Despite things being bleak for many housing markets across the US, things are looking quite good for real estate investors in Colorado Springs. Similar to most markets, things started on a pretty low note this year but took a turn for the better towards the end of the first quarter. Now the demand for homes in this region is at its all-time high and is expected to increase even more in the coming months. Even though Colorado Springs has always been a hot spot for real estate investments, things have never been this good. According to a federal report, home prices in this area are increasing at an incredibly rapid rate.
Factors Behind the Increasing Prices
Once overshadowed by Denver, Colorado Springs boasts an exceptionally healthy economy and an impressive low-employment rate. This means that a majority of Colorado Springs residents have excellent purchasing power. This coupled by its exhilarating outdoor arena and incredible all-year-round climate are some of the driving factors behind the increasing demand for homes in the region. It is now the go-to town for those who appreciate a healthy work and life balance.
Apart from its excellent livability, the city was ranked fifth among the country’s highest appreciating metro cities. This means that over the years, homes have been flying off the shelves at record-breaking prices, causing the supply to decrease and the demand to increase. As a result, potential home buyers are left with no option but to scramble for the few homes available, causing the prices to increase exponentially.
Also, the fact that the demand is high and supply is low makes more homeowners in the region reluctant about selling their homes. They fear they won’t be able to find other befitting dwellings in the region if they do. Hence those who are willing to take the risk only do it at incredibly high prices. As of now, the median price for a single-family home in Colorado Springs is approximately $330,000, indicating a 7.5% increase in property prices.
Also, buyers want to take advantage of the current low-interest rates on mortgage and property loans now. This is especially because it appears that the federal government will increase them later this year to curb the increasing demand.
Additionally, thanks to its healthy economy, Colorado Springs’ real estate market has always been quite stable. This means that despite it being a hot spot for home and property buyers, it’s usually not as much affected by market recessions like other cities. This factor makes it a more attractive playground for real estate players which in turn spurs a further increase in prices.
Given all these factors, it’s no surprise that Colorado Springs was listed among markets with the most robust real estate demand by Forbes.
Little Known Facts about Colorado Springs
There’s more to Colorado Springs than her thriving real estate realm. Here are some interesting facts you didn’t know about this city
1. It’s also known as Little London
Commonly referred to as The Springs by most of its residents, Colorado Springs has another less popular nickname ;”Little London.” The nickname dates back to the 20th century when the majority of its habitants were from Great Britain.
2. Colorado Spring was Home to Tesla’s Experimental Station
When people hear the name Tesla, they tend to think of Elon Musk and his famed electrical cars. However, the real Tesla was a famous Serbian-American physicist known as Nikola Tesla. He had an experimental lab which is believed to have been in Colorado Springs’ mountains. It’s here that he brought to life some of the world’s revolutionary inventions.
3. The Most Physically Fit
Colorado Spring was rated as the number 1 most physically fit city in the US as its residents are keen on health and fitness living.
4. It’s the Fifth Best Place to Live in the US
Colorado Springs was ranked as the fifth-best city to live in the US. This is due to its low living costs, low unemployment rates, a rich history, and a host of cultural attractions and recreation opportunities. Given all these facts, it’s no surprise home prices are skyrocketing.
5. Might Have Been the First Place Fluoride was Used
Colorado Springs might have been the first place where fluoride was used to prevent tooth decay when Dr. Fredrick McKay, one of the city’s earliest natives, introduced the idea to his patients.
6. Colorado Springs Inspired the Popular Song, America the Beautiful
America the beautiful is a popular song by Katherine Lee Bates. She wrote it after she was taken away by the city’s beauty.
Colorado Springs is a beautiful city with a rich history. Its excellent quality of life, and a thriving real estate market is set to attract even more people.