COLORADO SPRINGS

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Colorado’s Front Range is drawing people from all over the U.S. and is one of the fastest growing areas in the entire country. The Front Range is most popularly known for Denver but is also home to city of Colorado Springs. If you’re buying or selling real estate in this southern Colorado community, you need to know what you’re up against. Let’s learn all about Colorado Springs real estate with stats and feedback from real estate pros.

Colorado Springs Real Estate at a Glance

Colorado Springs has an increasing population and a competitive housing market. The median home price has been rising steadily over 10 years though recent stats indicate a possible slowing. Real estate agents in the Pikes Peak region must cater to young families, especially military families, if you want to get in on the seller’s market of this expanding city.

Colorado Springs Real Estate Demographics Quick Stats

  • Population: 701,283

  • Median Age: 34.6

  • Married: 52%

  • Families with Children Under 18: 36%

  • High School Degree or Higher: 93.2%

  • Bachelor’s degree or Higher: 38.4%

  • Median Family Income: $73,323

  • Median Household Income: $58,185

  • Median Home Price: $329,250

  • Unemployment Rate (April 2019) 3.3%

  • Driving Distance to Denver Tech Center – 58 mi.

  • Driving Distance to Downtown Denver – 70 mi.

Quick Takeaways from Demographics

Colorado Springs is a young, educated town with a competitive job market and all those young residents want single-family homes. Many residents commute to the Denver Tech Center but others have jobs in the Colorado Springs region including nearby Peterson Air Force Base and the US Air Force Academy. Real estate professionals must appeal to young families for success in the Colorado Springs housing market.

Because it’s on the booming Front Range, the cost of living is Colorado Springs is higher than the national average though not nearly as high as Denver and its surrounding towns.

According to cost of living resource Best Places, Colorado Springs scores a 112.9 in overall cost of living index where 100 is the national average. The majority of higher than average costs come from housing and transportation though median home cost is much lower than Denver. For comparison the median home price in Colorado Springs is $329,250compared to a whopping $612,500 for a home in the Denver suburb of Lone Tree.

Nearby US Air Force Academy and Peterson Air Force Base are huge housing and economic drivers to Colorado Springs. Both the Base and Academy provide jobs for thousands for Colorado Springs residents and play a major role in real estate purchases. Any real estate professionals should focus on family-friendly neighborhoods near the bases when selling Colorado Springs real estate to military families.

Colorado Springs schools are a mixed bag. According to education resource Great Schools, Colorado Springs’ schools vary from scores of 1 out of 10 to 8 and 9 out of 10, depending on the neighborhood. Because the public-school system is so hit or miss there are several charter, magnet, and private schools to cater to different education styles and philosophies. Keep schools in mind when selling to families.

With a population well over a half-million, Colorado Springs has all the amenities you can expect from a small city. There are big box stores, several shopping centers, bars, restaurants, and nearby outdoor adventure. Though once in disrepair Downtown Colorado Springs is now packed with hip restaurants, locally-owned shops, and new housing. It’s easy to appeal to all different types of homebuyers from urban professional singles to families when selling Colorado Springs real estate.

Buying Real Estate in Colorado Springs

Though not as hot as the Denver market, Colorado Springs is a competitive buyer’s market. The current median home price of approximately $330,000 is up 4% from last year which follows a ten-year trend of steadily rising prices.

Inventory is not as difficult to come by in Colorado Springs compared to some Denver suburbs with 1,849 Colorado Springs listings currently on the market but it’s still a highly competitive market. Overall trends in June of 2019 were very similar to June 2018 trends indicating a market that may be slowing down but not dropping off. Redfin gives Colorado Springs a competitive market score of 85 out of 100, more competitive than some Denver suburbs.

Selling Real Estate in Colorado Springs

Lower than average inventory is the toughest part of selling real estate in Colorado Springs. If you’re a realtor, flipper, or investor there aren’t many homes to choose from. On the positive side if you do have inventory, it’s not difficult to unload in this expanding city. According to real estate resources Great Colorado Homes and Redfin, Colorado Springs listings average 25 days on the market and most sell at or just above asking price, many with only one offer.

Closing the Deal in Colorado Springs

Because Colorado Springs is on the Front Range you should expect a competitive market and low inventory, but competition and prices aren’t as bad as Denver and its surrounding suburbs. The growing city has all the amenities, jobs, and nearby adventure most families want when they move to Colorado – it’s just a matter of finding the right housing. Overall, Colorado Springs can be a tough market but if you can find inventory, you’ll have little to no problem selling it.