The market has a total sales-to-total listings ratio above 0.2. In September 2022, the inventory of unsold existing homes stood at 3.2 months. Furthermore, the state's population growth is expected to continue, which will keep the demand for homes high. Another major attraction is the US Olympic Training Center, located in Colorado Springs. Colorado Springs has been on a 10-year price increase with no end in sight. There has been a gradual decline in homebuyer interest. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023. If the federal reserve successfully keeps inflation under control and eases up on its impulsive rate increases. It is the largest and capital city of Colorado, home to roughly 700,000 people. Even with interest rates rising in 2023, housing prices are still increasing in the Pikes Peak region; unfortunately, the supply of inventory is finally enough to meet the demand for single-family homes in Colorado Springs. This article covers twelve of our favorite neighborhoods in Colorado Springs. What to expect in the 2022 housing market - Fortune Know how to get the best deal while selling a house in Colorado. This is causing prices to slowly decline. I don't think the housing market will crash in the next three . Back in 2007, there were multiple cases of liar loans did exist. However, given the recent trends, it seems likely that the market will continue to cool off somewhat. http://www.cpr.org/news/story/move-over-denver-colorado-springs-might-have-the-hottest-housing-market, Filed Under: Growth Markets, Housing Market, Real Estate Investing, Real Estate Investments. That's a 22.9% decrease from one year ago. 1-844-759-7732; Buy Menu Toggle. In conclusion, the Colorado housing market has been a challenging environment for buyers in recent years, with high prices and limited inventory. Sell FSBO! New homes will add to the overall inventory, but don't expect prices to lower in the coming years. Demographics make it easy to determine what types of real estate properties are in demand. How To Invest in Real Estate During a Recession? Home prices have been steadily rising for the last two years. Here are a few Colorado housing market predictions for 2023 based on the experts forecast. U.S. News and World Report magazine discusses the large retiree community in Colorado Springs. From June 2022 to July 2022, Florida's median sale price fell by 2.7%, from $410,400 to $399,200. We do not recommend listing with full-servicereal estate agents Coloradoas they charge hefty commissions. Colorado Springs's real estate appreciation rate in the latest quarter was around 3.02%, which equates to an annual appreciation rate of 12.63%. Also, The median price of an existing home sold increased to $384,800, an 8.4% increase from a year ago. The Colorado housing market has been in a state of flux over the past few years due to the surge in demand for homes. Financial market participants anticipate the Fed raising its target Fed funds rate by 175 to 200 basis points from current levels. The Colorado housing market is amid a major shift. Yes! You can either choose to invest in your future or market your home to potential buyers. 3405 Sinton Rd , Colorado Springs, CO 80907 is a single-family home listed for-sale at $125,000. The University of Colorado Springs hosts over twelve thousand students. Prices have steadily risen but are slowing down as more homes hit the market. We've all been having will-it-won't-it conversations about a potential housing market crash for at least the better part of a year, but most experts say that a crash isn't likely this spring. As a result, the market seems to be changing, but it's too soon to tell when inventory will return and help balance the entire market. See: 8 Places In California Where Home Prices Have Plummeted More: 3 Things You Must Do When Your Savings Reach $50,000 Using data from sources that include the U.S. Census Bureau, the Consumer Financial Protection Bureau, the 2020 American Community Survey and RealtyTrac, GOBankingRates identified the 40 cities most at risk for experiencing a widespread housing crisis. . Mortgage interest rates touched a record high, and theres a keen decline in the number of home sales at an all-time low of 22.5% Y-O-Y. Most of the homebuying discussed here could apply to any housing market that may or may not be coming up on a crash. All these are excellent signs of investors looking to buy a rental property in Denver. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Let us know which real estate markets in the United States you consider best for real estate investing! In Telluride, agents are seeing fewer sales but are marking record prices. Supply surges when builders continue to build, irrespective of the lowering demand for houses. The 10-year ARM (adjustable rate mortgage) was at 4.3%. This indicates that the rate of existing home sales has slowed to its lowest level in 10 years. Home prices may continue to decrease, and it is possible that the number of days on the market will continue to rise. The Great Depression of the 1930s to 1940s. This is juxtaposed with the 45% pricing increase the U.S. housing market saw between December 2019 and June. Experts believe that home affordability will not change dramatically. The Total number of properties sold during the period. The Fort Collins area is another great market to invest in real estate. Estimated market value. Many real estate investors have asked themselves if buying a property in Colorado Springs is a good investment. The Colorado Springs real estate market contains several large populations of renters, many practical reasons for people to move here from the surrounding area and across the country, and long-term factors that will drive growth for years to come. Benefits of Home Staging:There are numerous benefits a seller can get from professional home staging. Yes, if you are in a stable financial position. 40 Cities That Could Be Poised For a Housing Crisis https://www.coloradorealtors.com/ Housing Foreclosure Rates and Statistics 2023, Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years. With mortgage rates at peak, buyers are already resisting entering the market. Colorado Springs Housing Market: Prices & Forecast 2023 If one of these variables is taken out of the equation, the bubble pops. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. . This metric indicates that buyers are no longer willing to pay the asking price, and sellers may have to lower their prices to make a sale. S everal areas of Colorado are expected to experience a massive rise in property taxes because of changes in the state's housing market.