In the first nine months of 2016, the average price of homes rose by 6% from the first nine month of 2015. That’s up from the normal 2.9% average gain seen in previous years. This increase is so large because there is a shortage of homes available in most people’s price range—a 20 year low.
In El Paso county, the average income is $59,000 and most of our homes are under $400,000. This is important because the majority of our population is able to afford the homes available.
The homes available in our area are so reasonable that people from Denver are coming down here because they can better afford buying homes here and commuting. Add to that the increase in cyber-security jobs coming in and Sierra Corps’ investment to build an aerospace site here, the local housing market should only be getting stronger.
Come listen as Deborah and Bill McAfee of Empire Title discuss what he thinks, based on the numbers in our microcosm, will happen with our housing market in Colorado Springs over the next couple years.