Colorado Springs Real Estate & Home Prices

Colorado Springs: An outdoor paradise

Claiming the spot as Colorado’s second most populous city, Colorado Springs is a town renowned for its access to natural beauty and breathtaking vistas. Positioned at an elevation of 6,035 feet in the center of the state, Colorado Springs is at the eastern base of the Rocky Mountains with close access to Pikes Peak, the highest summit on the southern Front Range of the Rocky Mountains. Similar in size to Raleigh, NC, or Omaha, NE, Colorado Springs residents can expect a relatively peaceful city life. 

Mainly famed for its many outdoor attractions, Colorado Springs has various outdoor activities to offer visitors and residents alike, like Jeep tours, zip-lining, or hiking. If you’re not up for a three-hour drive to Rocky Mountain State Park, you could visit Mueller State Park, which lies just to the west of Colorado Springs and is full of campgrounds, cabins, and trails. Or you could venture to the Garden of the Gods Park to see the 300-foot red sandstone rock formations jutting out of the green earth like ragged, giant teeth. Or take a hike at Red Rock Canyon, a city nature preserve with walking and biking trails to accompany the views. 

Colorado Springs is also home to many sports organizations including the US Olympic and Paralympic Committee and its accompanying museum. The Cheyenne Mountain Zoo and Old Colorado City are also worthy attractions for those exploring Colorado Springs. 

In the 1950s, the United States Airforce opened its academy in Colorado Springs, and the military influence in the region has continued to grow. Currently, the US military is the top employer in the city, and Colorado Springs is home to Peterson Space Force Base, the United States Airforce Academy, Schriever Airforce Base, Fort Carson Army Base, and the North American Aerospace Defense Command (NORAD) within the Cheyenne Mountain Complex. 

As a result of the military presence, particularly the Airforce and Space Force, Colorado Springs has attracted lots of aerospace research, as well as various large electronic companies like Hewlett-Packard. Tourism is also a significant component of Colorado Springs’ economy, drawing millions of visitors per year and grossing the city close to $1 billion annually. 

Architecture goes beyond buildings in Colorado Springs

For a prime example of early human architecture, the Manitou Cliff Dwellings are about six miles northwest of the city. These fantastic homes were constructed by the Ancestral Puebloan or Anasazi People about 8,000-1,000 years ago and have been relocated from the southwest corner of the state in order to better preserve them. They are an excellent example of ancient architecture. 

Moving forward in time a bit, the Glen Eyrie Castle, constructed by William Jackson Palmer in 1871, serves as an example of a European Tudor-style castle in the middle of North America. Initially constructed on the 800-acre estate to be his dream home, the castle’s interior remains decorated in the era’s style with clawfoot tubs and heavy drapery. 

Architectural feats in Colorado Springs aren’t just found in buildings. Located about an hour outside of the city, the Royal Gorge Bridge, which first opened in 1929, held the title as the highest bridge in the world until 2001. Eighteen feet wide and hanging 956 feet above the Arkansas River, the bridge was built with the intention of being a tourist attraction. It can be crossed by foot, bicycle, or segway. 

Lastly, for sports fans, the US Olympic & Paralympic Museum is thrilling for its outer architecture just as much as it is for its inner contents. Said to be inspired by the “energy and grace” of Team USA athletes, the building forms a continuous spiraling shape that directs visitors down one long winding path through the structure. The exterior is covered in 9,000 unique and separate folded anodized diamond-shaped aluminum panels that create a sense of motion as the light refracts off of them. 

Just as eclectic as its various architectural highlights, homes in Colorado Springs cover a wide range of styles. If you’re exploring the housing market, you’ll likely see ranch, Craftsman, prairie, Spanish eclectic, and European cottage style homes. However, if simple and clean lines are more your preference, the planned suburb of Bonnyville, constructed in the mid-twentieth century, offers bungalows reminiscent of Frank Lloyd Wright’s Usonian home design.  

There are a few trends you’re likely to see when house hunting in Colorado Springs. Realm’s data analysis found that the most popular home features were patios, mentioned in 4,144 recent real estate listings, decks, mentioned in another 3,703, and wood floors, found in 3,796 listings. For a city that’s teeming with outdoor adventures, it makes sense that a homeowner would want to spend as much time outside as possible. However, when you are inside, it’s always good to have an updated HVAC system — and the good news is that HVAC repairs or updates also topped the most popular features for local real estate. Realm’s data analysis found HVAC mentions in 3,458 recent listings.  

Tips for homeowners in Colorado Springs

Although Colorado Springs has a wide range of home styles available, Realm’s data analysis did reveal that most homes in the city were built in 1986. While this side steps more expensive issues that come with older twentieth-century homes, like electrical wiring or foundational work, there are still a few little things to be aware of when it comes to homes built in the 1980s. A popular plastic piping material called polybutylene was used throughout the ‘80s since it was cheaper than traditional copper piping. However, the material was found to be a terrible replacement since polybutylene reacted with disinfectants like chlorine often found in municipal water supplies. This reaction would cause the pipes to scale, flake, fracture, and eventually burst. They can often be identified at attachment points like the water heater, main shutoff valve, or connecting into sinks and toilets. 

Since homes built in the 1980s are now coming up on forty years old, basic maintenance like the water heater, HVAC system, or roofing may need to be replaced. As you look at potential homes, it’s always a good idea to get the age of all these systems. If the home is still operating on its original water heater, HVAC system, or has its original roof, it is definitely time for an update. As always, a good inspection is critical. The property should be checked to see if it has the proper drainage grade, and the structure’s foundation should be scrutinized for cracks, water damage, and defects. 

Luckily, most houses in Colorado Springs are safe from naturally occurring floods and fires. Realm’s data shows that 99% of Colorado Springs homes are outside of a flood zone and 100% of them lay outside of a designated perimeter for a wildfire that occurred in the last five years. 

Even if your potential home passes inspection with ease, you may have some renovations in mind. Realm’s free-to-use dashboard provides accurate cost estimates and shows you how much value a project will add to your home. 

Frequently asked questions about Colorado Springs real estate

What is the average cost of a home in Colorado Springs? 

The Colorado Springs housing market, like many markets across the country, experienced a big surge in the past year. According to the Pikes Peak Association of Realtors, pricing for homes in Colorado Springs jumped about 25% in the last year. The average price broke $500,000 for the first time in the town’s history during the summer of 2021. However, the median home cost clocked in around $450,000.

Is Colorado Springs a good place to flip a house? 

Especially when compared to Denver, Colorado Springs is one of the better areas to flip a house in Colorado. However, it should be noted that home prices are rising everywhere, so flippers need to make sure they’ll get a good return on their investment. 

Are houses expensive in Colorado Springs?

Although it’s still cheaper than Denver, as home values rise across the nation, housing in Colorado Springs is slowly becoming less affordable. So while it may be better than larger metro areas, the Colorado Springs housing market is relatively expensive. 

Will housing prices drop in Colorado?

Following the scorching hot summer housing market in 2021, home prices are cooling slightly. However, home prices are still significantly higher than they were a year ago. With buyers unable to keep up with soaring prices, the cost will inevitably have to come down. The question is, when will that happen? No one can be certain.