Housing Prices in Colorado's second-largest city continue to level off after historic gains in the past year.
The median single family home in the area sits at a price of $450,000, according to August data from the Pikes Peak Association of Realtors. That’s the highest the median price has ever been, though it has held steady at that price for three months now. In May, the median price for a single family home in Colorado Springs was $432,000.
Housing prices often drop in the fall and winter months. However, hundreds more homes have sold so far this year compared to the same time frame last year, and homes are only remaining on the market for an average of 10 days.
Home builders are also facing their own pressures in keeping supply up, like in Fountain, where home building continues, even though a shortage of water has hampered some growth.
The dramatic rise in median prices, up $70,000 from a year ago, is pricing many first-time home buyers out of the Colorado Springs housing market. However, those prices still sit well below Metro Denver’s median family home price, which is currently $535,000.
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