
There has been a 3.0% increase in the average home price since last year.

Median Home Price:
$480,000

The Median Home Price in August 2022 was $480,592.
There has been a 0.1% decrease in the median home price since last year.

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 home sales in August 2023. 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. Home prices have been dropping but at a languid pace.

There were 2,420 active real estate listings in Colorado Springs last month. That equals an 8.3% decrease in available homes for sale from last year. Our inventory levels are starting to balance out, helping buyers find more homes to choose from.

There were 1,407 new listings submitted to our MLS last month. That's a 21.9% decrease from one year ago. In addition, 1,407 homes were sold last month, a 21.9% decrease since August 2022. This is the least amount of homes sold in August in over ten years.

- The average days on the market for homes listed in August 2023 was 27 days. That's a 63.4% increase from last year but is still a meager number. This number will increase monthly as more inventory hits the market and sales times are extended.

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 August 2023, going back ten years. Colorado Springs is experiencing a slight drop in home prices as of August 2023. Our local real estate market moves towards a buyer's market as inventory increases monthly and prices decline.

10-Year Active Inventory Trend in Colorado Springs

10 Year Inventory Trend in Colorado Springs

The 10-year active inventory trend reflects the active homes for sale for August 2023, going back ten years. Our inventory is back to normal, triggering prices to stop rising across our area. As interest rates stay high, the inventory will naturally stack up over time.

10-Year Home Sales Trend in Colorado Springs

10 Year Price Trend in Colorado Springs

The 10-year home sales trend reflects the number of homes sold for August 2023, going back ten years. You can see an instant drop in sales in 2022 due to higher interest rates. Sales in Colorado Springs were meager last month. Our market is changing more rapidly than expected. Our days on the market are still light at 29 days, which signals home buyers are still very interested in new listings.

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

Neutral Real Estate Market in Colorado Springs Colorado Springs recently experienced the most robust "seller market" we have ever seen. Now, things are shifting towards buyers. There were only 1,067 homes sold last month. That is the least amount of homes sold in August, going back over ten years. Prices are slowly dropping in Colorado Springs as more homes enter the market and high interest rates challenge buyers.

Sellers now have to wait longer and possibly drop the sales price to get their homes sold. In addition, many sellers don't want to sell right now because their current interest rate is much less than rates offered by mortgage lenders today.

Despite the slowdown in our local market, people are still moving to Colorado Springs in large numbers. As a result, commercial development is booming, and neighborhoods are still building new homes.

Is the Colorado Springs housing market going to crash soon?

Our local real estate market has experienced an increase in inventory over the last year, but not enough to slow it down to a recession. Today's median price of a home listed for sale is only 2% lower than last year. No signs of a housing market crash in Colorado Springs exist, but a shift is happening.

Even with interest rates rising in 2023, housing prices are still steady in the Pikes Peak region. The supply of inventory is slowly becoming 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 national housing market seems to be changing, but it's too soon to tell when inventory will return and help balance the need. It's a strange time to try and predict the housing market.

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 August 1, 2023, through August 31, 2023. 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.