Colorado Springs Homes under $500,000

Welcome to beautiful Colorado Springs, a vibrant city nestled at the foot of the majestic Rocky Mountains in El Paso County, Colorado. Known for its stunning natural landscapes, rich history, and a welcoming community, Colorado Springs is an ideal place for families, outdoor enthusiasts, and anyone looking to embrace a lifestyle surrounded by breathtaking scenery.

This charming city offers an array of attractions, from the iconic Garden of the Gods with its towering red rock formations to the serene trails of Pikes Peak, where adventure awaits at every turn. With a thriving downtown area filled with local shops, restaurants, and cultural venues, Colorado Springs provides a perfect blend of urban excitement and outdoor tranquility.

For those seeking affordable housing options, Colorado Springs has an impressive selection of homes under $500,000. These properties cater to a diverse range of lifestyles, whether you're looking for a cozy starter home, a spacious family residence, or a charming bungalow. With the current market trends, buyers can find excellent value without sacrificing quality or location.

Families will appreciate the top-rated schools, numerous parks, and community events that foster a strong sense of belonging. Additionally, the city's proximity to military installations and various employment opportunities makes it an attractive choice for both civilians and service members alike.

Explore the possibilities in Colorado Springs, where your dream home awaits amidst stunning landscapes and a welcoming community. Discover the perfect blend of affordability, natural beauty, and vibrant living in one of Colorado's most beloved cities!

Newest Colorado Springs Homes under $500,000

$250,000

6701850 MLS

Unique opportunity in downtown Colorado Springs featuring three separate residences included in one sale, offering approximately 1,670 total square feet of living space. The individual homes are approximately 708 sq. ft., 512 sq. ft., and 450 sq. ft., providing flexibility for a variety of uses. With no immediate neighbor directly behind the property, the setting offers added separation while still being conveniently located near downtown shopping, dining, entertainment, and everyday amenities. Whether you're looking for an investment opportunity, multi-generational living, or the potential to occupy one residence while utilizing the others, this property offers multiple possibilities in a central Colorado Springs location.

1407 N Wahsatch Ave, Colorado Springs

$250,000

3 Beds ⋅ 3 Baths ⋅ 7590104 MLS

1407 N Wahsatch Ave, Colorado Springs

$385,000

3 Beds ⋅ 3 Baths ⋅ 6227084 MLS

Charming Downtown Townhome Across from Shooks Run Park! Welcome to this exceptional 2-bedroom, 1.5-bathroom end-unit townhome in Colorado Springs’ desirable Shooks Run neighborhood! Offering 1,405 total square feet across multiple levels, this home combines low-maintenance living with an unbeatable location just minutes from downtown. Step inside to a bright, open-concept main level featuring beautiful hardwood floors, a cozy fireplace, and plenty of natural light. The living area flows seamlessly into the dining space and kitchen, which includes a range, refrigerator, and dishwasher. A convenient half bath completes the main level. Upstairs, you’ll find two spacious bedrooms, a full bathroom, and a versatile loft with dramatic vaulted ceilings. Use the loft as a home office, reading area, creative space, or whatever best suits your lifestyle. The finished 313-square-foot basement provides even more flexible living space—perfect for a family room, media area, home gym, or hobby space. The unfinished utility area offers additional storage and includes the washer and dryer. Enjoy Colorado’s beautiful seasons from the private, fenced rear patio, ideal for morning coffee or weekend gatherings. Assigned parking is conveniently located just steps from the home, with additional street parking available for guests. The location is hard to beat! Directly across from Shooks Run Park and the Middle Shooks Run Trail, you’ll have easy access to outdoor recreation while remaining close to downtown Colorado Springs. Enjoy nearby dining, shopping, nightlife, Acacia Park, Memorial Park, and Colorado College. Adding to the appeal, there are no Metro District taxes, and the Franklin Square Townhomes HOA provides exterior maintenance, including roofing and gutters, along with grounds and landscaping care. Enjoy the convenience of a well-maintained community and true low-maintenance living in a prime location!

645 N Franklin St, Colorado Springs

$380,000

3 Beds ⋅ 1 Baths ⋅ 5219629 MLS

Discover the perfect blend of historic charm and modern updates in this beautifully maintained 3-bedroom cottage nestled in the heart of Downtown Colorado Springs. Rich in character and thoughtfully updated with a newer roof, exterior paint, windows, and all new landscaping. Ideally located within walking distance to Colorado College, vibrant downtown dining and shopping, neighborhood parks, and miles of walking and biking trails, the location offers an exceptional Colorado lifestyle. The home features an oversized primary bedroom and an arched subway tile shower. Whether you're looking for a primary residence, a second home, or an investment opportunity, this property stands out with its long-established history as a successful Airbnb, offering proven income potential. Inside, you'll find a warm, welcoming atmosphere filled with classic architectural details, comfortable living spaces, and modern enhancements that make everyday living easy. Don't miss this rare opportunity to own a piece of Colorado Springs history in one of the city's most desirable and walkable neighborhoods.

323 E Willamette Ave, Colorado Springs

$375,000

3 Beds ⋅ 2 Baths ⋅ 1677945 MLS

Located just minutes from the heart of downtown Colorado Springs, this 3-bedroom, 2-bath home offers a unique combination of character, flexibility, and value. Recent exterior improvements, including fresh paint and refreshed landscaping, further enhance the property's appeal. Inside, original hardwood floors, built-ins, and classic architectural details reflect the home's historic character, while thoughtful improvements provide modern comfort. The main kitchen features updated cabinetry and stainless steel appliances, and both bathrooms include more current finishes. A standout feature is the flexible layout, including a second kitchen and separate access to the upper level. Whether you're looking for space for multi-generational living, guests, a home office setup, or potential income-producing use, this home offers a variety of possibilities. Major system improvements have already been completed, including new air conditioning, furnace, and water heater, updated electrical panel, new PEX supply lines throughout, and a replaced sewer line to the city main—providing added confidence that many of the major components have already been addressed. Additional highlights include dedicated off-street parking, an enclosed front sunroom, a spacious backyard with concrete patio and fire-pit area, and a highly walkable location near the revitalized south end of downtown and the downtown core.

312 E Cimarron St, Colorado Springs

$449,900

3559371 MLS

Exceptional opportunity with immediate cash flow. This fully leased income property, featuring a 4 bed 2 bath main residence, and a detached 1 bed 1 bath cottage. Both units are occupied by long term tenants, providing stable and established rental income from day one. Extensively remodeled throughout, both residences have been thoughtfully updated with modern finishes refreshed interiors, updated kitchens, remodeled bathrooms, and contemporary flooring. Separate laundry facilities for each unit add convenience and tenant appeal, while the detached cottage offers privacy and additional income potential. The property blends classic character with modern improvements and features a fully fenced yard, mature landscaping, and ample outdoor space. Landlord currently pays water, gas, and electric. Conveniently located near downtown Colorado Springs, shopping, dining, parks, and major commuter routes, this turnkey investment presents a rare opportunity to acquire a renovated, income producing property with strong existing tenancy already in place.

111 W Fountain Blvd, Colorado Springs

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