Colorado Springs Property Market Maintains Sturdy Performance in 2023

Delving into property market trends from 2023 to 2024 in Colorado Springs and neighboring cities, this overview highlights fluctuations in property values, sold prices, and sales volumes. While revealing diverse trends, Sedalia stands out with its significantly high median values.

authorWritten by Manuel MartinezFeb 2, 2024

A Comprehensive Overview of the Property Market Trends in Colorado Springs and Surrounding Areas

Last year, Colorado Springs experienced a notable upward trend in property values. The average value grew from $433,440 at the start of 2023 to $444,500 by the beginning of 2024. Although the per-square-foot value was subject to slight fluctuations throughout the year, median price per sq ft increased by 9 dollars: from $202 to $211. Despite this increase, home sale prices saw a slight decrease from $445,792 from the beginning of the year to $437,382 by January 2024.

Colorado springs price per sq ft
Colorado springs price per sq ft

Home sales volume peaked at 1,571 properties in October 2023 before declining sharply to 1,324 properties by January 2024. Similarly, the count of sold properties showed some fluctuations, with a substantial peak of 7,425 properties in September 2023 and a low of 6,007 properties in January 2024.

Colorado springs homes for sale
Colorado springs homes for sale

Property Trends in Nearby Cities to Colorado Springs, CO

An analytical glance towards the neighborhoods uncovers a diverse picture in terms of property trends. In Yoder, the average property value remained lower than in Colorado Springs; however, a conspicuous increase in the sold price per square foot from $139 in April 2023 to $212 in January 2024 was observed.

Woodland Park fared better with higher median value and price-per-square-foot than Colorado Springs. Here, the median value escalated from $549,950 in January 2023, reaching $505,000 by the start of 2024. On the contrary, Victor exhibited lower median values in comparison to Colorado Springs. The median sold price per square foot stood at $184 in January 2024.

Simla, which reflected a lower median value compared to Colorado Springs, witnessed a subtle rise in median values from $305,000 in January 2024 to $350,000 in November 2023. Contrastingly, Sedalia has attracted significant attention because of its extremely high median values, even peaking at $1,195,000 in January 2024. This is a remarkable deviation from the trends observed in other close-by cities.

Conclusions From The Data-Driven Analysis

In summary, Colorado Springs has maintained a sturdy performance despite a gentle fluctuation in property values and sold prices during 2023. Surrounding cities exhibit a broad array of property values, establishing Sedalia as a star player with its significantly high median values. Meanwhile, Victor marked lower median values.

Collectively, this data suggests a dynamic landscape in the property market of Colorado Springs and surrounding areas, where the number of properties available and sold shows noticeable variation over the months. Stay ahead of market fluctuations and keep an eye on professional, fact-driven analyses to make informed real-estate decisions. The current ebb and flow in this region reiterate the necessity for comprehensive research and data-centric insights when navigating the property market.

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