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Demand for luxury homes skyrockets in Colorado Springs

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The demand for luxury properties in Colorado Springs and surrounding areas has gone through the roof. The median price of local single-family homes that sold in August remained at a record high of $450K for a third consecutive month. August's price ↑ 18.4% YoY; it was the 14th straight month of double-digit gains on a YoY basis. As prices have soared, fewer affordable are available, while sales of more expensive homes are on the rise. In August 2021, 574 homes or 30.7% sold between $500K-$799,999, while 574, or 30.7% of homes sold were in the $399,999 or less price range. There were 66 home sales between $800K-$999,999 in August, while in 2016 it was 6 homes. When it comes to $1M-and-up homes, only 7 were sold in August 2016; in August 2021, 43 sales topped the $1M mark.

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