Colorado Springs MARKET UPDATE

Colorado Springs, the state’s second largest city, is currently one of the most sought-after areas to live in the country. This colorful Colorado community offers its residents exciting entertainment options, unique cultural offerings, and enough outdoor activities to keep any adventurer satisfied. Thanks to the amazing array of lifestyles this city can cater to, more consumers are deciding to make this community their home.

2022 is now over and what a year it was. In the last half of 2022, the real estate market showed strong signs of normalizing after the 2021 COVID-driven boom.The first half of the year was still driven by incredibly high buyer demand, and it felt similar to the 2021 market. The market started to shift when mortgage interest rates started to rise. This was intended to tamp down buyer demand, but because of limited inventory in Colorado Springs—which saw a decrease of 5.3% in new listings in 2022 as compared to 2021—they still managed to have historically high appreciation averaging 10.0% for the average home price.

The media and many “experts” anticipated that home prices would fall in, but that hasn’t been the case in highly sought out areas like Colorado Springs. To further understand the Colorado Springs market, one must look at micro markets because there are many nuances within a small geographic region. In 2022, The Farm saw a 23.4% average price increase compared to 2021, and the Skyway neighborhood saw a 2.7% decrease for the same time period.

We recognize each neighborhood is unique and no two regions respond to market shifts the same way. To aid in presenting an accurate picture of each of the areas that make up Colorado Springs, LIV Sotheby’s International Realty is proud to present our year-end Micro Market Report, representing the metrics of many key and beloved neighborhoods.

Considering the lifestyle and market advantages that Colorado Springs provides to its residents, this community will continue to be a popular destination for those looking to buy and sell homes in the state.

Counties: El Paso, Teller