Housing Prices are up again in Colorado’s two biggest housing markets.
After taking a slight dip in September from record summertime highs, the median price for a “detached” single family home in Metro Denver in October was up to $585,000.
In Colorado Springs, that same price hit $446,000.
"People are really gravitating here and loving the climate, the school systems, the area itself, the mountains,” said George Nehme with the Pikes Peak Association of Realtors (PPAR). He said he has never seen a hotter housing market in the nearly three decades of his career.
At the same time, Nehme said new home construction continues to not meet demand, particularly the market for first-time buyers. He expects prices to remain high in Colorado Springs through the winter.
“There’s just too many buyers out there,” he said. “We’re dealing with that and not enough listings.”
PPAR data show homes are only remaining on the market for 12 days on average before they are sold. That’s 9 fewer days than a year ago. Meanwhile, the sky-high prices and insufficient supply have not dampered overall sales figures: The region has sold 15,250 homes so far this year, compared with 14,482 at the end of October last year and 13,625 at the same point in 2019.
