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<p>The real estate <a href="https://www.realtytrac.com/market-trends/colorado-springs-co/">market in Colorado Springs</a> experienced a downward trend in average house values over the last 12 months. House prices were the highest in August of last year – approximately $465k – followed by a trough in January 2024, where values dropped to about $444.5k. Despite this dip in property values, the average sale price grew to $437k, which interestingly did not correlate with the decrease in the average property values during the same period.</p>
<figure id="attachment_25602" aria-describedby="caption-attachment-25602" style="width: 1459px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25602" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/05/Real-Estate-Report-Colorado-Springs-CO-May-2024-House-Prices.png" alt="Real Estate Report Colorado Springs CO May 2024 House Prices" width="1459" height="627" /><figcaption id="caption-attachment-25602" class="wp-caption-text">Real Estate Report Colorado Springs CO May 2024 House Prices</figcaption></figure>
<p>Average values per square varied, ranging between $211 in January 2024 and $216 in March 2024.</p>
<h2>Comparative Analysis with Nearby Cities</h2>
<ul>
<li>In Fountain, the average property value held steady at $400,000 between March 2024 and April 2024. A slight ascension in the average value per square foot from $211 to $214 was noted, indicating a marginal appreciation in property worth in this region.</li>
<li>In contrast, Manitou Springs experienced a significant drop in average property values, decreasing from $637,500 in March 2024 to $665,000 in April 2024. Despite this reduction in average value, the average sale price per square foot saw an increase from $365 to $370. This paradox could imply a growing interest in smaller, more valuable properties in the area.</li>
<li>Cascade’s market illustrated a declining trend in average property values from March 2024’s $732,000 to April 2024’s $712,000. Simultaneously, buyers paid more per square foot, with an increase from $326 to $385, suggesting that properties in Cascade may be experiencing a trend toward higher-value on a per square foot basis, even as overall values descend.</li>
<li>Peyton showed a more positive direction with increasing average property values from $575,000 in February 2024 to $565,000 in April 2024. This increment was complemented by a boost in the average sold price per square foot from $263 to $270. It indicates a healthy market where both the overall values and the value per square foot are on an upswing.</li>
<li>Green Mountain Falls saw a decrease in both average property values, from $519,900 in March 2024 to $499,995 in April 2024, and in the average sold price per square foot, which went down from $425 to $388, suggesting a generalized cooling down of this market.</li>
</ul>
<h2>Current Property Values and Sales Volume in Colorado Springs and Environs</h2>
<h4 class="sc-fff60b4-3 bmIvnq">Housing Market Summary for Colorado Springs, CO</h4>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">May 2023</th>
<th class="sc-7568d94b-2 hTsliE">April 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$480K</td>
<td class="sc-7568d94b-5 eqHQXK">$435.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-9.24%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$438.2K</td>
<td class="sc-7568d94b-5 eqHQXK">$435.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-0.59%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">1,240</td>
<td class="sc-7568d94b-5 eqHQXK">1,574</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">26.94%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">6,434</td>
<td class="sc-7568d94b-5 eqHQXK">5,619</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-12.67%</span></td>
</tr>
</tbody>
</table>
<p>As of April 2024, Colorado Springs’ average property value stands at approximately $458,104, with the average value per square foot at $214. A hefty number of properties, 1,574 to be exact, contribute to this figure. The sale figures are robust, with an average sale price of about $435,610 and an average sold per square foot value marked at $290, across a notably high count of 5,619 properties sold.</p>
<p>This high <a href="https://www.realtytrac.com/colorado-springs-co/sold/">volume of sales</a>, despite a reduction in average values, could indicate a buyer’s market where ample options may drive competitive pricing. Meanwhile, the nearby cities in April 2024 provide a vivid contrast.</p>
<p>Fountain exhibits stability with an average property value of $400,000 and an average value per square foot at $211. The market is active, with 279 properties sold at an average sale price of about $376,389 and an average sold per square foot value of $255.</p>
<p>Manitou Springs stands out with high values, pegging the average at $665,000 and an impressive per square foot value at $317. Sales in this area reflect exclusivity, as indicated by a smaller property count of 24 and an average sale price per square foot at an elevated $370, with 61 properties sold.</p>
<p>Cascade retains a high-end market status with average property values circling $712,000 and average value per square foot at $322.50. The average sale price rounds up to $589,534, with a significant sale price per square foot of $385 over a small bunch of 18 properties sold.</p>
<p>Peyton’s growing market is signified by an average property value of $565,000 and a sale volume of 383 properties with an average sale price of $525,000. The per square foot value at $270 attests to an upward market trajectory.</p>
<p>Finally, Green Mountain Falls, with a succinct count of one property, presents an average value of $500k and a per square foot value labeled at $268. Sales wise, 11 properties exchanged hands at an average sale price of about $424,789 and a significant sale price per square foot of $388.</p>


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