If you've ever wanted to live in a place with wide open spaces, gorgeous scenery, and very little humidity, you should consider moving to Colorado. If you want to enjoy city life while being mere steps away from some great hiking spots, like Garden of the Gods, definitely consider Colorado Springs.
Of course, before you jump in with both feet, you should do a little research on the Colorado Springs real estate market. It's important for you to determine if this is the right investment for you. To help you find the information you're looking for, we did the research for you. Keep reading to learn about current home prices in Colorado Springs.
Why You Should Consider Investing in the Colorado Springs Real Estate Market
Before we get into the facts and figures about the Colorado Springs housing market, let's learn a bit about Colorado Springs itself. It doesn't make sense to buy a home if you don't like where you're living.
Colorado Springs is the most populous city in the county of El Paso. It's the second largest city in Colorado, after Denver and the 41st largest city in the United States. In 2015, El Paso County had a population of around 674,471 with just about 435,000 residents living in the city proper. Colorado Springs boasts a population density of 2,242 people per square mile with Colorado Springs spread out at 194 square miles.
The Average Home Price in Colorado Springs
While property prices have risen over the recent years, so has the number of homes sold. While the expectation is that the market will slow down by 2020, which should help even out the prices, now is still a great time to buy with interest rates staying relatively low. The average home price in Colorado Springs depends on which neighborhood you're looking in. Let's take a look at the current average cost of homes by a couple of popular locations:
The average cost of a home in West Colorado Springs is $334,837. Central Colorado Springs boasts a lower average at $264,329. Black Forest boasts the most expensive home prices in Colorado Springs at $582,372 while Southeast Colorado Springs offers the most affordable options at $211,557.
Comparing Colorado Springs Home Prices to the Rest of Colorado
Many people want to know what the average house price in Colorado is so they can do a comparison. While Colorado Springs is a great and beautiful city, it's good to know how it compares to other populous counties in Colorado.
In Adams County, the average home price at the beginning of 2018 was $322,000. Jefferson County came in with an average price of $382,000. Douglas County had an average home price of $453,000. Arapahoe County's median price was at $330,000. Denver County, the most populous county of all stood at $400,000 in the first quarter of 2018. Boulder County was the most expensive at $475,000. Larimer County listed $345,000 as their median home price. Meanwhile, Mesa County had one of the lowest of these 10 counties with a median home average of $216,000. Weld County held steady with a price average of $308,000. El Paso County, which is the county where Colorado Springs is has a home median price at $295,000. Lastly, Pueblo County had the lowest median average at $150,000.
However, don't let these numbers scare you if you feel they are too high. You need to keep in mind that these numbers are slightly skewed by very high priced homes and very low priced homes.
Some Numbers You Need to Know about the Colorado Springs Housing Market
In July 2018 there were 1849 new listings to hit the market in El Paso County. 1,568 homes were sold. Both of those numbers are down by over 3% from last year in July 2017. One year ago there were 1,943 new homes listed for sale while 1,646 homes were sold. However, the number of listings has risen since last year by 0.8 percent. Last year there were 2,906 total listings for July 2017 while this year in July there were 2,696 available homes for sale.
What's great, if you're a seller, is that the average time a house is on the market in Colorado Springs is 23 days. However, if you're a buyer, that means you should be prepared to act quickly if you see something you like. This number of days on the market was the same as it was last year at this same time. And while the list to sold price did fall, it only fell by 0.1 percent from last year. Currently, buyers can expect to pay 98-102% percent of the listing price, especially during the first 21 days on the market.
Things to Be Aware of When Buying a Home in Colorado Springs
Obviously, the home prices in Colorado Springs will be a major concern for most buyers. However, there's more to look at in a home than just its cost.
In most cases, sellers will fill out a Sellers Property Disclosure form. Unfortunately, many of them don't realize how to fill it out correctly and leave off some very pertinent information. Doing so can quickly become a liability issue. Sellers may also provide other due diligence documents as well. These documents pertain to the home they're selling such as surveys, manuals, repair receipts, and insurance claims. If a buyer has requested these items per the contract and they are in the sellers possession, the seller must provide these items for you before the due diligence deadline.
If you don't receive these documents before you close, it can lead to liability problems and potential lawsuits from the buyer. Make sure these forms are filled out correctly and handed to you in a timely manner as both will help you decide whether the home is right for you. Also, to protect yourself, you should always have a home inspection done, along with a radon test and sewer scoping. Don't be afraid to ask as many questions as you need before you're ready to buy.
Make sure you fully understand the home buying process before you dive right in. It will save you from making a costly mistake.
Find Your Home in Colorado Springs Today
If you're ready to take a look at the Colorado Springs real estate market, look no further than us. We have available properties to show you under $100,000, multi-million dollar luxury homes and everything in between.
To learn more about the home buying process and what to expect, take a look at our blog. We love sharing information to help our buyers and sellers to help them make great choices. Click here to start learning all about real estate in Colorado.