Colorado Springs Market Snapshot: Home Values Dip While Prices Per Square Foot Grow – May 2024

House prices in the Colorado Springs real estate market dropped over the last 12 months.

authorWritten by Manuel MartinezMay 6, 2024

The real estate market in Colorado Springs 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.

Real Estate Report Colorado Springs CO May 2024 House Prices
Real Estate Report Colorado Springs CO May 2024 House Prices

Average values per square varied, ranging between $211 in January 2024 and $216 in March 2024.

Comparative Analysis with Nearby Cities

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.

Current Property Values and Sales Volume in Colorado Springs and Environs

Housing Market Summary for Colorado Springs, CO

May 2023 April 2024 Change
Median Listing Price $480K $435.6K -9.24%
Median Sold Price $438.2K $435.6K -0.59%
Homes For Sale 1,240 1,574 26.94%
Homes Sold 6,434 5,619 -12.67%

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.

This high volume of sales, 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.

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.

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.

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.

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.

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.

Member Features

Find Real Estate Bargain!

  • Full foreclosure details

  • Home value, equity and ownership info

  • Find homes priced below market

  • Get full access with a FREE Account

Already a member?