Colorado Springs ranks 23rd in the nation for the health of its real estate market and 5th among large cities, according to a new report.
Frisco, McKinney and Allen, all in Texas, were ranked as the top three cities to buy a house. Denver ranked 13th, Fort Collins came in at No. 18 and Aurora was ranked 20th.
The report, “2018’s Best Real-Estate Markets,” released today by personal finance website WalletHub, compared 300 cities of varying sizes across 22 key indicators of housing-market attractiveness and economic strength. The data set ranged from median home price appreciation to home sales turnover rate and job growth.
Key results for Colorado Springs (1 = best; 150 = average) include:
33rd – average days until sale
147th – percentage of homes with negative equity
56th – foreclosure rate
50th – job growth rate
86th – home price as percentage of income
41st – percentage of delinquent mortgage holders
113th – median home price appreciation
“With unemployment falling and house prices rising, the market as a whole has been in a boom,” the report stated. “But while home values are rising, up almost $16,000 on average just in the first quarter of 2018, fewer homes are being built and bought because mortgage rates are rising. However, home prices and rental rates vary widely across the U.S. based on supply and demand.”
When cities were ranked by size Colorado Springs came in 5th, behind Seattle, Wash., Denver, Colo., Fort Worth, Tex., and Aurora., Colo.