Home prices continue to soar in Colorado Springs

The “hot” housing market in Colorado Springs is now getting national attention. A federal report shows home prices in our city continue to rise at a rate that’s near the top in the nation.

“Colorado Springs has been a hot market for several years. We see prices just continue to increase. We continue to be one of the top markets in the United States,” said Cathi Sullivan, a broker and owner at Era Shields Real Estate.

She says many of her clients are set on Colorado Springs as their home.

“People are attracted to the quality of life of Colorado Springs. We have a great economy, low unemployment rate, a lot of activities for outdoors, we have great weather,” Sullivan said.

Colorado Springs has the fifth-highest appreciation rate among the nation’s 100 largest metro areas. So what exactly does that mean?

“Year after year, the prices of homes have increased and right now we’re increasing faster than the national average. The reason for that is demand, it’s a simple supply and demand curve so as demand increases the only way to meet that demand is to increase prices,” Sullivan said.

Low interest rates have also encouraged people to put money into a home and Sullivan says it’s a safe investment even if there is a slight downfall in the housing market.

“We tend to be a pretty stable place especially with the military bases, especially with the great quality of life. So we don’t get to get hit as hard even in recessions. We’ll see a down-tick but it won’t be anything compared to some other cities,” she said.

With a big demand in homes, sellers are in the driver’s seat.

Right now, the median listing price for a home in Colorado Springs is about $339,000.