Local rents have soared 10.4% this year, making Colorado Springs the top city in the U.S. for rent increases in 2016. The soaring cost of rental housing is contributing to the home buying rush among Millennials. Young adults are buying homes at a faster pace than any other market segment across the country. The Millennial generation is now the largest in the nation, outgrowing the Baby Boomers this year, according to the U.S. Census. And our area has a greater number of young adults than the majority of U.S. cities. The median age in Colorado Springs is 34.4 compared to the national average of 37.4.
As we predicted last November, the 2016 Colorado Springs housing market is in record territory, and there’s plenty of mo’ in the market heading into November. Single family home sales skyrocketed 14.4% in October over 2015, and the average home is now worth 11.5% or $30,000 more. The latest stats, released today by the Pikes Peak Association of REALTORS, show home prices and sales both hit all-time highs for the month of October. October 2016 Home Sales Report
The market trend suggests that home sales will fall off only slightly December, which should be welcome news to home sellers and anyone who is planning to list their home before the end of the year.
By contrast, October sales in Denver took an 11.43% nosedive year over year, and plunged almost 17% from September as home buyers are struggling with rising prices and record low inventory. Even rents have been pushed downward by the frenzy of new apartment construction. Denver Metro Market Report
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