Why Late 2024 is the Perfect Time to Buy a Home in Colorado Springs
If you've been waiting for the right moment to purchase a home in Colorado Springs, the final weeks of 2024 might be your golden opportunity. After years of navigating a challenging real estate market marked by rising prices, low inventory, and high mortgage rates, buyers are finally seeing conditions turn in their favor. Here's why this market shift could be the chance you've been waiting for.
Housing Inventory is Up
For the first time in years, buyers in Colorado Springs have more options. The housing market now has approximately 3.4 months of inventory, a significant increase from previous years.
This increase in inventory is creating opportunities for buyers to find homes that match their needs without having to compromise. For example, families looking for specific features—like large backyards, home offices, or finished basements—are now able to find properties that meet their criteria. More inventory means more choices, often within budget.
Price Reductions Are Becoming Common
With more homes on the market, sellers are dropping prices to stay competitive. The median home price in October fell to $475,000, a 2.1% decrease from last year.
Additionally, 46% of homes sold in October were under the asking price, indicating increased flexibility among sellers.
Realtor.com economist Ralph McLaughlin highlights that this trend is a significant shift from pre-pandemic norms. Buyers are also benefiting from motivated sellers offering concessions like closing cost assistance, repair credits, and even interest rate buy-downs.
More Time to Make Decisions
In addition to rising inventory and price cuts, the market is moving slower than it has in years. Homes are spending an average of 44 days on the market, giving buyers more time to make informed decisions.
The urgency of bidding wars has been replaced by the luxury of multiple visits and thoughtful negotiations.
Buyers who may have felt pressured in the frenzied markets of recent years now have a chance to carefully evaluate their options. This slower pace allows for additional considerations, like bringing in contractors or negotiating repairs before making an offer.
Is a Buyer’s Market on the Horizon?
While the market hasn't fully tipped into a buyer's market yet, the balance is shifting. If housing stock continues to grow and buyer activity remains steady, we could soon see conditions fully favor buyers for the first time in years.
Make Your Move Now
If you're considering buying a home in Colorado Springs, now just may be the time to act. With more options, better pricing, and less pressure, the current market offers a unique opportunity to find the perfect home.
Guidance and Expertise
As much as I’m a real estate broker, I see myself as a knowledge broker too. I’m here to help you understand today’s market and connect you with trusted industry professionals, like local lenders and financial advisors, who can provide personalized answers to your unique questions.
Together, we can explore whether now is the right time for you to buy or invest. It’s okay if it’s not the right moment—what’s most important is that you have all the information you need to make the best decision for you.
Wouldn’t it feel empowering to know what’s possible? Let’s start that conversation whenever you’re ready.
📞 Call or text: 719-922-0102
🌐 Website: NicoleStromRealtor.com
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About the Author
Nicole Strom
Nicole is a mom, grandma, a retired military spouse of over 25 years, as well as a full time Real Estate Professional serving her clients in and around Colorado Springs.
You need a REALTOR® with vast experience and knowledge of our specific market. You need a REALTOR® that genuinely cares about you and puts your needs first. You need a REALTOR® you can trust. Nicole is that REALTOR®.
