Home prices fall in Colorado Springs, mirroring Denver’s (minor) slowdown

Michael Elizabeth Sakas/CPR News
Freshly poured foundations for new homes in Colorado Springs, May 24, 2021.

Home values in Colorado Springs have dropped after reaching new highs over the summer.

Data from the Pikes Peak Association of Realtors shows the median price of a home in September was $440,000, down from $450,000 in August. And houses sat on the market for a little longer than they did during the summer, averaging about 12 days on the market.

Total year-to-date sales for homes in Colorado Springs are also up in September 2021 compared with previous years. More than 13,500 homes have been sold in Colorado Springs since the beginning of the year.

The trend is also being seen in Denver, where home prices also dropped in August — the most recent data available — and homes sat on the market for an average of 11 days. That median price for residential property in metro Denver in August was down to $535,000 from a high of $545,000 in June.

The Denver Metro Association of Realtors says they're not sure if the drop is due to a market correction or a more traditional seasonal slowdown. Home prices typically drop in the fall and winter as fewer people look to relocate.

But while Denver had fewer active listings on the market at the end of August than in the month before, Colorado Springs had its most new single-family home listings in at least a year in September — more than 1,800.