Jacob McCrackin
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As we close out 2024, Colorado Springs continues to demonstrate its dynamic real estate market. With shifting inventory levels, price trends, and evolving buyer preferences, December brings both challenges and opportunities for buyers and sellers. Here’s what the data reveals about the current market landscape.
Despite higher mortgage rates, buyers remain engaged, particularly drawn to Colorado Springs for its lifestyle and economic opportunities. Many are looking for homes that fit their evolving needs, including more space and proximity to outdoor recreation. Buyers are also often negotiating concessions from sellers, such as help with closing costs or rate buydowns, though not all sellers are willing to offer these. If you’re considering purchasing, it’s worth asking but not guaranteed.
For sellers, stable pricing and relatively low inventory provide an advantage. Homes priced competitively are seeing stronger interest. If you’ve been considering listing your home, this remains a favorable time to do so following the holidays as buyers re-enter the market going into the spring.
While home prices have risen year-over-year, the average sales price dipped slightly compared to November. This may provide a small window of opportunity for buyers to enter the market before the ‘summer rush’. Additionally, first-time buyers and those relocating from more expensive markets are finding Colorado Springs attractive despite affordability challenges.
Pre-existing homes offer several benefits that can make them an attractive choice for buyers. These homes are often situated in already established neighborhoods, which means they may come with mature landscaping, a sense of community, and proximity to schools, parks, and amenities. Additionally, pre-existing homes may have unique architectural features and character that newer builds might lack with modern trends. Buyers may also find opportunities to negotiate concessions or updates with sellers, making these homes a flexible option for those looking to personalize their living space.
Newly constructed homes offer a variety of benefits that make them an appealing option for many buyers. These homes typically include modern layouts, energy-efficient features, and updated appliances, which can reduce long-term utility and maintenance costs. New builds often come with warranties for added peace of mind and are designed to meet the latest building codes and standards. Additionally, buyers may have the opportunity to customize finishes and features to suit their personal tastes, making new builds an attractive choice for those seeking a home tailored to their needs. Some builders will also offer concessions and rate buy downs but could potentially see higher taxes through communities. It’s always worth a conversation!
The Colorado Springs housing market is expected to remain active into early 2025. However, challenges such as fluctuating interest rates and seasonal inventory shifts could impact market dynamics. Buyers should be prepared by securing financing early and acting quickly when they find a home that fits their needs. Sellers can benefit by pricing their homes competitively and leveraging the continued demand to secure strong offers.
As always, staying informed about local market trends and data is crucial to making confident real estate decisions. Whether you’re buying, selling, or investing, Colorado Springs offers a wealth of opportunities to explore. With careful planning and a clear understanding of market conditions, you can make the most of this vibrant and evolving market. Contact us today to get the professional help you need!