Building Costs Per Square Foot in the City of Colorado Springs (CO), USA

Residential Construction Market Analysis in the City of Colorado Springs (CO), USA

Under Construction. Newly Built House in Colorado Springs 25 Huntington Beach Drive CO-80921 – 6 Bed and 4 Baths with 3 Attached Garages on Gross Floor Area 4,087 sqft – Built in 2022 – Price $1,325,000 (2)

Building costs are equivalent to the national average in the City of Colorado Springs in Colorado. The western United States has a unique charm that people sometimes ignore. Yes, everyone knows the big cities of the north or the beaches of the east coast, but the west has fantastic rocky mountains, and a real estate market to watch closely.

The West is a great place to raise a family or to choose how to live if you want a more sedate lifestyle. That is why in this article we will tell you everything you need to know about the real estate market in Colorado Springs.

This city has a real estate market that is in the shadow of the market in Denver (the capital of the state of Colorado), but we know that it is a city worth examining and sharing more information about it.

In this article, we will tell you everything you need to know about the real estate market in Colorado Springs. From residential construction projects that are coming for the next couple of years to current values ​​(in comparison with those of last year and with what is expected next year), in addition to projections and future trends.

Colorado Springs (CO) Construction Outlook

The construction outlook of Colorado Springs is exactly what you’d expect from a small town. It preserves the characteristic architecture of the western region of the United States, similar to that found in Utah or Arizona. It is an arid landscape, with rocky mountains as protagonists, so the architecture of the city never overshadows these fantastic landscapes.

There are only a couple of buildings in Colorado Springs, and these are similar in style to the 70s and 80s, where bricks and concrete are the protagonists. Almost all the constructions of Colorado Springs are made with bricks and cement, and with the characteristic design of that time.

Single-family homes are also made with these materials, but you can find some prefabricated houses, and many new ones are expected to come since there are real estate projects that have that style and are coming in the next year.

Colorado Springs is also full of townhouses and some condominiums. This is because it is a middle-class city, so there are not many luxury houses. If you are looking for luxury homes or mansions in Colorado then you will find them in the city of Denver, which is the city that brings together the population with the highest income in the entire state.

Colorado Springs (CO) Housing Market Analysis and Forecast

The Colorado Springs real estate market is one of the most prosperous in the region. Values have risen only 5% a year, but properties are selling 6% above the listing price, and that’s what makes it stand out from other towns in the area.

Properties take an average of 40 days to sell. This may sound like a long time, but it’s better than the national average, and it’s also 10 days better compared to last year’s averages.

There are 100% more properties listed compared to last year. This gives buyers a greater number of options for properties to purchase. There are over 2000 properties currently listed which means there could be a 3% drop in prices during the winter months if demand for properties does not increase.

Colorado Springs (CO) Average House Price (Median Home Price)

The median home price of properties in the city of Colorado Springs is $460,000, which had an annual increase of 4% and increased 20k compared to the same period in 2021. It is expected that there will be an increase of up to $490,000 between now and the end of the year due to the great demand there is.

It should not be forgotten that the median home price is an average that is obtained with the value of all the residential properties listed, so in reality, the variation is much wider. Next, we will talk a little more about the average value of each type of property so that it is easier for you to know what values ​​to expect.

In the case of single-family homes, the average is $480,000, although it reached a high peak in the summer of this year, close to $490,000. The increase in values ​​is quite large when you consider that at the end of 2020 the average value was $390,000.

In the case of townhouses, the average value is $320,000, since they are the most popular type of property in Colorado Springs. It is practically a staple of the city center, so that is partly due to its prices, which even exceed those of the condos/co-ops.

The average price of the condo/co-ops is $304,000, although in the summer it had reached $315,000, and it is expected that by the summer of 2023 the values ​​could reach an average of $330,000.

Proposed Residential Building Projects in Colorado Springs (CO)

The projects that are coming up in Colorado Springs are somewhat conservative. By this we mean don’t expect buildings like the skyscrapers in NYC or Chicago, rather they are more modest.

A real estate developer has a project to put up a large number of prefab single-family homes, transforming the suburbs into a large, middle-class residential neighborhood. They are modest houses, with between 3 and 4 bedrooms, 2 bathrooms, a kitchen, and a spacious living room, they also have a garage and a garden. They are the type of houses characteristic of Colorado Springs, but in this case, prefabricated so they are a little more flimsy but new.

There are currently no very large building projects. In fact, there is only one official one and it has between 10 and 15 floors. This building will retain the architectural style of the others that are already in Colorado Springs, so it will not change the city’s skyline at all.

If there are townhouse projects in the city center blocks. These are smaller houses, which do not have more than 3 rooms and are designed for couples or families of no more than 4 members.

Newly Built House in Colorado Springs 19879 Glen Shadows Drive CO-80908 – 5 Bedrooms and 5 Baths on Gross Floor Area 5,120 sqft – Built in 2022 – Price $1,349,900 (8)

Building Costs Per Square Foot for Single Family Homes in the City of Colorado Springs (CO), USA

Building costs are equivalent to the national average in the City of Colorado Springs in Colorado.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Colorado Springs City ranges from $344.89 per sqft to $528.70 per sqft, with the average being $407.02 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Colorado Springs City ranges from $209.61 per sqft to $321.30 per sqft, with the average being $247.36 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Colorado Springs City ranges from $135.50 per sqft to $205.81 per sqft, with the average being $158.64 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Colorado Springs City ranges from $98.89 per sqft to $151.65 per sqft, with the average being $116.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Colorado Springs City ranges from $80.27 per sqft to $122.93 per sqft, with the average being $94.65 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Colorado Springs City ranges from $63.31 per sqft to $97.04 per sqft, with the average being $74.68 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.