Is Colorado Springs, CO a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Colorado Springs is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Colorado Springs was a Seller's Market.

Key Takeaway

Colorado Springs is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Colorado Springs, CO

How much do homes in Colorado Springs, CO cost?

Median Sold Price

$463,833

$230/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$11,179(-2.4%)

Key Takeaway

Homes in Colorado Springs have sold for 2.4% less than they did a year ago.

Summary: The median home sold price in Colorado Springs was $463,833 in February 2024, down 2.4% from last year, and the median price per square foot was $230.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $212K$250K
+17.9%
2 $344.2K$323.9K
-5.9%
3 $420.7K$415.3K
-1.3%
4 $510K$520K
+2.0%
5+ $641.5K$629.5K
-1.9%

Summary: Colorado Springs housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes increased by 2%, and 5+ bedroom homes decreased by 1.9%.

Median Sold Price Compared To Nearby Cities

Cheyenne Mountain
+12.4%
Elsmere
+1.1%
Colorado Springs
-2.4%
Pikes Peak
-3.8%

Housing Supply in Colorado Springs, CO

How many homes are available in Colorado Springs, CO?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,4882,082+39.9%

Summary: The Colorado Springs real estate market had 2,082 homes for sale in February 2024, a 39.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 3038
+26.7%
2 196274
+39.8%
3 498733
+47.2%
4 465636
+36.8%
5+ 299401
+34.1%

Summary: The Colorado Springs housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 26.7%, 2 bedroom homes increased by 39.8%, 3 bedroom homes increased by 47.2%, 4 bedroom homes increased by 36.8%, and 5+ bedroom homes increased by 34.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
167191+14.4%

Asking Price vs. Sold Price

90 Homes Were Sold
Under Asking

56 Homes Were Sold
At Asking

45 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Colorado Springs, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 191 homes were sold or pending in Colorado Springs in February 2024, up by 14.4% month-over-month. Of the 191 sold homes, 47% were sold under asking, 29% were sold at asking, and 24% were sold over asking.

Days on Market for Colorado Springs, CO

How long does it take to sell a home in Colorado Springs, CO?

Average Sale Time

Feb 2023Feb 2024CHANGE
50 Days53 Days+6.9%

Summary: Homes in Colorado Springs had an average of 53 days on market in Feb 2024, up by 6.9% compared to last year.

Breakdown of Home Sale Times

90 Homes Were Sold
Under 30 Days

57 Homes Were Sold
In 30 - 90 Days

44 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Colorado Springs are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 191 homes were sold in Colorado Springs; 47% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

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