New study shows large home appreciation in Colorado Springs
Anyone who has bought or sold a home in the last five years knows how hot the housing market is.
But a new study, done by real estate company Great Colorado Homes, is showing just how hot by looking at home values over the last five years.
Andrew Fortune, owner of Great Colorado Homes, is the one who crunched the numbers.
“We went through every ZIP Code and calculated the price per square foot and the median home price for five years ago, and then we compared it to last year,” he explained.
When he looked at the numbers, he was shocked to see how much some areas had appreciated.
“The downtown market, any ZIP Code close to downtown, appreciated around 60% and the highest one was at 63%,” he said.
The zip codes with the highest appreciation: 80905, 80909, and 80910.
“It makes sense because a city always grows from the inside out,” Fortune said.
He also thought the home prices contributed to the massive growth. Those are areas with many lower-priced homes, which are always more in-demand than more expensive homes.
Fortune said these areas appreciated about three times more than areas like Black Forest or Manitou Springs.
But if you don’t live in those zip codes, don’t worry. Fortune found that every zip code in Colorado Springs appreciated by at least nearly 20%.
And he thinks the upward trend will continue this year.
“The median home price in the Springs is $295,000 right now, but I think it will hit $300,000 this year,” he said.
To see the impact in your neighborhood, click here.
