Market Conditions

March was a mixed bag for the Colorado Springs real estate market. Sales ended up down from last year by 12.5%, but prices were actually up a little, and the months supply of homes for sale dwindled back to 2, indicating a pretty balanced market overall.

Interest rates continue to disappoint, sitting in the high 6’s as of 4/3/24. This will continue to sideline some buyers who are on the edge of affordability. While we continue to hear that rates are expected to fall, it has not really materialized yet.
Colorado Springs continues to be ranked highly as a place to live by US News and World report, a reminder that upward pressure may continue for some time on our market. Recent new job announcements in the area will also continue to add housing demand, as well as the recent announcement that Space Command Headquarters will be remaining here after all. This week’s announcement of yet another high tech / high pay employer (Invictus) expanding here is further proof of economic health

Here is a brief summary of some of the March data:

  • Sales down 12.5%
  • Average price up .7% at $527,629
  • Median price up 2.2% at $470,000
  • Inventory of unsold homes up 23.1% at 1,873 homes
  • Months supply of homes for sale 1.99
  • Pending Sales 1,371

For more details, see the Colorado Springs Homes Sales Trend Data

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/23 through 3/31/24. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2024 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1915 Democracy Pt, Colorado Springs, CO 80908 ph 719-331-7675 or email vanwierenrick@gmail.com

Updated as of 4/3/2024

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