The Colorado Springs real estate market has seen significant shifts in 2024, with changes that are impacting both buyers and sellers. Whether you're considering buying, selling, or simply staying informed, it’s important to understand the factors shaping the local housing market.
Rising Home Prices Stabilize
After a few years of rapid growth in home prices, 2024 has brought some stabilization. Colorado Springs saw a slight slowdown in price increases compared to previous years. While home values are still rising, they are doing so at a more moderate pace, allowing buyers to better assess the market without the pressure of skyrocketing prices and more opportunities to find a home without competing in highly aggressive bidding wars.
Increased Inventory
The market in Colorado Springs has benefited from an increase in housing inventory. After a period of low supply, new listings are starting to appear, giving buyers more options and variety. This shift is especially important for those seeking homes in popular neighborhoods or specific price ranges.
Sellers should be aware that while there are more listings available, this increased inventory means competition. Homeowners looking to sell should focus on choosing a Real Estate company who can help their home stand out in the market.
New Developments and Renovations
Many neighborhoods in Colorado Springs are seeing a surge of interest, thanks to new developments and renovations. These projects are revitalizing established areas, blending modern amenities with historical charm. Walston Group Real Estate’s Special Projects Team, which specializes in new construction, rehabilitation, interior design, and historic preservation, has played a role in these efforts. Their expertise ensures that both new builds and renovations enhance the character of the neighborhood while meeting the needs of today’s buyers.
Buyers now have the opportunity to own homes in areas that offer a rich history alongside modern conveniences. Whether you're looking for a newly constructed home or a beautifully restored property, the Special Projects Team at Walston Group can guide you through the process. Sellers in these revitalized areas are seeing increased demand and higher property values. If you own an older home, working with experts in rehabilitation and design could help you maximize its potential.
Interest Rate Fluctuations
Buyers are keeping a close eye on interest rates, as even a small change can significantly impact mortgage affordability. Locking in a favorable interest rate is key. Working with a knowledgeable real estate team that can provide timely market insights is crucial for navigating rate fluctuations.
The Downtown Revival
Colorado Springs has seen a renewed focus on downtown living, with lofts and condos becoming increasingly popular. Many buyers are seeking the convenience of urban living, with easy access to restaurants, cultural venues, and entertainment.
Janelle Walston, also known as The Loft Lady, has been a key figure in this revival. With over 20 years of experience in downtown Colorado Springs real estate, Janelle specializes in loft development and urban properties. Her expertise has helped countless buyers find their ideal downtown living spaces, whether they’re looking for the charm of a historic loft or the modern amenities of newer developments.
The Colorado Springs real estate market in 2024 reflects a changing landscape influenced by both economic conditions and lifestyle trends. Whether you're buying, selling, or investing, staying informed about market shifts can help you make informed decisions. Walston Group Real Estate, Inc., is here to guide clients through these changes, providing expert advice and local insights to help you navigate the market confidently.
Ready to explore your options? Contact us today to schedule a consultation or browse our exclusive listings to find your dream home!