November 2024 Real Estate Market Update
Colorado Springs Real Estate Quick Facts
- 30-year mortgage rates were relatively flat during the month between 6.7% to 6.8%
- 2,137 listings are on the market-this is up 25% from the same month last year (SMLY)
- New listings for the month were 680 -which is down 4% from SMLY
- There were 692 sales for the month-which is up 17% from SMLY
- The list price/sales price ratio was 98.8%
- Average sales price for the month was $571,313—up 5% from SMLY
- Median sales price for the month was $490,000—up 3% from SMLY
- Median days on market for sold homes was 56-SMLY was 33
- Single family permits YTD are at 2,669-up 182 units from last year
Market Summary
As we wrap up the final month of 2024, it’s a great time to reflect on how our local market has performed this year. While the market held steady overall, many would agree it didn’t always feel that way. Buyers, sellers, and REALTORS® are gradually adjusting to the reality that the frenzied activity of 2020–2022 was far from typical. Instead, 2024 brought us a more “normal” market, reminiscent of trends seen over the past 25 years.
Here are a few highlights:
• Home prices: Sales prices are expected to finish the year up about 3%, slightly below the 25-year aver-age.
• Active listings: Inventory levels have nearly aligned with the average over the past 25 years.
• Sales volume: Year-to-date sales are roughly 10% lower than the 25-year average.
Mortgage rates: While they may feel high compared to recent years, they remain just below the 25-year average.
The market has undeniably shifted, and as we head into 2025, we can expect further changes. Navigating this evolving landscape requires expertise and up-to-date information. Having a trusted real estate professional by your side ensures you’re equipped with the right data and strategies to make informed decisions.
