As we move into the new year, it’s important to stay informed about the state of the real estate market, especially if you’re thinking of buying, selling, or simply staying updated on your property’s value. Here’s an overview of key statistics from 2022 to 2024, highlighting the trends and changes that could affect your real estate decisions in Colorado Springs.
New Listings
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2022: 21,646
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2023: 17,124
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2024: 18,708
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Year-over-Year Change: +9.25%
The number of new listings has increased slightly from 2023 to 2024, reflecting more homes becoming available on the market. For buyers, this means more options, but for sellers, it could mean more competition. Even though new listings are up, it's still important to price your home right to stand out in a growing market.
Sales
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2022: 17,492
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2023: 13,468
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2024: 13,043
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Year-over-Year Change: -3.16%
Sales have slightly decreased from 2023 to 2024, continuing the trend seen in 2023. This decline can be attributed to factors like higher mortgage rates and affordability challenges, which can keep some buyers on the sidelines. Sellers may experience a longer time on the market compared to the boom years, but homes that are priced right and presented well will still find buyers.
Median Price
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2022: $459,546
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2023: $450,000
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2024: $463,000
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Year-over-Year Change: +2.89%
Home prices in Colorado Springs have seen a slight uptick in 2024, recovering from a dip in 2023. The increase of 2.89% suggests that the market is stabilizing, and buyers are still willing to invest in homes, despite higher mortgage rates. For homeowners thinking about selling, the continued growth in median price indicates that it may be a good time to list.
Average Days to Sell
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2022: 19
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2023: 38
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2024: 45
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Year-over-Year Change: +18.42%
The average days on market have increased from 2023 to 2024, reflecting a slower-paced market. Homes are taking longer to sell, indicating that buyers may be more cautious due to higher mortgage rates or uncertainty. Sellers should be prepared for longer wait times and may need to be more flexible on pricing or negotiations to secure a sale.
Percentage of Price Received
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2022: 100%
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2023: 98.80%
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2024: 98.50%
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Year-over-Year Change: -0.30%
Homes are selling for slightly less than their asking price, with a small decrease of 0.30% from 2023 to 2024. While this shows a slight cooling in buyer demand, it also reflects a more balanced market where buyers are being more selective and negotiating harder. Sellers should manage expectations and be ready for some negotiation on price.
Average Mortgage Rate
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2022: 5.3%
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2023: 6.8%
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2024: 6.7%
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Year-over-Year Change: -1.47%
Mortgage rates have slightly decreased in 2024 compared to 2023, but they remain higher than the 2022 rates. While the decrease is helpful for buyers, rates are still a significant factor in affordability. Buyers may find it challenging to enter the market with higher borrowing costs, but they could benefit from this slight dip if they lock in a mortgage rate soon.
Average Active Listings
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2022: 2,875
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2023: 3,209
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2024: 4,088
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Year-over-Year Change: +27.39%
The number of active listings has surged in 2024, showing a 27.39% increase from 2023. For buyers, this means more choices and less competition, but for sellers, it could mean more competition for your home. To stand out in a crowded market, it’s important to price your home well and make sure it’s presented in the best possible light.
Conclusion
The Colorado Springs real estate market has shown some shifts from 2023 to 2024. While sales have decreased slightly and homes are taking longer to sell, home prices are still experiencing moderate growth. For buyers, more homes are becoming available, but higher mortgage rates could make it a more competitive market. Sellers may face longer wait times but can still benefit from rising home values.
Understanding these trends can help you make informed decisions, whether you’re thinking about buying or selling in Colorado Springs. If you have questions about the market or want guidance on how these trends could affect your specific situation, don’t hesitate to reach out. Let’s make sure you’re positioned for success in the 2024 real estate market!
