Colorado Springs ranked No. 1 in country where homeowners stay put the shortest

11 News this Morning at 6 am
Published: Oct. 5, 2022 at 3:45 AM MDT|Updated: Oct. 5, 2022 at 5:06 AM MDT
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COLORADO SPRINGS, Colo. (KKTV) - Colorado Springs was ranked number one in the country where homeowners stay put the shortest.

According to a new report by Realtor.com, Colorado Springs ranked No. 1; followed by Greenville, South Carolina, ranked No. 2; and Indianapolis, Indiana, and Knoxville, Tennessee, tied for the third and fourth ranking.

“No surprise at all. With our region housing five military installations, we have influx in and out of our city all the time, as we have 40,000 uniformed members that are here in our city. Twenty-five percent turnover every year, so we’re looking at about 10,000 homes every year being allotted to our military personnel,” said Ann Kidd, chair for Pikes Peak Association of Realtors.

Realtor.com reports the average time between sales in Colorado Springs is four years and nine months at a median listing price of $525,500. The median days on the market is 33.

“The struggle right now for the military is in relation to interest rates rising and what they can afford and the fact that our basic allowance for housing is so much lower than it needs to be given our current market status,” said Kidd.

The metros where homeowners stay put the longest include McAllen, Texas, ranked No. 1; New York, New York, ranked No. 2; Baltimore, Maryland, ranked No. 3, and Miami, Florida, ranked No. 4.

“We are seeing that military group kind of getting pushed out of our housing market. So, I want people not to be angry at all the multi-family complexes that are going up in our city because they are needed. We need to house our people, and a lot of our military soldiers and airmen are using those apartments to put a roof over their head,” said Kidd.