Relocation & Living

Is Colorado Springs a Good Place to Buy a Home?

ByWeldon HobbsTeam Hobbs RealtyPublished September 20, 2026Last reviewed September 20, 2026

By Weldon Hobbs, Team Hobbs Realty · Published September 20, 2026 · Last reviewed September 20, 2026

Short answer: Colorado Springs can be a good place to buy, if you're ready. The market has cooled, prices have been fairly stable, and buyers have more choice and negotiating room than they did a few years ago. The local economy is anchored by a large military and aerospace presence. But buying isn't right for everyone. Before you buy, I want you to have three things: a stable job, an emergency fund, and a willingness to keep the home for at least five years, or a plan to rent it out if you can't.

The three things you need before you buy

Whether Colorado Springs is a good place to buy depends less on the city and more on your situation. I look for three things:

A stable job. Your income needs to support the payment through the ups and downs.
An emergency fund. Things will go wrong with a home. Water heaters fail, roofs take hail, and you want cash ready for it.
A willingness to hold the home for at least five years. Buying and selling both cost money. Holding longer gives the home time to cover those costs and build equity, especially in a market where prices aren't rising quickly.

If you're missing one of these, it doesn't mean never. It may mean not yet, or it may mean buying with a clear backup plan.

What the market looks like right now

Market data as of August 2026. These figures change; check back for updates.

The Pikes Peak region has shifted away from the seller's market of a few years ago:

Homes took about 46 days to sell on average in August 2026, up from 40 a year earlier.
Fewer homes sold than the year before, while the number of listings was up.
The median sale price was down about 1% from a year earlier, so prices have been fairly flat rather than falling sharply.
Seller concessions, such as help with closing costs or buying down a mortgage rate, have become common.

The president of the Pikes Peak Association of REALTORS® has described this as a gradual shift toward balance rather than a full buyer's market. For you as a buyer, that generally means more time to look, more room to negotiate, and less pressure to waive protections like inspections.

The military buyer's dilemma

My five-year guideline creates a real problem for military families, because PCS cycles typically run two to five years. There's a risk period in there.

If you expect to be here only about three years, in the current market I generally don't recommend buying, unless you're willing to keep the home and rent it out when you leave. In my experience, the large government and military presence here keeps rental demand steady, which is what can make that plan work.

Kristen and I rented out our homes throughout our military career. That was on purpose and by design, because those homes were part of our financial portfolio. But it only works if you're prepared.

My rule of thumb: if you don't have around $15,000 set aside in case you have to PCS early and rent the home out, you're probably not positioning yourself for success. When you're a landlord, you need to be ready for when something happens, not if.

(For more, see Should I sell or rent my Colorado Springs home when I PCS?)

Where I see opportunity right now

Flat prices can feel discouraging, but they also create openings:

VA loan assumptions. Some Colorado Springs homes have VA loans at interest rates well below today's rates. If you qualify and have enough time, assuming a seller's loan can significantly lower your payment. (See Can I assume someone's VA loan in Colorado Springs?)
Buying well up front. In a market with more inventory and more negotiating room, buying at the right price and terms positions you for the next upturn.
Building a nest egg. Military families move every few years and don't have a single place they live. A home here, kept as a rental when you leave, can become a long-term asset.

There's also pride of ownership, which is worth something too.

Calculated risk, not no risk

We're in a period of flat price growth. But if you never take any risk, you'll be in the same place tomorrow as you are today. The goal is calculated, mitigated risk: know your numbers, keep reserves, and have a plan for what happens if your circumstances change.

That's also why I start with your life and financial goals before we look at homes. The right answer depends on what you're trying to accomplish, not just on what the market is doing.

Is buying right for you now?

Buying likely makes sense if you have stable income, an emergency fund after closing, and expect to stay five years or more, or you're ready to become a landlord if you move.
Renting may make more sense if you expect to leave within a few years and don't want to rent the home out, your savings would be drained by closing, or your income isn't stable yet.
Get more information first if you're unsure how long you'll stay, or haven't compared the full monthly cost of owning (taxes, metro district, HOA, and insurance) with renting.

When to involve other professionals

A lender can show you what different loan options and down payments do to your payment. If you're considering keeping the home as a rental, talk with a CPA about the tax side and a property manager about realistic rents and costs. I'm a real estate professional, not a tax or financial advisor, but I help clients coordinate these conversations so the decision fits their bigger plan.

If you're trying to decide whether buying in Colorado Springs makes sense for your timeline and finances, including what happens if you PCS early, talk with me about your situation.

Let's set your next life transition up for success.

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