As of our knowledge cutoff in 2021, the Colorado Springs housing market was experiencing a significant increase in demand and prices. This trend was not unique to Colorado Springs but was being seen across much of the United States.

Several factors were contributing to the high demand and low inventory of homes in Colorado Springs. Firstly, historically low mortgage rates were making it easier for people to afford homes and prompting many to enter the market. Secondly, the COVID-19 pandemic had caused many people to reassess their living situations, with many seeking larger homes or homes with more outdoor space. Additionally, the pandemic had led to a surge in remote work, allowing people to move to areas like Colorado Springs without sacrificing their job opportunities.

The combination of these factors had led to a seller’s market, with many homes receiving multiple offers and selling quickly. This had driven up prices, making it more difficult for first-time homebuyers to enter the market.

As of our current date, March 1st, 2023, there is some evidence to suggest that the Colorado Springs housing market has cooled off somewhat, although it remains a seller’s market overall. According to data from Zillow, as of January 2023, the median home value in Colorado Springs was $445,000, which represented a 10.7% increase over the previous year. While this is still a significant increase, it is somewhat lower than the double-digit annual increases seen in previous years.

One factor that may be contributing to the cooling of the market is rising mortgage rates, which can make it more difficult for buyers to afford homes. Additionally, some experts have suggested that the rapid price increases seen in recent years may have caused some buyers to become priced out of the market or to seek alternatives in other areas.

However, it’s worth noting that the Colorado Springs housing market remains highly competitive, with homes still selling quickly and for high prices. As of January 2023, the average number of days on market for a home in Colorado Springs was just 21 days, and 56.2% of homes sold above list price. This suggests that while the market may be moderating somewhat, it remains a challenging environment for buyers.

Overall, it appears that the Colorado Springs housing market remains in flux, with some signs of cooling but still significant demand and competition among buyers. As with any market, it’s important to stay up to date on the latest trends and consult with local experts to get a full picture of the current situation.