Spokane Real Estate Market Shows Signs of Growth and Stability in July 2024

The Spokane real estate market displayed notable signs of growth and stability in July 2024, according to the latest market report. With an inventory increase of 8.6% compared to the previous month, the market now boasts 1,493 homes for sale, offering potential buyers a wider range of options. This uptick in available properties represents a significant 31% increase from the same period in 2023, indicating a gradually expanding housing supply in the area.

Despite the growing inventory, the median sold price in Spokane remained relatively steady at $395,243, with an average price per square foot of $202. This price stability is further evidenced by the median home price holding firm at $425,000 in June 2024, mirroring figures from the same month in the previous year. Such consistency in pricing suggests a balanced market, neither favoring buyers nor sellers excessively.

Market Dynamics and Buyer Behavior

The Spokane housing market is experiencing some interesting dynamics in terms of sales and buyer behavior. June 2024 saw 311 homes sold, marking a 21.3% decrease from the previous month. This slowdown in sales pace can be attributed largely to the persistently high interest rates, which continue to hover around 7%. These elevated rates are causing many potential buyers to hesitate, impacting overall market activity.

Interestingly, the distribution of sales prices reveals a diverse market. Of the homes sold in June 2024, 31% were sold under asking price, 32% at asking price, and 37% over asking price. This spread indicates a competitive market for desirable properties, while also suggesting opportunities for negotiation in other segments.

Market Trends and Future Outlook

One notable trend in the Spokane real estate market is the increase in average days on market. Homes in June 2024 spent an average of 18 days on the market before selling, representing a 28% increase compared to the previous year. This extended selling period aligns with the overall slower pace of the market, influenced by high interest rates and increased inventory.

Looking ahead, the Spokane housing market is expected to maintain its stability. Predictions suggest modest price growth and a potential shift towards a more balanced market. While the current high interest rates continue to pose challenges for both buyers and sellers, the increasing inventory and steady prices provide a foundation for a healthy, sustainable real estate market in Spokane. As always, potential buyers and sellers should keep a close eye on these trends and consult with local real estate professionals for personalized advice in navigating this evolving market landscape.