Colorado Springs currently feels like a buyer's market.
I have been wondering if the numbers support that feeling. Did home prices already peak this summer? Are prices starting to come down? Why are some homes sitting on the market while buyers are walking through several open houses without seeing anyone else?
I spent some time looking at Colorado Springs home sale data from January 2024 through mid August 2026. I also looked at recent discussions on Reddit to see what buyers, sellers, and other people in Colorado Springs are saying about the market.
There is an interesting story in the numbers.
Prices have been relatively flat while inventory has increased. Homes are taking longer to sell than they did during the strongest years of the market. Buyers have more choices, and sellers are having to pay more attention to how their home compares with everything else for sale.
That is creating a very different housing market from the one we experienced a few years ago.
What is happening to Colorado Springs home prices?
The median price of a Colorado Springs single family home was $479,375 in August 2026, based on the data through August 10. The median was $486,200 in July and $485,000 in June. That means the August median is about 1.4% below July and about 1.2% below June.
There is also an interesting year over year comparison. The August 2026 median of $479,375 is about 0.9% higher than the August 2025 median of $475,000. The July 2026 median of $486,200 was about 0.8% lower than July 2025, when it was $489,950. June 2026 was more noticeably lower, with a median of $485,000 compared with $500,000 in June 2025.
Are Colorado Springs home prices actually down 8%?
There is an 8% number that has been circulating, but it needs some explanation.
Parcl Labs currently shows Colorado Springs at about $255 per square foot. Its data shows price per square foot is down 8.6% from a year ago and 9.9% from its May 2022 peak. That is a significant decline.
It's also different from saying that the typical Colorado Springs home has lost 8.6% of its value.
The Colorado Springs sales data I am looking at tells a different story when we use the median sale price. The median single family home sold for $486,200 in July 2026, compared with $489,950 in July 2025. That is a decline of about 0.8%. In June, the median was $485,000 compared with $500,000 a year earlier, a decline of about 3.0%.
So we have two different measurements showing two different things. Price per square foot is showing a much larger decline than the median sale price. I think that is worth paying attention to.
The difference probably has something to do with the mix of homes being sold, as well as changes in the prices of individual properties. A citywide median does not tell us whether buyers are getting more house for their money. Price per square foot gives us another way to look at that question.
I would not use the 8.6% figure to say that "Colorado Springs home prices have fallen 8.6%." I would say that Parcl Labs is reporting an 8.6% year over year decline in Colorado Springs price per square foot. That is a real decline, and it is one more indication that the market has changed since the peak.
At the same time, the median sale price has remained much more stable. That difference is part of what makes the current Colorado Springs housing market interesting.
The Colorado Springs market has experienced a meaningful correction in price per square foot, while the median sale price has remained relatively stable. Meanwhile, inventory has increased and buyers have gained leverage.
That is much more nuanced than "prices are falling" or "prices aren't falling."
It also explains why people can have very different perceptions of the market depending on what they are looking at.
One more detail from Parcl: 52.8% of Colorado Springs listings have had a price cut, and Parcl's Motivated Seller Index is 6.80, which falls in its "Motivated" category. Parcl defines MSI as a measure based on days on market, price cut frequency, the speed between cuts, and the size of the cuts.
I would use these three measurements together:
- Median sale price: relatively stable.
- Price per square foot: down 8.6% year over year according to Parcl.
- Seller behavior: 52.8% of listings have reduced their price, with Parcl classifying the Colorado Springs seller environment as "Motivated."
So what does that tell us?
It tells us that prices have been moving around, but we do not have strong evidence of a major price decline in Colorado Springs.
The median single family home price reached $500,000 in June 2025. It then fell to $489,950 in July and $475,000 in August. In 2026, the median was $485,000 in June, $486,200 in July, and $479,375 through August 10.
That makes it difficult to say that July 2026 was the peak.
The August median is lower than the June and July median, but we are only ten days into the month. A small number of sales can move the median around, especially when we are looking at a partial month.
I would want to see the full August numbers and the September numbers before deciding that Colorado Springs home prices have entered a sustained decline.
Inventory is telling us a different story
This is where the market starts to look more like a buyer's market.
The number of active listings in Colorado Springs increased from 2,605 in January 2026 to 3,609 in July. That is an increase of about 39% in seven months. By August 10, the number had fallen slightly to 3,453.
The July 2026 total of 3,609 active listings was also about 5.5% higher than July 2025, when there were 3,420 active listings. The August 10 total of 3,453 was about 1% higher than August 2025, when there were 3,420.
That is a meaningful change from the very low inventory we saw during the pandemic housing boom. More homes for sale means buyers have more opportunities to compare homes. It also means sellers have more competition.
That is important because the price of your house does not exist by itself. Buyers are comparing your house with every other house they can afford. If other similar homes have more updates and/or a lower price point, you may lose that buyer to another home for sale.
Colorado Springs has moved above four months of inventory
The months of inventory data makes the change even easier to see.
In July 2024, Colorado Springs had 3.3 months of inventory. July 2025 had 4.0 months. July 2026 had 4.3 months. That is a gradual change rather than a sudden shift.
Inventory has increased from the very tight market we had in 2024. It increased again in 2025 and reached 4.3 months in July 2026.
This is one reason I think the current market feels different to buyers. There are enough homes available that a buyer can look at one house and then go look at another.
They can compare the prices, the condition, and they can wait for a price reduction. They can decide that a house is not worth the asking price and keep looking. That gives buyers more power.
The market is still moving
There is another important part of the data. More inventory does not mean buyers have disappeared.
Colorado Springs recorded 998 home sales in June 2026, compared with 911 in June 2025. That was an increase of about 9.5%. July had 837 sales, compared with 845 in July 2025, which was a decrease of less than 1%.
August had 141 sales as of August 10, but that number cannot be compared directly with the 2025 August total of 823 because August 2026 is only partially complete.
The important thing to note is that there are still plenty of people buying homes in Colorado Springs.
The market is functioning. The difference is that buyers have more choices and more time to decide which house they want.
Buyers are becoming more selective
I recently held an open house at one of my listings. Two people came through. The second person had already been to seven open houses that day. She told me that most of the other open houses had been nearly empty too.
That is one open house, so I would not use it as a measurement of the entire Colorado Springs housing market. However I do think it gives us a useful example of what a slower market feels like.
A buyer who visits seven homes in one day can compare them. They can see which house has the best kitchen. They can compare the yards. They can compare the condition. They can look at the price and decide which house gives them the most for their money. Then they can go home and think about it.
That is a very different experience from the market where buyers had to make an offer immediately because another buyer might take the house.
Recent Colorado Springs discussions on Reddit show some of the same frustration. One July discussion included comments describing the local market as having "flat lined" and feeling somewhat like a buyer's market. Other commenters discussed sellers trying to recover what they paid only a few years ago and the competition that new construction creates for existing homes. Reddit comments are anecdotal, so I would not use them as market statistics. They are useful for understanding how some local buyers and sellers are experiencing the market.
Sellers are having to compete for buyers
The latest Altos Research report for El Paso County adds another interesting piece to the story.
As of August 10, Altos reported 3,013 single family homes in inventory, a median list price of $535,000, and a median of 56 days on market. The average days on market was 88. Altos gave the county a Market Action Index of 35 and classified conditions as a slight seller's advantage.
The county sales data sounds a little different from the way the Colorado Springs market feels. Altos also reported that 54% of active listings had already reduced their price. Only 1% had increased their price.
This is probably one of the most useful numbers for sellers right now. The overall market can still have enough demand to give sellers a slight advantage while individual sellers struggle when their home is priced too high.
The buyer sees the individual house. They are not buying the market. They are deciding whether that particular house is worth the price compared with everything else they can buy.
What are Colorado Springs sellers doing?
Some sellers still seem to be thinking about the prices their neighbors received in 2020, 2021, or 2022, which is understandable. Colorado Springs home prices increased dramatically during those years.
The problem comes when those old prices become the starting point for today's pricing strategy. The high prices aren't realistic anymore. The current data gives us a different picture.
In July 2026, the average Colorado Springs seller received 98.5% of the original asking price. That was exactly the same percentage as July 2025. In July 2024, sellers received 99.2% of the original asking price.
That tells us sellers are still getting close to their original asking prices on average. It also shows that sellers have less room for error than they did in 2024. A home that is priced correctly can still sell close to its original asking price.
A home that is priced too high may sit long enough that the seller eventually has to reduce the price.
That is exactly what we are seeing in the Altos data, where 54% of active El Paso County listings have already experienced a price reduction.
Why are some homes sitting on the market?
Price, condition, and competition.
A buyer shopping for a $550,000 house may have several options. They can compare the condition of each house, the location, the size, the yard, the updates, the layout, the taxes, the HOA costs, and the monthly payment.
If one house costs $25,000 more than another similar house, the buyer is going to want to know why.
Maybe the more expensive house has a newer roof, or a better lot. Maybe it's got a finished basement or a better location.
If the buyer cannot find a good reason to spend the extra money, they have another option. That is the change sellers need to understand.
Mortgage rates are still affecting the market
Mortgage rates are another major part of this.
The average 30 year fixed mortgage rate reached 6.69% for the week ending August 6, 2026. That was the fifth consecutive weekly increase and the highest level since July 2025.
A mortgage rate near 7% makes affordability difficult for a lot of buyers.
The purchase price is only one part of the monthly payment. Buyers also have to account for property taxes, homeowners insurance, HOA dues when applicable, and maintenance.
Higher rates mean some buyers have to shop at a lower price point to keep their payment within their budget. That makes those buyers more sensitive to value.
If two homes are similar and one costs substantially more, the buyer has a reason to keep looking.
There is also a seasonal factor
The timing of the market matters too. Colorado Springs has a large military population, so summer moves are important here. Families with school age children also tend to prefer moving during the summer.
By August, some of those buyers have already purchased and moved. After September, a majority of those military PCS moves have already happened. That can reduce the number of buyers actively shopping later in the summer.
Research published in May 2026 also found evidence that housing activity across the United States has shifted earlier toward spring since 2021, with spring becoming more important relative to the traditional summer peak. In Colorado Springs specifically, the data seems to indicated the highest home sale prices in the April through August timeframe, historically.
Seasonality can affect both prices and the number of homes selling from one month to the next.
So, did Colorado Springs home prices peak in July?
Maybe. The current data does not let us say that yet.
The Colorado Springs single family median price was $486,200 in July and $479,375 through August 10. That is a decline of about 1.4%. At the same time, the August number is based on only part of the month.
The year over year numbers are also fairly modest. July's median was about 0.8% below July 2025, while August's median through August 10 is about 0.9% above August 2025.
I would watch the next two or three months before deciding that prices have started a sustained decline.
The more obvious change is happening with inventory and buyer behavior.
The Colorado Springs housing market has changed
The Colorado Springs housing market has more homes available than it did a few years ago.
Active listings reached 3,609 in July 2026, compared with 3,420 in July 2025 and 2,773 in July 2024. July inventory was 4.3 months, compared with 4.0 months in 2025 and 3.3 months in 2024. That is a significant change over two years.
At the same time, prices have remained fairly stable. The July 2026 single family median sale price was $486,200. It was $489,950 in July 2025 and $490,480 in July 2024.
Prices have been overall remarkably stable while inventory has increased. That is probably the most interesting part of the current Colorado Springs housing market.
We have more homes for sale with more time to sell them. There are more opportunities for buyers to compare homes, yet prices have not fallen dramatically. That suggests the market is going through an adjustment rather than a major collapse.
What does this mean for Colorado Springs home buyers?
Buyers have more time than they had during the strongest seller markets.
Use that time to look at several homes and compare the prices. Look at recent sales and pay attention to how long each house has been listed. Watch for price reductions and ask yourself what you are getting for the money.
The latest Zillow data also shows a similar pattern. As of June 30, 2026, Zillow put the typical Colorado Springs home value at $450,254, down 1.8% from the previous year. It reported 3,090 homes for sale, a $467,317 median list price, and 43.9% of sales closing below the asking price.
Not every house is necessarily overpriced. You can look at the individual property and determine what it is worth compared with the other choices available to you.
What does this mean for Colorado Springs home sellers?
If you are selling your home, obviously you want to get as much money as possible. The best way to do that in this market is to understand what buyers are comparing.
Start with recent sales, then look at the homes currently for sale. Then look at how your house compares with them.
We're not just comparing layout, kitchen, and trim. We're also looking at curb appeal and age of systems, like roof, AC, furnace, etc.
A house can sell quickly at a strong price when it's positioned correctly. That difference comes down to what buyers see when they compare the house with their other choices.
This is why I think pricing has become more important in Colorado Springs. The first price, condition, presentation, and competition all matters.
If buyers see your house as one of the best values in its price range, you have a much better chance of getting their attention.
What is the Colorado Springs housing market doing right now?
After looking at the city specific data, the latest county data, current mortgage rates, and what people are saying locally, I think the best description is this:
Colorado Springs is becoming a more balanced and buyer friendly market.
Buyers have more choices, and sellers have more competition. Homes are taking longer to sell, and price reductions are common. Mortgage rates are still putting pressure on affordability, while home prices have remained fairly stable.
That combination creates a market where buyers can be more selective while sellers still have a reasonable opportunity to sell their homes.
The data does not show a major price collapse.
It also does not look like the Colorado Springs housing market we had when buyers were competing for almost every home that came on the market.
The market has definitely changed. The question for sellers is whether their home offers enough value for buyers to choose it over the other homes they can buy.
That is what I will be watching as we move into the fall.
If you are thinking about buying or selling a home in Colorado Springs, I can help you look at the homes you would actually be competing against. For sellers, that means looking at recent sales and current listings to determine where your home fits. For buyers, it means looking at the homes available today and figuring out which ones actually offer good value.
Sources and methodology
The city specific figures in this article come from the Colorado Springs sales data supplied with this article. The charts cover January 2024 through August 10, 2026 and include average and median sale prices, active listings, sales, sale to original list price ratios, and months of inventory.
The August 2026 sales figures are partial month figures through August 10 and should not be compared with a complete month of sales.
Altos Research provides current weekly data for El Paso County single family homes. Its August 10 report showed 3,013 homes in inventory, a $535,000 median list price, 56 median days on market, 88 average days on market, and 54% of listings with price reductions.
Zillow's Colorado Springs data is current through June 30, 2026 and provides a separate measure of home values, inventory, list prices, and sale to list behavior.
