Spokane Real Estate Market Report: June 2024

The Spokane real estate market has shown remarkable growth in June 2024, with a significant increase in inventory across all housing categories. The total number of homes available for sale reached 1,480, representing a 9.1% increase compared to May 2024. This surge in inventory indicates a growing supply of homes in the Spokane market, providing potential buyers with more options and potentially easing some of the competitive pressure that has characterized the market in recent years.

One of the most striking developments in the June 2024 market report is the substantial increase in inventory for smaller homes. The number of 1 bedroom homes available for sale skyrocketed by 88.2% compared to the previous month, while 2 bedroom homes saw a 33.6% increase. This trend suggests a growing demand for more affordable, compact living spaces, possibly driven by first-time homebuyers entering the market or individuals looking to downsize.

Inventory Growth Across All Housing Categories

The inventory growth was not limited to smaller homes, as larger properties also experienced significant increases. 3 bedroom homes, which typically form the backbone of suburban housing, saw a 15.7% increase in inventory. Meanwhile, 4 bedroom homes and 5+ bedroom homes showed even more substantial growth, with increases of 26% and 37.3% respectively. This across-the-board expansion in available properties indicates a robust and diverse housing market that caters to a wide range of buyer preferences and needs.

Despite the increase in inventory, the Spokane real estate market continues to show strong sales activity. The report indicates a notable increase in both net closed volume and pending sales, suggesting that demand remains high even as supply expands. This balance between growing inventory and sustained buyer interest points to a healthy, dynamic market that is adapting to changing economic conditions and buyer preferences.

Economic Factors and Market Outlook

Several key economic factors are contributing to the positive trends in the Spokane housing market. The city has experienced consistent economic growth and a steady influx of new residents, driving demand for housing across various price points and property types. Additionally, mortgage rates in Spokane remain relatively attractive compared to other West Coast cities, making homeownership more accessible to a broader range of buyers.

Looking ahead, the outlook for the Spokane housing market remains positive. While some fluctuations are to be expected in any real estate market, there are no significant indications of an impending housing market crash. The balanced growth in both inventory and sales activity suggests a market that is adjusting to meet demand without overheating. As Spokane continues to attract new residents and businesses, the real estate market is well-positioned to accommodate growth while maintaining stability, making it an attractive option for both homebuyers and investors in the coming months.