Banning Lewis Ranch Rezoning: What 5,000 New Homes Mean for BLR Homeowners
In September 2026, Colorado Springs City Council unanimously approved rezoning for roughly 1,170 undeveloped acres of Banning Lewis Ranch, clearing the way for about 5,000 new homes on the east side of Colorado Springs. If you live in Banning Lewis Ranch, or you are thinking about buying or selling here, this is the biggest change to the community's future in years.
Treasure Davis, founder of the Treasure Davis Team, lives in Banning Lewis Ranch, so this one is personal for us. Here is a plain-language breakdown of what was approved, when it is expected to happen, and what it could mean for current BLR homeowners.
What the City Council approved
The approval covers two undeveloped sections of Banning Lewis Ranch, known as Phase B2 and Phase C. According to The Gazette, these sections are part of the roughly 24,000 acres of Banning Lewis Ranch that Colorado Springs annexed back in 1988.
Oakwood Homes, which has served as the master developer for Banning Lewis Ranch since 2012, requested the zoning changes along with LAI Design Group. KRDO reports that Oakwood estimates nearly 5,000 homes could eventually be built across the rezoned land, in a mix of housing types. Oakwood has said its goal is to give more Colorado Springs residents a path from renting to owning.
What is planned besides homes
The rezoning is not only about rooftops. Here is what has been outlined so far:
A commercial corner. Phase B2 includes a small commercial area at Dublin Boulevard and Banning Lewis Parkway, according to FOX21 News.
A future school site. Twenty-five acres in Phase B2 are set aside for a school.
New parks. Two neighborhood parks are planned in Phase B2.
Public safety. Developers have also pointed to future commercial space and a new fire station across the larger area, per KRDO.
For current BLR residents, a closer school site, more park space, and everyday shopping on the east side are the pieces most likely to affect daily life.
When construction is expected to start
Do not expect bulldozers next month. According to the Banning Lewis Ranch master plan as reported by FOX21 News, work is scheduled to begin before 2028, with phased building over two to four years after that. The Gazette notes the mixed-use area is likely to be the last section built.
In other words, this is a long runway. Homeowners selling in the next year or two will mostly be competing with today's market, not with these future phases.
What about traffic?
Traffic was one of the top concerns residents raised during the approval process. In response, developers reduced the planned housing density for Phase C from the original proposal, FOX21 reports.
Oakwood also pointed to recent road improvements around the community, most notably the Banning Lewis Parkway connection north to Woodmen Road, as a major help with congestion. Anyone who commutes from BLR toward the north side of Colorado Springs has likely already felt the difference.
Will this affect Banning Lewis Ranch home values?
This is the question most homeowners want answered, and the honest answer is that it can cut both ways.
What could help values: New schools, parks, commercial space, and a fire station make a community more convenient and more attractive to future buyers. A growing, well-planned master community tends to draw steady interest.
What could create competition: As the new phases build out, resale homes in older sections of BLR will be competing with new construction, often with builder incentives. That makes pricing and presentation more important for sellers in future years.
What the numbers say right now: Banning Lewis Ranch is holding up well. According to elevate MLS data for the Banning Lewis Ranch sub area (single family, patio home, townhouse, and condo):
The median sold price in September 2026 was $475,000, up from $459,385 in September 2025, an increase of about 3.4%.
There were 115 homes for sale, compared with 133 a year earlier.
The median days to sell was 48 days, down from 58 days last September.
That is a stronger showing than the broader Pikes Peak region. In August, the region saw fewer sales, more listings, and longer days on market compared with a year earlier, according to KOAA's report on Pikes Peak Association of REALTORS® data. Mortgage rates have also climbed, with Freddie Mac's 30-year average reaching 7.03% in late September, per Freddie Mac's weekly survey.
Every home is different, so the best way to know where yours stands is a home value report based on actual sales in your section of Banning Lewis Ranch and your floor plan, not an online estimate.
What this means if you are buying or selling in BLR
If you are thinking about selling: The next few years are a window where BLR resale homes are competing mostly with each other and with current new builds, before Phases B2 and C come online. Well-prepared, well-priced homes are still selling quickly in Colorado Springs right now.
If you are thinking about buying: You have more choices and more room to negotiate than buyers did a few years ago. Buying in an established section of Banning Lewis Ranch now means you get the existing amenities today, with the planned school site, parks, and commercial area still ahead.
If you are staying put: Keep an eye on the planning process as Phases B2 and C move forward. The Treasure Davis Team will share updates in our monthly Banning Lewis Ranch newsletter as new details are released.
Get monthly Banning Lewis Ranch updates
The Treasure Davis Team publishes a free monthly Banning Lewis Ranch newsletter with BLR market numbers, community news, local events, and homes for sale in the neighborhood. You can read the October 2026 issue here.
Subscribe to the monthly Banning Lewis Ranch newsletter
Talk with the Treasure Davis Team
The Treasure Davis Team has helped Colorado Springs buyers and sellers since 2005, with more than 3,500 homes sold. If you want to know what your Banning Lewis Ranch home is worth, or how the rezoning could affect your plans, call us at (719) 249-2020 or send the team a message. You can also search Banning Lewis Ranch homes for sale.
