COLORADO SPRINGS, Colo. (KRDO) -- Despite the COVID-19 pandemic, homes sales continue to thrive in Colorado Springs, but that's giving no relief to new home buyers.
KRDO first reported about the hot housing market in Colorado Springs, back in January when experts said housing prices and appreciation values would remain above the national average through 2024 and quite possibly extending into 2029; but that was before things heated up with COVID-19.
On March 25, Gov. Jared Polis issued a mandatory stay-at-home order. In May, Colorado Springs City Council said they were concerned about the economic impact the COVID pandemic could have on the city and what it could potentially do to the housing market while the shortage of affordable housing in Colorado Springs lingered. The median home price at the time was $399,000.
But according to a new analysis from Zillow, the housing market in Colorado Springs still remains strong. Their report ranks Colorado Springs 6th in the nation of mid-sized housing markets poised for growth in 2020.
Zillow said there was a 17.8% increase of home sales in Colorado Springs over last year, coupled with a 9.5% increase of home values. Combined with a projected growth of 4.8% over the next year, the Springs landed in their Top 12 Cities to Watch in 2020.
The analysis weighs a variety of factors that shows demand in the market and continued opportunity for growth. It included growth of home values, how many homes sold above the listing price, and how quickly homes sell.