Colorado Springs, CO, is an up-and-coming housing market. Its picturesque mountain backdrop, sprawling suburbs, and rustic south side provide a unique atmosphere that is both modern and timeless. Home buyers and sellers have taken note of the city's diverse population, booming economy, and exploding real estate industry. Whether looking for a luxurious estate in the hills or a budget-friendly apartment downtown, the city has something to offer everyone.
Quick Facts:
- Colorado Springs is home to 495,838 residents.
- The median home sold price was $443,400.
- Median Days on Market: 41 Days
- The average salary for jobs in Colorado Springs is $58,073 per year.
Colorado Springs, CO, in a Nutshell
Colorado Springs, nestled in the stunning Rocky Mountains at a lofty 6,000 feet above sea level, is more than just a picturesque home to hopeful Olympians. Nature-loving tourists and proud locals take advantage of their enviable location with hikes in spectacular parks like Garden of the Gods or Red Rock Canyon Open Space. For local adventurers who crave an extra challenge on two wheels, North Cheyenne Cañon Park and Palmer Park - named for city founder General William Jackson Palmer - offer mountain bike trails sure to test your mettle! And if you're spent after all that activity, there are plenty of breweries (including one located within an old schoolhouse) nearby where you can refuel with some delicious craft beer.
Colorado Springs is a mecca of history, culture, and adventure! Get the full experience by visiting the free Pioneers Museum to explore its historical exhibits. Brush up on your artistic knowledge while admiring some thought-provoking works at the Fine Arts Center or stick around for one of their live theatre productions; locals proudly put on shows you won't find anywhere else. For an auditory treat, check out either The Pikes Peak Center, which hosts renowned musicians and comics travelers alike - or take in a performance from local favorite Colorado Springs Philharmonic at Ent Theatre Centre for Arts.
Employment
Despite its military presence, Colorado Springs is slightly outpacing the statewide unemployment rate of 3.6 percent, with a current mark of 3.8 percent. However, there are still 20,000 open jobs in El Paso and Teller County while 13,000 people struggle to gain employment in the Pikes Peak Region - underscoring that locals must look towards specific industries for success: healthcare; professional services; administrative tasks; manufacturing projects plus retailing and hospitality roles amongst them all! The Pikes Peak Workforce Center does its part by helping individuals find suitable positions based on their skillset - hopefully leading many to abundant opportunities worthy enough for both parties involved!
Economy
Although Colorado is on a path to economic success in the near future, there are still many influential variables that could potentially cause our state's economy to shift away from its current trajectory. The December forecast of Legislative Council staff for 2023 predicts an increase of at least 1% growth and a decrease in inflation down to 4.6%. This quarter also brought with it news that despite warnings about possible recession afterward, this year contains a great promise. However, unpredictable events such as war abroad or unexpected changes in federal benefits may change everything.
Colorado Springs, CO Real Estate Market
After dominating the nation's price appreciation charts for years, the Colorado Springs housing market saw a dramatic shift during late 2022, with its median home prices rising to only 0.2%. This drastic change should be credited to last year's surge in mortgage rates, which has caused an immense impact on the city and is yet another sign of it being felt today.
The once booming real estate market in Colorado Springs has seen a sudden and dramatic decline, with homes taking an average of 41 days to sell compared to 10 just months ago. Due to fewer new builds entering the scene, as well as higher mortgage rates and inflation on top of falling prices, the current conditions are being viewed more positively by those who know it best - simply representing a return back towards stability rather than total chaos.
Final Thoughts
The city of Colorado Springs is an amazing amalgamation of history, culture, and adventure. With historical sites like the Pioneers Museum and a bevy of outdoor activities, including mountain biking trails in North Cheyenne Cañon Park and Palmer Park, no one will ever run out of things to do here! The economy has also seen a bit of recovery, although there's still considerable room for growth. Finally, despite a decrease in real estate prices this year, the market is still viewed positively as a sign of more stability than chaos. Those wanting to take advantage of all Colorado Springs has to offer need to look no further than this amazing city!
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