More homes are on the market across the Pikes Peak region and prices have begun to level off, giving buyers and sellers a rare moment of breathing room. This year’s Open House Weekend, running May 2 and 3, is an ideal way to explore new neighborhoods, compare options, and learn more about what the current real estate market looks like in both El Paso and Teller Counties.

Colorado ownership under pressure

Colorado’s homeownership rate sat at roughly 62.9% last year, down from about 65.7% in 2024 according to federal data, meaning more households are renting or delaying a purchase. At the same time, both homeowner and rental vacancy rates are still low, underscoring that demand for housing continues to run ahead of supply across much of the state.

Economists point to several factors behind this shift: rapid price gains over the past decade, elevated mortgage rates compared with pre‑pandemic levels, and a shortage of attainable homes for first‑time buyers. In many Front Range communities, typical home values have outpaced household incomes, widening the gap between those already in the market and those still trying to break in.

After surging to historic highs in the early 2020s, median home prices in the Pikes Peak region have begun to level off, with some sub‑markets seeing slight year‑over‑year declines. For many who have been sidelined in their home-buying journey, this move towards a more balanced market may be the right time to re‑engage in the journey toward homeownership.

Location, location, location

The Open House Weekend, hosted by the Pikes Peak Association of REALTORS®, will take place May 2–3, 2026, and is the easiest way for prospective buyers to see what their money buys now — compared with years past — as well as to talk with local REALTORS®.

Over just one weekend, you can compare neighborhoods, home styles, and price points. REALTORS® will be present at open houses throughout the region to offer expert insight into the local housing market and answer questions about the home buying and selling process.

“Buyers typically visit an average of seven houses before deciding on their perfect home,” explained Andrea Warner, president of the Pikes Peak Association of REALTORS® Board of Directors. “Sixty percent of people said that the quality of the neighborhood was the most important factor determining the home they bought.”

The weekend will also give potential buyers the chance to tour homes at their own pace and gain expert insights from Pikes Peak Association of REALTORS® members.

REALTORS® are a notch above a typical real estate agent. They adhere to higher professional and ethical standards, ensuring a seamless and informed experience for buyers throughout the entire process.

During Open House Weekend, sellers working alongside their REALTORS® will have the opportunity to showcase their properties as part of a coordinated, high‑visibility event spanning open houses across El Paso and Teller Counties.

“Whether you’re just looking or serious about buying, Open House Weekend makes it easier to explore with confidence,” said Anne Marie Smith, CEO of the Pikes Peak Association of REALTORS®.

Current Conditions

The Open House Weekend is also a great opportunity for those interested in the current mix of higher inventory and motivated sellers to lock in a home before prices or rates move again. For potential sellers, the weekend serves as a real‑time snapshot of how comparable homes are priced and presented, as well as how local buyers are responding.

With increased inventory, more nuanced pricing strategies, and ongoing demand for homeownership in the Pikes Peak region, Open House Weekend arrives at a pivotal moment when well‑informed decisions can significantly affect long‑term financial outcomes.

“Buying a house is one of the biggest decisions many people ever make, and this weekend is the best chance to get a head start,” Warner said.

Be sure to plan to visit all the great homes participating in Open House weekend. Explore the current inventory across the region and discover your next dream home. Those who check out the available inventory could win big! The Pikes Peak Association of REALTORS® will be holding the “Golden Key” sweepstakes again. Adults 18 and older can enter to win a grand prize of $100 or $250. Simply visit participating open houses and fill out the “Golden Key” form, which will be available at ppar.com or at the respective open houses. Winners will be randomly drawn on May 15, 2026.