Where to Find Cheap Homes in Colorado Springs

Written by Posted On Tuesday, 19 January 2021 11:36

Colorado Springs has always been an interesting mix of Resort Community, Tourist Destination, and Military Town. In recent years, the word has gotten out about the quality of life enjoyed here in the Pikes Peak Region, which has motivated a lot of people to move to Colorado Springs. 

This influx has been an exciting time, the area has seen a surge in new businesses as well which has brought new jobs, new restaurants, and other exciting amenities.

All of these new people need someplace to live and of course, anytime demand exceeds supply, prices go up. This is exactly what’s happened in the real estate market along the entire front range. This has been great news for current residents but it’s made things difficult for those looking to buy a home in the area.

When we work with homebuyers that are looking at Homes For Sale in Colorado Springs they want to know what areas have the most affordable homes. Some buyers come right out and ask “where are the cheap homes”? 

While Colorado Springs might not have what some would consider “Cheap” homes we do have homes that are priced at or below the median U.S. existing house price for all home types (single-family, townhomes, condominiums, and co-ops) which was $284,600 in May of 2020 according to the National Association of REALTORS® (NAR). The median sale price for existing homes increased to $295,300 in June. The Median Price for a Single Family Home in El Paso County Colorado is $415,000 in January of 2021.

While there are affordable homes to be found throughout the area, certain zip codes have a higher concentration of affordable properties. Here is the breakdown by zip code from the highest median sales price to the lowest.

#6 80925

This zip code is located in the southeast corner of Colorado Springs and just northeast of the City of Fountain Colorado. The area is also home to the new, and massive 3.7 million-square-foot Amazon Distribution Center

colorado springs homes for sale in 80925 zip code

The current median sales price for this zip code is $355,000. This number is heavily impacted by the significant amount of new construction currently happening in this area. New construction generally costs more than resale homes and that premium positively affects the price of resale homes as well.

This zip code has seen a 39.22% increase in median sales price since 2016. Here is a look at the growth rate.

Median Sales Price 80925

#5 80917

Located in east Colorado Springs just east of iconic Palmer Park and west of Powers Blvd.

Colorado Springs homes for sale 80917 zip code

The median sales price in this zip code is $315,000. This is an older established area offering a wide range of property types from ranches, split level, and two-story homes as well as condominiums and townhomes. The big benefit to this area is its proximity to the wide range of commercial amenities located along the Powers corridor.

This zip code has seen a 53.66% increase in median sales price since 2016.

Median Sales Price 80917

#4 80915

The 80915 zip code is also located on the east side of Colorado Springs just north of Platte Ave. and west of Academy Blvd. This area is in close proximity to a wide range of amenities and conveniences.

colorado springs homes for sale in the 80915 zip code

The area has seen a hefty rate of appreciation 51.51% since 2016 and the median home sales price in this zip code is now $300,750. Much of this has to do with new construction projects in the area which have helped with appreciation.

Median Sales Price 80915

#3 80909

This zip code covers the southeast part of what is still considered Downtown Colorado Springs. The area extends south and east past the Citidel Mall towards Peterson Air Force Base. This is a big area with a wide range of housing types, from Single Family Homes to Condominiums, Townhomes, and Apartments.

The area is close to shopping, restaurants, and recreational activities. The problem here has more to do with a lack of available homes, not desirability.

80909 homes for sale in colorado springs

This area has seen a 53.93% increase in its median sales price since 2016. As prices rise in the zip codes that are more closely associated with downtown Colorado Springs, 80909 still feels like a well-kept secret. If you can find something in this zip code, jump on it quickly.

Median Sales Price 80909

#2 80911

This is the zip code for the Security-Widefield area. This is an older 70s-80s area consisting primarily of smaller single-family homes. The area has a mature small-town feel and has become more desirable over the past 5 years. The area is close to shopping and amenities as well as Fort Carson and Peterson Air Force Base.

Colorado Springs Homes For Sale in the 80911 zip code

80911 has seen a 44.82% increase in median sales price since 2016. While this is less than most of the other areas we are looking at, it seems poised to catch up.

Median Sales Price 80911

#1 80910

The 80910 zip code is located just south of downtown Colorado Springs and midway between I-25 and the Colorado Springs Airport. The zip code is home to neighborhoods like “Pikes Peak Park, Park Hill, East Lake, and Spring Creek Traditional Neighborhood.

The area is close to shopping, restaurants, Peterson Air Force Base, and Fort Carson. This has made it an increasingly popular place to buy in the last couple of years.

Homes For Sale in Colorado Springs Zip Code 80910

80910 has seen a 57.56% increase in median sales price since 2016. This area consists of a wide range of different options from small condominiums in the iconic Satellite Hotel building to large single-family homes both old and new.

Median Sales Price 80910

If you are looking for an inexpensive home in Colorado Springs, 80910 is where you should start. This still doesn’t mean finding that home will be easy, at least in 2021 because there is still a lot of competition for these properties. If you are serious about finding a home, it’s important that you follow some basic guidelines.

Tips For Successful Home Buying

Assuming it is a good time to buy a home, you should follow a couple of simple guidelines. First of all, work with a great agent, when the market is competitive, listing agents don’t want to waste time working with agents they don’t know or don’t trust. All offers being the same, your choice of an agent can make all the difference.

Next, you’ll want to get pre-approved with a local reputable lender. Your agent can recommend one, or ask friends for recommendations. When your offer gets submitted, you want the listing agent to feel secure about your ability to close. Working with a lender that has a bad reputation or no reputation does not help your chances.

Finally, you are going to need to stay on top of the listing inventory. This means having your agent set up searches in the local MLS for homes that meet your criteria. When homes that meet your criteria hit the market you should receive a notification either by email or text. When you received these notifications you'll need to quickly decide whether or not you're interested in pursuing these homes. If there's any question, it doesn't hurt to do a quick drive-by. once you decide that you are interested in the home you should contact your agent to set up a showing as soon as possible.

In a strong seller's market, it's important to act quickly and decisively, you don't have time to wait, or procrastinate. If your offer gets accepted, you’ll have plenty of opportunities during the due diligence portions of the contract to confirm that this is the right home for you. Getting your offer accepted is the primary goal.

In Conclusion

Affordability is a relative term in any real estate market, median home price is a better place to start. If the median price for an area is 40% to 50% above what you know you can afford, you should probably consider other areas or options.

In many cases, neighboring cities can offer more affordable options for ownership and the only sacrifice is a little driving. In a strong sellers market, your goal should be to get in the game, so you can start riding the wave of appreciation.

All statistical data is based on information from Pikes Peak REALTOR Services Corp. (“RSC”) for the currently reported quarter. RSC
does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect
all real estate activity in the market.

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Joe Boylan

I have been a Colorado Springs Realtor since 1997 and as a first-year agent, I received the Real Trends Magazine, "Rookie of the Year" Award. Since then I have participated in hundreds of real estate transactions. 

https://www.springshomes.com

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