There are plenty of reasons for heightened interest in Colorado Springs real estate, some of which have been around since long before the city was officially founded in 1886. Situated at the base of Pikes Peak, Colorado Springs was home to Native Americans and European explorers long before General William Jackson Palmer visited the area. Shortly after, English professor Katharine Lee Bates traveled to The Springs and wrote "America the Beautiful" after being inspired by the city's picturesque beauty. Today, Colorado Springs continues to bring individuals from across the nation to visit the U.S. Air Force Academy, one of the nation's Olympic Training Centers, the Garden of the Gods park and the Pikes Peak Cog Railway. Some extend their stays and decide to call The Springs home due to high school ratings - 6.05 and 6.03 out of 10 for elementary and middle schools, respectively - and short commute times. Less than 20 percent of residents in Colorado Springs have a commute of over 30 minutes, making getting to work in The Springs both tranquil and visually pleasing.
When considering median income versus median home price, the Colorado Springs market is highly healthy. The median income in Colorado Springs, which is comprised of 416,717 residents, is $55,266, which is already above average for cities of a similar size. The average median income for cities in the U.S. with 400,000 to 500,000 residents is $53,904. To compare, list prices in The Springs rose 7.35 percent year-over-year, from $299,873 to $321,906 in 2015. Inventory also tightened significantly, creating a more competitive market amongst homebuyers, with a 26.51 percent drop in homes for sale. However, prices are moderate and the economy stable enough to withstand real estate growth without pricing new buyers out of the market just yet.