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Colorado Springs Housing Market Today in 2023

Here's the latest news about the Colorado Springs real estate market. The current average and median home price has dropped 5.3% since last year. This signals the end of a 9-year price increase every year since 2014.

The local real estate market in Colorado Springs has been rapidly shifting from a seller's market to a buyer's market. It's a substantial shift that has impacted our local market in many ways. Here are the most recent market statistics for El Paso County, Colorado.

The Current State of the Housing Market in Colorado Springs
*Updated on May 6th, 2023

Average Home Price:
$523,254

The Average Home Price in April 2022 was $539,684.
There has been a 5.3% decrease in the average home price since last year.

Median Home Price:
$459,000

The Median Home Price in April 2022 was $484,450.
There has been a 5.3% decrease in the average 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 April 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. Both numbers have risen steadily from 10% to 15% over the last few years. Prices are just now starting to drop by 5%.

There were 1,590 active real estate listings in Colorado Springs last month. There were only 969 active listings this time last year. That's a 64% increase in available homes for sale in one year.

There were 1,495 new listings submitted to our MLS last month. That's a 32.7% decrease from one year ago. In addition, 1,090 homes were sold last month, a 26.8% decrease since April 2022. Inventory is building up to levels equivalent to 2017. This is causing prices to decline slowly.

- The average days on the market for homes listed in April 2023 was 39 days. That's a 105.9% increase from this same time last year. 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 April 2023, going back ten years. Colorado Springs is experiencing a 5% drop in home prices as of May 2023. Our local real estate market moves towards a buyer's market as inventory increases monthly.

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 April 2023, going back ten years. Our inventory is back to normal levels, triggering prices to drop across our area. It's essential to study all relevant local resold properties to ensure you're not overpaying for a home.

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 April 2023, going back ten years. In 2021, we recorded record numbers of sales. It will take many months to determine where the national and local housing markets will settle. Right now, prices are slowing down, and inventory is rising.

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 1,590 homes for sale last month. That equals a 64% increase in inventory in just one year. 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 their 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. Today's median price of a home listed for sale is only 3% 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 increasing in the Pikes Peak region; unfortunately, the supply of inventory is finally 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 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 April 1, 2023, through April 30, 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.