Colorado Housing Market Ranks As The Hottest In The Nation
This ARTICLE On Colorado Housing Market Ranks As The Hottest In The Nation Was PUBLISHED On November 13th, 2019
Colorado Springs, Colorado housing market ranks as the hottest and growing housing market in the U.S.
- While cities like Chicago and New York City are in a financial crisis and cannot pay its bills, Colorado Springs is raking in billions
- The Rocky Mountain city is welcoming the in-migration of businesses and residents
- However, the city is experiencing a severe housing shortage
- There is more demand for housing than inventory in Colorado Springs and surrounding communities
- The severe housing inventory makes the city as the toughest home buying market in the Nation
- The city has a very competitive housing market
- Overall, the Colorado Housing Market ranks as the hottest market in the U.S.
- However, Colorado Springs has the most competitive housing market in the state of Colorado
In this article, we will cover and discuss Colorado Housing Market Ranks As The Hottest In The Nation.
Colorado Housing Market Tops Homebuyers Looking To Purchase Homes
Recent data and reports on a study of 400 cities has revealed that Colorado Springs ranks as the top city where homebuyers are looking to purchase homes. The data and report are based on U.S. Census Bureau numbers. This data was updated a few weeks ago.
The U.S. Census Bureau data was focused on the homebuying characteristics of owners who moved into houses within the last year, according to the association.
Other cities behind Colorado Springs in the Nation’s housing markets are the following:
- Las Vegas-Henderson-Paradise, Nevada
- Cape Coral-Fort Myers, Florida
- Phoenix-Mesa-Scottsdale, Arizona
- Provo-Orem, Utah
Supply Versus Demand
Homebuilders are thriving in Colorado Springs.
- Homebuilders are scooping up any land that is available and are building new homes
- They often cannot build homes fast enough
- There are new homes being built daily to accommodate homebuyers
- Homes in the $300,000 and under price range are the homes that are most in-demand
- The economy in Colorado Springs is booming
- Many homebuyers do not have a large selection of homes to shop and choose
- These homes are being gobbled up as they hit the market
- Many homebuyers relocating to Colorado Springs are getting frustrated with the limited inventory of homes
- This is adding stress during the home buying process
The lack of inventory of existing homes is forcing many homebuyers to new construction homes.
Colorado Housing Market Demand Is Skyrocketing Home Prices
The demand for housing also has driven up home prices in Colorado Springs. Home prices have increased an average of 3.7% over last year. Median home prices are now at $327,400. Other data from different polls indicate that the median home prices increased by 10% from the same period last year to $335,000. Home prices in Colorado are generally higher than most Midwest states. However, real estate taxes are substantially lower than most states. Colorado is a great place to live. Low property taxes and other state taxes makes it attractive to many homebuyers. The state has a booming economy due to its low taxes that it attracts countless businesses and new residents. Over 4.75% of new residents to Colorado are from Illinois. 6.9% of Colorado’s new in-migration annually are from New York state. 8% of the state’s in-migration is from California. The state will no doubt is growing and continue to grow.