Looking Back at 2024’s Real Estate Market

The 2024 Colorado Springs metro area real estate market was relatively stable with the only real notable change being inventory. Sales and pricing patterns for the year were somewhat flat.

First Quarter

The year began with a significant increase in active listings, which was much needed, up by 20% compared to the same period in 2023. However, sales activity did not follow suit, as transactions were down by 11%. Despite this disparity, prices held steady, signaling a balanced start to the year.

Second Quarter

The upward trend in inventory continued, with active listings surging by 40%. Sales experienced another dip, down by 12%, and prices remained flat. This stability in pricing despite, rising inventory highlighted a market where buyers were cautious, but sellers were holding firm on value.

Third Quarter

By mid-year, inventory levels crested, reaching approximately 3 months of supply. Sales declined by 8%, but this quarter marked a turning point as prices showed modest growth, increasing by about 3%. This slight appreciation suggested a strengthening demand amid improving mortgage rates during this period.

Fourth Quarter

The final quarter of the year brought some momentum to the local market for 2025. Inventory tightened in December, and sales activity surged by nearly 20%, reflecting renewed buyer confidence. Prices appreciated by 4%, capping off the year with strong performance in both demand and value metrics.

Year-End Highlights

Looking at the year as a whole, the Colorado Springs metro area displayed resilience and adaptability: 

New Listings

Increased by 7%, adding nearly 1,000 additional units to the market.

Inventory

The average months of inventory rose by about 2 weeks, reaching 3 months.

Total Sales

Fell by approximately 300 units compared to 2023.

Average Sales Price

Climbed to $557,421, an increase of $16,707 or 3% year-over-year.

New Builds

New home construction as reported by PPRBD showed an increase of 184 single family homes (up 6.8%) from 2023.

Median Sales Price

Rose to $488,800, up nearly $14,000 or 2.9%.

Conclusion

The 2024 Colorado Springs real estate market navigated a balancing act between rising inventory and shifting buyer activity. While the year started with slower sales and steady pricing, it concluded on a high note with tightening inventory and stronger appreciation. These trends suggest a market poised for continued evolution in 2025, driven by measured growth and increasing buyer participation.

Fun Facts From 2024 (El Paso County)

• Most expensive sale—A home in Flying Horse North sold for $5,300,000.
• Largest home sold—A home in the Black Forest neighborhood of Cathedral Pines had 15,420 square feet.
• Cheapest home sold—The town of Ramah takes bragging rights for the 4th year in a row with the sale of a single family home for $40,000.
• Smallest home to sell—A Tiny Home in Black Forest with just 390 square feet.

Quick Hits From 2024 (El Paso County)

• Number of units sold was 9,170, a drop of 301 units (↓3%) from last year
• Average sales price for the year was $557,421 an increase of $16,707 (↑3%)
• The median sales price was $488,817, down $13,817 (↑3%)
• Number of active single family listings on 1/1/2025 compared to 1/1/2024 increased 437 units to 1784 
• Inventory levels for the year averaged nearly 2.5 months, compared to 2 months in 2023
• New home permits totaled 2665, down 940 units (26%)

Why Olympic City USA Is Such A Great Place To Live

• Home to the United States Air Force Academy, US Space Command, Fort Carson, Peterson AFB, Schriever AFB, US Olympic Committee & 23 Olympic NGB’s, US Olympic Training Center, Northern Command, NORAD, Garden of the Gods Park, US Olympic and Paralympic Museum, Cheyenne Mountain Zoo, Pro Rodeo Hall of Fame, Space Foundation
• Outstanding higher education institutions; US Air Force Academy, University of Colorado at Colorado Springs, Colorado College, and Pikes Peak State College
• Diverse industries including Aerospace, Healthcare, Cybersecurity, Defense Technology, Military, Manufacturing, Sports, and Tourism
• Remarkable event venues including The Broadmoor Resort Hotel & Convention Center, Fine Arts Center, The Broadmoor World Arena & Pikes Peak Center, Weidner Field, Robson Arena, Ford Amphitheater, and the ENT Center for Performing Arts
• Excellent business climate—highly educated workforce, high-tech infrastructure, and local airport
• World-class trails for hiking and biking
• Centrally located to allow residents the opportunity to enjoy all Colorado has to offer