Why Live in Colorado Springs
Nestled at 6,035 feet elevation, Colorado Springs combines natural wonders with urban amenities. Garden of the Gods Park showcases dramatic red rock formations perfect for hiking and photography, while Pikes Peak towers above the city, accessible by car, hiking trails, or the scenic Cog Railway. The city features over 9,000 acres of parkland including Red Rock Canyon Open Space, Palmer Park, and North Cheyenne Cañon Park. Cultural attractions include the United States Olympic & Paralympic Museum, the ProRodeo Hall of Fame, and the historic Broadmoor resort. The dining scene features upscale establishments like Pepper Tree Restaurant, known for tableside preparations since 1983, and innovative spots such as Four by Brother Luck with its seasonal tasting menus.
The real estate landscape varies across neighborhoods. The median sale price for homes in Colorado Springs is $467,400. Single family homes in the prestigious Broadmoor area command a median price of $1,027,500, while Downtown Colorado Springs has a median price of $325,000. The Old North End features historic homes with a median price of $675,000. Condominiums provide more affordable options, with one bedroom units at a median price of $190,500 and two bedrooms at $260,000.
Colorado Springs has a cost of living 2.1% above the national average. Property taxes remain relatively low at 0.41%, compared to nearby Denver at 0.44% and Castle Rock at 0.55%. A family with school age children needs approximately $107,000 annually to live comfortably, while renters should aim for $61,000. The city experiences over 300 days of sunshine annually, with summer temperatures in the 70s to 80s Fahrenheit. Top rated public schools include Cheyenne Mountain High School and Pine Creek High School, while private institutions like The Colorado Springs School maintain A+ ratings. Major employers include military installations, healthcare systems, and technology companies, with easy access to Denver 70 miles north.
Frequently Asked Questions
What is the average home price in Colorado Springs, CO?
Homes for sale in Colorado Springs, CO have an average home price of $637,105.
Are home prices dropping in Colorado Springs?
Yes, home prices in Colorado Springs are down 6% in the last 12 months.
How many homes have sold over the last 12 months in Colorado Springs, CO?
4,542 homes have sold in Colorado Springs, CO over the last 12 months.
Is Colorado Springs, CO a safe city?
What are the most popular zip codes in Colorado Springs, CO?
What are the most popular neighborhoods in Colorado Springs, CO?
How much do you need to make to afford a house in Colorado Springs?
The median home price in Colorado Springs is $539,000. If you put a 20% down payment of $107,800 and had a 30-year fixed mortgage with an interest rate of 6.74%, your estimated principal and interest payment would be $2,790 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $120K a year to afford the median home price in Colorado Springs.
How are the schools in Colorado Springs, CO?
Home Trends in Colorado Springs, CO
On average, homes in Colorado Springs, CO sell after 95 days on the market compared to the national average of 70 days. The median sale price for homes in Colorado Springs, CO over the last 12 months is $528,957, down 20% from the median home sale price over the previous 12 months.
Median Sale Price
$528,957
Median Single Family Sale Price
$555,000
Median Townhouse Sale Price
$418,995
Median 2 Bedroom Sale Price
$290,000
Median 1 Bedroom Sale Price
$249,000
Average Price Per Sq Ft
$244
Number of Homes for Sale
437
Last 12 months Home Sales
4,542
Median List Price
$539,000
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
-20%
