Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Colorado Springs, CO, is certainly worth considering.

Approximately 70 miles south of the state’s capital, Denver, the city of Colorado Springs is beloved for its weather (243 sunny days a year!), lifestyle, and entertainment options. It's ranked as the second most populous city in the state, with plenty of CO natives and transplants alike moving to the city each and every year. 

Affectionately known by locals as “The Springs”, Colorado Springs is most famous for its easy access to Pikes Peak plus an abundance of other hiking, biking, and outdoor activities. 

But what about the Colorado Springs real estate market in July 2024? What do stats and trends look like contemporarily? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for the Colorado Springs real estate market (July 2024):

Colorado Springs General Statistics

• Population (city proper): 492,204 (up .1% since 2019)

• Population (metro area): 765,424 

• Area (city proper): 201.8 sq. mi. 

• Area (metro area): 2,683.6 sq. mi.

• Median Age: 36 

• GDP (metro area): $47.9 Billion

• Unemployment rate (metro area): 3.5% (down .8% Since February 2024)

• Top employers: Valdez International, Compassion International, Spectranetics, Vectrus, Infinity Systems Engineering, Colorado College, WCS, Arc Thrift Shops, Rivada Networks, California Casualty. 

• Highest paying jobs: Oral and Maxillofacial Surgeon, Anesthesiologist and Pain Management Specialist, Physician-Pediatrician, Cardiologist, Obstetrics Gynecologist Physician, Psychiatrist, Operator and Truck Driver, Hospitalist Physician, Resident Physician in Radiology, Physician. 

• Median income (per capita): $42,456

• Median income (household): $78,568

Colorado Springs Real Estate Market (July 2024) Statistics

• Neighborhoods: 141

• Homes for sale as of July 2024: 3,042 

• Median list price: $479.9K (up 2% since January 2024)

• Median sold price: $450K (up 1.5% since January 2024)

• Sale-to-list price ratio: 100%

• Median price per square foot: $224 

• Median days on market: 31 (down 23% since January 2024)

• Rental vacancy rate: 6%

• Homeowner vacancy rate: 1.4%

• One-year appreciation rate: +1.5%

• Average rent: $1,527 

• Price-to-rent ratio: 21.88

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Colorado Springs Real Estate Market (July 2024) Trends

The Colorado Springs real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Colorado Springs real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Colorado Springs home or one hundred, you don’t have to go it alone. 

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:

• Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more. 

• Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.

• Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.

This content was originally published on Evernest.co.