Is it smart to buy a house in Colorado Springs?

Should I buy a house in Colorado Springs right now?

We believe that the answer is, yes! In the current market, housing prices continue to rise. But Colorado Springs is still one of the top 10 cheapest places to live in Colorado. Colorado’s popularity is also continuing to spike with no signs of slowing down.

Is Colorado Springs a hot housing market?

Colorado Springs experienced one of the strongest seller markets we have ever seen. Now things are shifting. There were 2,551 homes for sale last month. That equals a 160% increase in inventory in just one year.

Are home prices dropping in Colorado?

With pending home sales down 2.7% year over year, Denver’s real estate market is showing early signs of slowing down. Yes, but: Home prices are still up 14.4% from May 2021.

Will the housing market crash in Colorado?

Unlike the housing bubble of the late 2000s, there is no oversupply of homes. Rather, Colorado still has extremely low inventory and steady demand. There is no “cliff” for Colorado’s housing market to fall from. Rather, Weinstein said rising interest rates and other factors will bring the market to a plateau.

How many months is housing supply in Colorado Springs?

In fact, the inventory level is up over 160.8% from last July! Our months-supply is now at 1.86 months or roughly 56 days.

How fast is Colorado Springs growing?

It is also the county seat of El Paso County. Colorado Springs is currently growing at a rate of 1.29% annually and its population has increased by 2.61% since the most recent census, which recorded a population of 478,961 in 2010.

Is it worth moving to Colorado Springs?

Expect a High Quality of Life, and Not Just Because of the Elevation. One of the most important things about living in Colorado Springs is the city’s quality of life. Due to great weather year-round, residents are frequently able to enjoy a variety of outdoor activities.

Is Colorado Springs booming?

But our population was growing.” El Paso County’s population of 738,000 in 2021 — the majority of whom live in Colorado Springs — swelled by more than 115,000 since 2010, a nearly 19% jump, according to U.S. Census Bureau estimates.

What are the pros and cons of Colorado Springs?

Why you should not live in Colorado?

Most of Colorado’s population essentially lives in a desert climate. Your skin and lips will crack. Wildfire risk is massive. Water-use restrictions are becoming more common.

What are the cons of living in Colorado Springs?

Is it better to live in Colorado Springs or Denver?

U.S. News and World Report ranked Colorado Springs as the second-best place to live in 2018, and the most desirable city in the country. Meanwhile, Denver was ranked as the third-best place to live and barely squeaked into the top ten for desirability.

How much do you need to live comfortably in Colorado Springs?

Most financial advisors recommend spending no more than 30 percent of your annual income on rent. This means you would need to earn around $40,960 per year to comfortably afford a one-bedroom apartment in Colorado Springs.

Who gets more snow Colorado Springs or Denver?

Colorado Springs averages 57.3 inches of snow per year. Denver averages 60.2 inches of snow per year. The US average is 27.8 inches of snow per year.

What is the coldest month in Colorado Springs?

The cold season lasts for 3.5 months, from November 20 to March 4, with an average daily high temperature below 51°F. The coldest month of the year in Colorado Springs is December, with an average low of 21°F and high of 44°F.

Is Colorado Springs a good place to retire?

Senior citizens seem to be more active today than ever before. If your interests include year-round recreation opportunities, shopping, dining, and abundant days of sunshine then Colorado Springs may be the perfect retirement destination for you.

How many tornadoes does Colorado Springs have?

A total of 14 historical tornado events that had recorded magnitude of 2 or above found in or near Colorado Springs, CO.