Spokane Real Estate Market: A Dynamic Landscape in 2024

The Spokane real estate market has been experiencing significant shifts in 2024, with a notable increase in inventory and changing market dynamics. As of June 2024, the market saw a 9.1% increase in available homes compared to the previous month, bringing the total to 1,480 properties on the market. Despite this increase in inventory, Spokane remains firmly in seller’s market territory, with homes selling quickly and prices maintaining their upward trajectory.

One of the most striking changes in the market is the average sale time for homes. Compared to the previous year, properties are now taking 28% longer to sell, with an average of 18 days on the market. However, this should not be mistaken for a sluggish market, as a remarkable 83% of homes in Spokane are still selling within 30 days. This high percentage of fast sales underscores the continued demand for properties in the area.

Price Trends and Sales Volume

The median sold price in Spokane has reached $395,243, with an average price per square foot of $202. These figures reflect the strong demand and limited supply that have characterized the Spokane market in recent years. In fact, Spokane County home values have more than doubled over the past seven years, growing from an average of $209,659 in 2018 to around $430,000 for the past two tax years. This long-term trend highlights the robust appreciation of property values in the area.

Sales activity in Spokane has seen a significant uptick, with a net closed volume surge of over $58 million in May 2024 alone. During this period, 821 homes found new owners, indicating a bustling market with high transaction volumes. However, the rise in inventory levels alongside increased sales activity suggests that the market may be moving towards a more balanced state, potentially offering more options for buyers in the future.

Interest Rates and Market Predictions

Mortgage rates have played a crucial role in shaping the Spokane real estate market. December 2023 saw a significant drop in rates to around 6.6%, the lowest since April of that year. This decrease in interest rates has likely contributed to the increased sales activity observed in the following months. Looking ahead, industry experts are predicting a gradual easing of rates, with expectations that they may hover around 6% for the year.

As the Spokane real estate market continues to evolve, buyers and sellers alike should stay informed about these trends. The combination of increasing inventory, steady price appreciation, and potentially stabilizing interest rates creates a complex landscape for real estate transactions. While the market remains favorable for sellers, the gradual shifts observed in 2024 may present new opportunities for buyers looking to enter the Spokane housing market.