Colorado Springs: A Real Estate Market to Watch
by Beka Adair |
A booming job market and proximity to the Rocky Mountains aren’t the only things that have the nation buzzing about Colorado Springs these days. Earlier this month, Colorado Springs nabbed the No. 2 spot in U.S. News and World Report’s ranking of the “Most Desirable Places to Live” in 2017. In January, Forbes declared the region one of the “10 Hottest Real Estate Markets to Watch” this year. Colorado Springs is rapidly becoming one of the nation’s most attractive places to live—here’s a look into why our thriving real estate market is welcoming new residents and boosting the region’s economy:
Colorado Springs offers affordable value for buyers
Perhaps the best sign of a healthy market? Home prices in January 2017 were at a record high, but were still at a level that homebuyers could afford—and there’s a major demand from homebuyers. According to the Colorado Springs Gazette, the median price for homes rose 20 percent from 2007 to 2016, while the percentage of homes on the market that were sold shot up to 86 percent. U.S. News and World Report recently reported that Colorado Springs offers a better value than similarly sized metro areas, and Curbed claims that Colorado Springs is “fast replicating Denver’s advantages without its loftier price tag.”
Home renting gains traction
An influx of millennials has provided a major boost to a rental market that has filled with demand. As many residents will try out short term options before looking to buy, rental prices have risen steadily to a healthy average of $976 per month. Colorado Springs’ business-friendly and family-friendly reputation only adds to the allure of the city as a place where new residents like college graduates, entrepreneurs, and young families can thrive—and find an affordable home to rent.
Commercial market gets stronger
Following the trend of home buying and renting, commercial properties have been steadily filling up with buyers in recent years as well, according to the Gazette. Average rents for office, industrial and retail buildings all rose in 2016, and a whopping 94.4 percent of retail spaces in Colorado Springs were filled.