Whether you are looking to buy or sell a home, timing your local market is an essential part of your real estate investment. The Tri-Lakes housing market appears to be poised for steady price growth in 2020 and beyond, thanks to a number of key factors that make it an attractive place to live, work and raise a family.
Sustainable, Upward Trends
The Tri-Lakes area is a term used to describe the area that includes Palmer Lake, Monument and Woodmoor. Located about 20 minutes north of Colorado Springs, much of this area is in Palmer Lake and Monument, with portions of the Black Forest included around Highway 83. Bridging the gap between Denver and Colorado Springs, this area includes many luxury homes for sale on lovely acreage as well as modern homes on small lots.
The Tri-Lakes region has seen unprecedented growth as robust commercial development along I-25 has sparked homebuilding aimed at meeting the increasing demand of a growing population. For more than a decade, Monument has spearheaded the region’s development with its ever-growing restaurant and retail options, as well as its convenient proximity within minutes of Colorado Springs.
The Colorado Springs real estate market is sometimes overlooked in favor of Denver. However, Colorado Springs has a great number of things in its favor for both residents and real estate investors. Situated on the eastern side of the Rocky Mountains, Colorado Springs plays host to nearly half a million people. The city’s metropolitan area is home to around 700,000 people and sits amid a broad range of premier employment opportunities at renowned tech companies and the region’s many prominent military installations, from Peterson Air Force Base and Fort Carson Army Base to Schriever Air Force Base and the Air Force Academy.
As the Colorado Springs area enjoys continuous, rapid growth, the Tri-Lakes housing market has continued to appreciate in value faster than most US markets. Conditions in the Colorado Springs and the Tri-Lakes real estate markets show no signs of slowing down and appear to be in a sustainable, upward direction. Inventory remains relatively low and home prices are increasing at a steady rate. The local economy is very strong and mortgage rates remain low, creating attractive opportunities for both sellers and buyers.
As a whole, Colorado Springs’s real estate has remained red hot, according to Zillow, with property values enjoying 7% collective growth in the past year. The Tri-Lakes area has followed suit, as buyers seek a quiet, scenic, peaceful lifestyle within moments of museums, galleries, professional sports and major employment opportunities afforded by nearby metropolitan areas.
An Attractive Place to Live
The Tri-Lakes market remains robust mainly because of a strong economy, limited inventory and buyers’ desire to live the sought-after Colorado lifestyle. The state continues to rank as one of the top places to live, and the Tri-Lakes area provides an ideal blend of all the things that make Colorado so desirable.
The area provides a gorgeous, natural landscape for biking, hiking and outdoor recreation. The mountain views are stunning, and the area sits within moments of major metropolitan attractions, giving buyers the ability to enjoy the best of both worlds without having to make major sacrifices.
Tri-Lakes real estate continues to appreciate in value as buyers flock to the area in hopes of securing the home of their dreams, situated amid rolling hills and beautiful wooded lots. Whether its new construction homes, resale homes, raw land or luxury homes, real estate demand continues to rise at an impressive rate compared to other markets in the state.
If you’re thinking of selling or buying a home in the Tri-Lakes area, contact The Wheaton Team. Over the past decade, we’ve developed a well-earned reputation for specializing in residential real estate in Palmer Lake, Monument, Woodmoor, Colorado Springs and all of El Paso County.
Visit our website to browse our listings of current homes for sale in the Tri-Lakes area or contact us directly at 719-204-8021. Our seasoned team of attentive real estate professionals will guide you through the complex home buying/selling process.