Spokane Real Estate Market Insights

Spokane Real Estate Market Insights

Top New Listings in Spokane

The Spokane real estate market continues to thrive with some impressive new listings. Notable among them are three stunning properties.

  • $1,150,000: 14017 N Copper Canyon Ln, Spokane, WA 99208 – 5 bedrooms, 4 bathrooms, 3,934 sqft, 0.33 acres.
  • $750,000: 1817 W Chelan Ave, Spokane, WA 99205 – 5 bedrooms, 3 bathrooms, 3,207 sqft.
  • $639,000: 1012 E 40th Ave, Spokane, WA 99203 – 3 bedrooms, 1 bathroom, 1,504 sqft, 7,100 sqft lot.

These properties reflect the diverse options available in Spokane, catering to different budget ranges and preferences.

Market Trends and Performance

The median listing price in Spokane stands at $425,000, a reflection of the competitive market dynamics. The number of homes for sale has seen a significant increase, currently at 1,409 homes, which marks a 26.3% rise compared to April 2024. This influx of available properties offers prospective buyers a variety of choices.

In terms of sales, May 2024 was a particularly active month with 359 homes sold or pending, representing a 21.7% increase from the previous month. Properties in Spokane are selling relatively quickly, with an average of 19 days on the market, albeit this is a slight increase of 3.7% from last year. Notably, 41.9% of homes are selling above the asking price, highlighting the high demand in the area.

Neighborhood Popularity and Trends

Spokane features many sought-after neighborhoods, such as North Side, North Indian Trail, Kendall Yards, and Rockwood, among others. These neighborhoods are attracting homebuyers due to their unique characteristics and amenities. The new listings, totaling 280, are priced at a median of $405,000, which is proving attractive to many buyers.

Homes in Spokane are moving fast, with 81% of them selling within 30 days and another 14% selling within 30 to 90 days. This rapid turnover is encouraging for sellers and indicates a robust and agile market.

Local real estate agents are playing an essential role in this dynamic market, providing valuable support to both buyers and sellers. They offer customized mortgage solutions and expert guidance, ensuring a smooth transaction process.

For more detailed listings and insights into the Spokane real estate market, visit forsalespokane.com.