The Colorado Springs real estate market is showing signs of stabilization heading into 2024, according to local realtor Barb Schlinker. After a period of rising mortgage rates and declining prices in late 2023, rates have suddenly dropped nearly half a percent in just two days in mid-December. This could unlock more buyers in the new year.
Colorado Springs Median Home Price
The median home price in Colorado Springs peaked at $530,000 in October 2023 when rates were over 8%. As rates went down in November and December, so did prices, with the current median home price at $499,500. This correlation between rates and prices means if rates continue to fall in 2023 and into 2024, prices may rise again and inventory could tighten as buyers jump back in the market.
Is Colorado Springs A Buyers or Sellers Market?
Currently the market is balanced between buyers and sellers. Sellers should price homes realistically rather than optimistically to account for this. Buyers should prepare to act fast if they are ready, predicting less competition if rates continue to stay down.
The thing to watch for is if rates go up, available homes/inventory will go up. If rates go down, inventory is going to go down.
So what exactly does that mean?
This means that if you’re a buyer in the Colorado Springs market, you’re going to have fewer homes to compete with. We may even see bidding wars on some homes that are priced very realistically.
While some anticipate a housing market crash, Barb believes the Colorado Springs real estate market will remain relatively stable into 2024. As a local expert helping buyers and sellers navigate the local housing market for over 15 years, Barb stresses that there is no better time than the present to invest in real estate in the area.
Colorado Springs Best Realtor – Barb Has The Buyers
For more information on Colorado springs housing market predictions 2024, contact Barb. Or to get a free consultation on buying or selling your home in 2024, call us at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team.