Colorado Springs and the Pikes Peak region have experienced positive appreciation in our local real estate market within the last 5 years. Some areas have appreciated more than others. This article is designed to inform you of which areas have experienced the highest rate of appreciation. This data was gathered from our local Multiple Listing Service (MLS) through Pikes Peak Association of Realtors. Here's a look at the last 10 years of sales in the Pikes Peak region.
Notice the dip in the median home value between 2007 and 2011. That's when our national housing market crashed during the recession. Notice how we have appreciated every year since 2011. In 2013, we were back at the same median home price as before the recession. This is the reason we decided to go five years back in our research.
First we determined the median price per square foot for each zip code in 2012 and 2017. We then determined the median sales price for every zip code within the same time period to make sure they had similar results to one another. The rate of appreciation was nearly the same between the median sales price and the price per square foot. We chose to use the price per square foot data because it's easier for many people to relate to and understand.
What Does All This Information Mean?
There are only two main points of interest that we find the most relevant in all of this information. We have many personal opinions about this information, but for this article, we will just stick to the basic facts:
- The zip codes with the most expensive neighborhoods were typically near the bottom of the appreciation list.
- All the zip codes closest to downtown Colorado Springs seem to appreciate the most.
This means that a person who invested money in residential real estate close to the downtown area 5 years ago would have experienced a much better appreciation rate than someone who invested the same amount of money in Black Forest or Northgate. Traditionally, Colorado Springs has not had a great luxury market; therefore- this is probably not a surprise to many local seasoned Realtors. We have seen an upturn in the luxury market in the last year, so this information may change as more people from Denver move to the Black Forest and Monument areas over the next few years.
Is the Colorado Springs Real Estate Market Expected to Continue These Trends?
This is the million dollar question. The honest answer is that no one really knows. This data is provided as a point of reference to reflect on, but not as a guarantee of what's to come in the future. Many people are predicting another market crash sometime within the next few years, which would obviously change the outcome of appreciation rates. If that does happen, you can be sure that we will be publishing a depreciation map to help you keep track of the changes.
This data does not guarantee that you can invest in real estate near downtown Colorado Springs and do better than you would in Black Forest or Northgate. This is general information over every home sold within our local MLS. Within every area, there are always specific deals that do not conform to these averages. We advise you to work with a Realtor who knows the market well and can help you navigate each area and property efficiently to ensure that you make the best decisions.
What's the Easiest Way to Keep Up with the Local Real Estate Market?
Every month, we put our a 60-Second Market update on our Facebook, Instagram, and YouTube pages. If you subscribe to any of our social media profiles, you'll receive our newest videos in your news feed as soon as we post them. This is one of the best ways to stay up to date with our crazy market shifts.
Click below to follow us on any of these social platforms to stay updated.
We also recommend finding a good Realtor who you can easily communicate with to help keep you posted. There are some amazing Realtors in Colorado Springs who have a pulse on the market every day. They are a wealth of valuable information. Whether you are buying or selling a home right now or in years from now, you still need a good Realtor connection. Finding a good agent and keeping in touch every now and then is a smart move.
To explore the current homes for sale in each area, simply click on the zip code that interests you.
View Homes for Sale in Each Zip Code
If you have any questions about buying or selling a home, please let us know. We're here to help whenever you need us. You can CLICK HERE to meet our REALTOR®.
These numbers cover all of Colorado Springs, CO and the surrounding areas, including Black Forest, Broadmoor, Briargate, Divide, Florissant, Fountain, Falcon, Gleneagle, Larkspur, Lake George, Manitou Springs, Monument, Northgate, Old Colorado City, Palmer Lake, Peyton, Powers, Rockrimmon, Security, Tri-Lakes, Widefield, Woodland Park, and Woodmoor areas. If you need a local Realtor to help you better understand these number, please contact us. We'd love to hear from you!
Hi! I'm Andrew Fortune, the founder of Great Colorado Homes and the creator of much of the content on this website. Thanks for taking the time to read this article. Please feel free to share this article with someone who might benefit from it. I appreciate your time here on this site and am always open to suggestions and ideas from our readers. Feel free to leave a comment in the box below.
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