Skip to Content
Archive
Remaining Ad Time Ad - 00:00

Colorado Springs housing market to remain hot for next five years, realtor tells City Council

COLORADO SPRINGS, Colo. (KRDO) -- What goes up, must come down -- eventually. But that's not happening anytime soon for the red-hot housing market in Colorado Springs.

Many experts have expected an inevitable slump or price correction to follow recent years of growth, but local realtor Harry Salzman told the City Council Tuesday, "forget about that."

Salzman, in an annual update and forecast to the Council, said housing prices and appreciation values will remain above the national average through 2024, and possibly even extending through 2029.

The city's high rankings in quality-of-life indicators, and even construction of the four City for Champions projects, were the main factors cited by Salzman as contributing to the housing market's continued growth.

Unfortunately, Salzman said, the trend will mean many first-time home buyers -- particularly those earning less than $50,000 a year -- will continue to struggle to acquire homes because of low inventory and low wages.

"We're still in a good position," Salzman said. "One we're lucky to be in."

Councilman Wayne Williams said affected homebuyers will have to be open to condominiums and townhouses as housing possibilities.

Council President Richard Skorman agreed, saying those prospective homebuyers may have to consider options besides the traditional home on a lot.

"The cost of homebuilding is higher than average for our area," he said. "But the cost of land so far isn't as high as it is in places like Denver. We need to change how we look at housing and what kind of housing we provide."

Skorman said he's hopeful that local developers and builders will eventually build more homes and increase inventory to meet demand.

Colorado Springs / Economy / Home / House and Home / Lifestyle / Local / Local News / Must See Videos / News / Real Estate / State & Regional News / Video / Video / Video

Scott Harrison

Scott is a reporter for KRDO. Learn more about Scott here.

Comments

4 Comments

  1. “Colorado Springs housing market to remain hot for next five years, realtor tells City Council”
    .
    Local realtors will always say that, because their continued livelihood depends on that being the case, despite what other trendsetters might indicate. But it sure doesn’t help the majority of first-time home buyers, who need less expensive properties to get a foot in the door of the American Dream…

    1. those who have been homeowners must remain where they are planted for the most part.
      They can not “move on up” leaving any sort of affordable housing behind for the up and coming generation,
      New builds are out of the reach of new generations here.
      Even apartments are absurd.
      Rows and rows of $200K and up new builds along union Blvd have sat empty for at least a year-they are overpriced crackerjack boxes-that are out of the reach of the next generations.
      Hopefully, these out of state builders will take a huge loss and it will come back to bite the Mayor in the butt.

    2. Realestate brokers are like stock brokers who always want people to buy, buy, buy to keep prices high, high, high.

      The truth is they cannot predict the future and unforseeable events can rock the economy, sending both stocks and housing prices tumbling, never trust them.

Comments are closed.