Colorado Springs Housing Market Today
Here's the latest news on the Colorado Springs real estate market. 📈 We update this page every month to keep a running archive of El Paso County's real estate statistics from our local MLS. If you're moving to Colorado Springs and have questions about our local real estate market, please let us know. We specialize in understanding our housing market data and we enjoy talking about it. 🙂
The Current State of the Housing Market in Colorado Springs
*Updated on April 10th, 2021
Average Sales Price:
$472,931 😮
*21.0% year-over-year increase
Average Sales Price in March 2020: $390,721
Median Sales Price:
$410,000 😮
*16.3% year-over-year increase
Median Sales Price in March 2020: $352,400
SUMMARY: The median home price is the most common sales price of all the homes sold in El Paso / Teller Counties from our last month's sales in March 2021. The average sales price is the combined average of all sold properties in El Paso / Teller Counties and Colorado Springs, CO for the same time period.
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There were only 462 active real estate listings in Colorado Springs last month. There were 1,328 active listings last year at this time. That is a 65.2% drop in available homes for sale in one year. 😲
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There were 1,620 new listings entered into our MLS last month. That was an 11.0% decrease from this same time last year. There were 1,342 homes sold last month. The increase in new listings is great for our local market.
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The average days-on-the-market for homes listed in March 2021 was 13 days. This was a 76.2% drop from this same time last year. Homes are selling faster than ever with such little inventory available.
10-Year Home Price Trend in Colorado Springs
The 10-year home price trend reflects the median sales price for March 2021, going back 10 years. Colorado Springs has been on a 10-year price increase with no end in sight. 2021 is expected to continue this growth due to a lack of available homes for sale in El Paso County. Notice how March 2021 had the largest increase in home prices over the last 10 years. 🤔
10-Year Active Inventory Trend in Colorado Springs
The 10-year active inventory trend reflects the active homes for sale for March 2021, going back 10 years. Colorado Springs has been on a decrease in inventory for 10 years. How long can our market sustain this kind of housing crisis for homebuyers? 🤔
Is Colorado Springs in a buyer's or seller's market right now?
Colorado Springs is in the strongest seller's market that we have ever seen. There were only 462 homes for sale last month. There were 1,328 homes for sale in the same month just one year prior. The COVID-19 pandemic has put a huge strain on our inventory, and sellers are not comfortable selling their homes right now, even with record sales prices. Some people are even skipping the home inspection process.
The speed of our local market is causing people to buy homes sight unseen. Buyers are willing to try many different tactics to get their offers accepted.
When is the best time to buy a home in Colorado Springs?
The best time of the year to buy a home in Colorado Springs would be in December or January, as our market slows down for the winter during these months. The median home price tends to drop in the Winter. June is the peak of our local market with the highest median sales price for the year.
These trends can always change, but they hold true for the average selling season. Our local home sales in Colorado Springs typically double from the depths of Winter to the peak of Summer.
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 March 1, 2021, through March 31, 2021. 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.
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