The two most populated cities in Colorado are also neck-and-neck when it comes to over-asking prices in U.S. residential real estate.
According to Ojo.com, Denver and Colorado Springs ranked 9th and 10th respectively in the Top 10 of Most Competitive Real Estate Markets in the U.S. The company’s research showed that 45.39 percent of homes in Denver were selling above their list price while Colorado Springs homes clocked in at 44.89 percent above the asking price. The San Francisco-Oakland-San Jose, California area topped the list at 66.95 percent.
For people wondering about how the housing markets compare, Usaj Realty’s broker Mitchell Martini has lived in both Colorado Springs and Denver. Here is his perspective of the two markets and what one can expect when moving between the cities.
How does the Colorado Springs real estate market compare to Denver?
Mitchell: I would say that the Colorado Springs market is pretty comparable to Denver. Both markets have been very hot over the past few years. In general, we are seeing most homes go over the asking price. Let’s be honest though, Colorado Springs has amazing views of the mountains so who doesn’t want to move there? Overall, you get more bang for your buck in Colorado Springs and it is so much easier to find a beautiful home with a yard.
What should people be aware of when moving to Colorado Springs from Denver or vice versa?
Mitchell: I would just keep in mind that although the two are only about an hour away, there is such a huge difference in the lifestyle. Denver has big city advantages, like cultural opportunities and sports, but it’s easier to get around Colorado Springs as it has almost half the population. You’ll have to weigh what is important to you and what you can let go of when buying a home in Colorado Springs. Downtown Colorado Springs does have a lot of skyrises like Denver, but it does have more small-town charm to it.
Describe some of the popular neighborhoods and what people might expect?
Mitchell: I think there are a lot of great neighborhoods in Colorado Springs, but some of my favorites include Briargate, Old Colorado City, the Broadmoor and Black Forest. All four have very different vibes. Briargate has a lot of beautiful new homes and shopping and Old Colorado City has very cute and unique businesses. The Broadmoor might be one of my favorite places to visit in December with all the lights and the beautiful homes; on the other hand, Black Forest gives homebuyers who want to get out of the city the benefit of being close enough to shopping but far enough away to enjoy a ‘country style’ lifestyle.
If you are new to Denver, check out www.usajrealty.com/areas to explore what Denver has to offer.
Which areas of Colorado Springs are seeing the most growth?
Mitchell: In general, the Springs is constantly growing and I am sure it will do so for quite some time. I lived in the Springs for about two-and-a-half years, and the amount of new construction and changes to local communities I saw were impressive. I would say the northern part of Colorado Springs is seeing the most growth currently. There are a lot of new construction homes going up as well as businesses.
Identify some of the up-and-coming neighborhoods and what makes them appealing to home buyers.
Mitchell: You know there were a lot of homes built in the Springs from the 1950s-1970s. So many homes are starting to be remodeled and updated. The northside neighborhoods near North Academy and Austin Bluffs have some amazing new construction builds. I think for buyers who want to own a home and avoid major competition, the northeast area of the Springs offers amazing homes for a fair price. Just recognize that as those areas start to develop, you may have to wait for a few years for local businesses to pop up.
Talk about the outdoor recreational opportunities in Colorado Springs compared to Denver.
Mitchell: Colorado Springs is a great fit for someone who likes more of the small-town feel and loves being close to amazing hiking spots right outside of town. Denver does provide the opportunity to be a 1-2 hour drive from some of the most beautiful outdoor spaces in Colorado but usually, people who choose to live in Denver want the urban and big-city amenities in addition to access to the outdoors. There are a lot of athletic people in Colorado, so regardless if you are in Denver or the Springs you can find some great opportunities for gyms, outdoor activities, and team sports.
How do the entertainment and dining experiences in Colorado Springs size up to that of a big city?
Mitchell: Surprisingly, there’s a wide array of dining options in Colorado Springs. I grew up in Ohio, and there we had a lot of chain restaurants. The Springs has many local and family-owned restaurants that are so unique. Some of my favorite places include Pig Latin, the Skirted Heifer, and the Rabbit Hole. My partner’s family also owns their own food truck that serves Mexican cuisine, and they have some of the best tacos I have ever tried!
What is your best advice for anyone moving to Colorado Springs?
Mitchell: My best advice would be to know where you want to buy before you do so. Because the Springs is such a large city geographically (over 196,000 square miles!), it is important to decide how far your driving time to work will be, as well as what neighborhood will provide the best fit for you and your family.
What is your best advice for anyone moving to Denver from Colorado Springs?
Mitchell: My best advice for anyone who is making the big decision to move from Colorado Springs to Denver is to know what part of Denver is going to serve you and your family the best. Denver is such a large city with so many tiny pockets of communities, all of which have amazing restaurants, sights, shopping, and nightlife. I think it is so important to narrow down what is important for you when moving here. Are you moving to Denver to be closer to the mountains and go skiing or hiking? Do you have kids and want to be in a certain school district? Do you prefer being in a quiet neighborhood, but still close enough to the city that you’re a short drive away? Knowing what community fits your needs the best is so crucial to finding your community in Denver.
Contact Mitchell for more help at Mmartini@usajrealty.com for a more detailed recommendation for you.