Market Conditions

Last month was an interesting month for real estate market conditions in Colorado Springs!

The most exciting statistic is our significant increase in inventory. As of August 1st, we have 2,605 homes for sale. This is the highest level we have seen since August 2016! This is a much needed increase in inventory for our buyers. In fact, the inventory level is up over 160.8% from last July! Our months-supply is now at 1.86 months or roughly 56 days.

Even with the added inventory, prices are still going up. The average price increased 11.2% to $557,250 from last year. The median price increased 7.2% to 482,500.

Other big takeaways last month include:

  • Median and average prices are still increasing
  • The median time on market is only 7 days
  • Inventory is up quite a bit at 2,605 homes for sale

Interest rates have decreased slightly. As of right now, rates are sitting in the high 4’s. This decrease in rates will help purchasing power for buyers. Every little bit helps! It’s important not to wait too long if you are seriously looking to buy– not only will rates go up, but so will prices. 

Colorado Springs was recently ranked the #2 best place to live in the US by US News and World report, a reminder that upward pressure may continue for some time on our market.

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

  • Sales down 23.9% at 1,403 units
  • Average price up 11.2% at $557,250
  • Median price up 7.2% at $482,500
  • Inventory of unsold homes up 160.8% at 2,605 homes
  • Months supply of homes for sale 1.86
  • Pending Sales 1,774

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

Real Estate Stats July 2022

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 7/1/22 through 7/31/22. 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 © 2020 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

Updated as of 8/1/2022

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