Buying a home is still out of reach for many Americans due to high real estate prices, low housing inventory, and higher mortgage rates. According to a new report by the National Association of Realtors, the median age of a first-time buyer is now 38, the highest it’s ever been, partly because people have to save for a long time before buying a home. However, there’s good news for 2025.
According to Realtor.com, mortgage rates will decline, and more newly built homes will become available, helping to fill the housing shortage. The company recently launched its top housing markets for 2025 report, highlighting relatively affordable areas preferred by young families with plenty of homes for sale. And Colorado Springs, Colorado, ranked first.
The median home value in November in Colorado’s second-most populous city was $489,900, with homes staying on the market for 63 days on average, almost 30 percent longer than last year. The list focuses on markets expected to have the highest sale and price growth rates next year, making buying a home there a good investment. Colorado Springs came on top in that category, having the highest percentage of existing home sales year-over-year as well as one of the highest rates of home price increases.
In Colorado Springs, the median age is 36 years, and over 27 percent of households have children. The current unemployment rate is 4.5 percent, and Realtor.com points out that the city has one of the highest shares of…