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Why is 2024 a Good Year to Buy a Colorado Springs House?

Why is 2024 a good year to buy a Colorado Springs house? Entering the housing market in the second half of 2024 could be the right move depending on your budget, timeline, and personal circumstances.

In this post, Colorado Springs realtor Barb Schlinker and our professionals at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss what to know about buying a house in Colorado Springs in 2024.

Key Takeaways:

  • Throughout 2024, Colorado Springs has been a very strong buyer’s market, which means demand is low. As a result, homes stay on the market longer and sell for less. 
  • This is good news if you’re looking to buy– you’ll face less competition from other buyers, have the upper hand in negotiations, and have more inventory to choose from.
  • Interest rates have dropped significantly from their all-time high a couple of years ago and haven’t risen in 2024. According to some economists, the end of 2024 could see some rate cuts by The Federal Reserve. 

Why is 2024 a Good Year to Buy a Colorado Springs House?

Throughout 2024, Colorado Springs has been a very strong buyer’s market, which means demand is low. As a result, homes stay on the market longer and sell for less. 

This is good news if you’re looking to buy– you’ll face less competition from other buyers, have the upper hand in negotiations, and have more inventory to choose from.

2024 also brings some positive news for mortgage interest rates. Interest rates have dropped significantly from their all-time high a couple of years ago and haven’t risen in 2024. According to some economists, the end of 2024 could see some rate cuts by The Federal Reserve. These cuts could begin as early as September or start towards December going into 2025.

Based on this information, 2024 can be considered a good time to buy a home in Colorado Springs. However, some market experts predict interest rates will continue to go down in 2025. While this would lead to more favorable borrowing conditions, it also means home prices may start rising.

Ultimately, if you want to know whether 2024 is a good year to buy a house in Colorado Springs, you’ll need to consult with an experienced realtor. A realtor is the only way to take into account your personal situation, budget, and moving timeline. They can also provide you with the latest market trends, so you can make an informed decision based on accurate data.

What is the Housing Market Like in Colorado Springs?

In recent months, the median sale price in Colorado Springs was $455,000, which is a 1.1% increase from the same point a year ago. The average price per square foot is $221, which is a 2.8% increase from last year. 

Most homes sell for 1% below the asking price, while the hottest homes sell for 1% above their asking price. In addition, 30.4% sell above their asking price, and 34.1% of homes experience a price drop at some point after being listed.

Buy a Colorado Springs House in 2024 with Barb Schlinker

Why is 2024 a Good Year to Buy a Colorado Springs House?
Barb Schlinker

If you’re looking for the best realtor in Colorado Springs, look no further than Barb Schlinker and our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team. We’ve been in the real estate business for a little over 27 years, which means we’ve helped thousands of home buyers find their dream homes.

Our Colorado Springs real estate agency has developed a reputation among our clients for high-quality customer service, attention to detail, and a stress-free experience thanks to our VIP Buyer Program.

With this program, you get curated property hotlists, free home-buying resources, and our unique Buyer Satisfaction Guarantee

To learn more about buying a house in Colorado Springs with our team, reach out to us today at 719-301-1802 or [javascript protected email address]. Your dream home awaits!

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