What’s Happening in the Colorado Springs Real Estate Market? A Guide for Buyers and Sellers

The real estate market in Colorado Springs is bustling with opportunities right now. With a median home price of $524,900 and 2,096 active listings, both buyers and sellers have a lot to think about. Whether you're a young professional renting your first apartment, part of a growing family, a retiree looking to downsize, an investor, or handling an inherited property, here’s what you need to know to navigate this market.

---

The Problem: Navigating a Mixed Market

Colorado Springs is experiencing a mixed market trend. With 53.1% of homes seeing price decreases and only 1.6% seeing increases, it can be hard to know when to buy or sell. The median days on the market (DOM) for homes is currently 56 days, and the price per square foot is around $224.

Let’s break down what these numbers mean for various groups:

For Young Professionals

Young professionals may find themselves wondering if it's worth buying a home with prices fluctuating. High prices can make it hard to find that first perfect home.

For Growing Families

For families looking to upsize, selling their current home and finding a larger option within budget can be challenging with mixed pricing signals.

For Retirees and Empty Nesters

Retirees looking to move to a smaller home may hesitate given the changes in home values.

For Local Investors

Investors need to watch these trends closely to secure properties capable of rental income.

For Families with Inherited Properties

Those managing inherited properties need efficient ways to sell, considering market conditions.

---

The Agitation: Why You Shouldn't Wait

Here's why these trends should matter to different groups:

Young Professionals: Time to Decide

If you're renting and wondering if it's time to buy, consider that while prices decrease for over half the homes, the remaining homes might not follow that trend for long. Waiting could mean missing out on the best deals.

Growing Families: Act Fast

Families wishing to upsize must be aware that homes are selling faster than before, with a steady DOM of 56 days. An ideal home within your budget may slip away if you aren't ready to act decisively.

Retirees and Empty Nesters: Don't Hesitate

Downsizing retirees face a strong price trend, which suggests opportunities still exist to sell at good prices, even in a mixed market. Acting sooner rather than later could secure a better retirement lifestyle.

Local Investors: Watch the Numbers

For investors, with 7.4% of listings being relisted, there are chances for negotiations. Be prepared for opportunities with near-perfect timing.

Families with Inherited Properties: Efficiency is Key

Efficiency is crucial in selling an inherited property. Even with price fluctuations, families can select selling options that best support efficient and profitable sales.

---

The Solution: Taking the Right Steps

Now that we've identified the challenges and urgency, here's how different groups can successfully navigate the market:

Young Professionals: Explore First-Time Buyer Assistance

Look into programs for first-time buyers and consider areas in Colorado Springs with more listings. This can open up options you hadn't considered and secure entry into the housing market.

Growing Families: Work With Knowledgeable Realtors

Seek advice from real estate agents who know the Colorado Springs market. Target larger homes in suburban neighborhoods where prices may be slightly lower yet offer the room you need.

Retirees and Empty Nesters: Focus on Low-Maintenance Homes

Consider downsizing to homes that require little upkeep, such as condos or new-build townhomes with community upkeep. This can ensure a relaxed retirement lifestyle.

Local Investors: Diversify and Be Strategic

Focus on properties with high rental demand and fair prices. Keep an eye out for duplexes or triplexes, which can offer strong rental income opportunities.

Families with Inherited Properties: Select the Right Selling Options

Evaluate your selling options carefully to choose what's most effective. Consider traditional listings, auctions, or even direct sales to investors who can offer quick closures.

---

What's Next for the Market?

The real estate scene in Colorado Springs has potential for various buyers and sellers. Here's what might lie ahead:

• Keep an Eye on Interest Rates: Changes can affect purchasing power.
• Watch for More Listings: An increase in published homes may stabilize current price trends.
• Expect Some Market Fluctuations: With different price changes, flexibility can mean future savings.

By staying informed and ready to act, you can make the best real estate decisions for your unique situation. Whether buying your first home, moving up, downsizing, investing, or selling an inherited property, knowing the Colorado Springs market can help secure the outcome you hope for.