Spokane Real Estate Market: A Shifting Landscape in 2024

The Spokane real estate market is experiencing significant changes as we move through 2024. June saw a notable increase in available homes, with 1,480 properties on the market – a 9.1% rise from May. This surge in inventory suggests a potential shift towards a more balanced market, offering buyers more options and potentially easing the intense competition seen in recent years.

Despite the increase in available homes, the median sold price in Spokane remains robust at $395,243, with an average price per square foot of $202. This indicates that while more properties are becoming available, home values are holding relatively steady. Interestingly, 37.1% of homes sold above the asking price in June 2024, demonstrating that there’s still strong demand in certain segments of the market.

Sales Activity and Market Dynamics

While inventory has increased, sales activity shows a different trend. The number of homes sold in June 2024 decreased by 21.3% compared to May. This decline in sales, coupled with the increase in inventory, further supports the notion of a market shift. However, it’s worth noting that May 2024 saw a significant surge in sales activity, with a net closed volume increase of over $58 million compared to April 2024.

The average time to sell a home in Spokane has extended to 18 days, a 28% increase from the previous year. This longer selling period aligns with the overall market trends, suggesting that buyers may have more time to consider their options before making a decision. However, it’s still a relatively quick turnaround compared to historical norms, indicating that the market remains active.

Property Types and Pricing Trends

An interesting development in the Spokane market is the variation in inventory changes across different property types. Two-bedroom homes saw the most significant increase in inventory at 22.7%, followed by 5+ bedroom homes at 21.2%. Three and four-bedroom homes saw more modest increases of 2.2% and 4.5% respectively. This diverse growth in inventory across property types may provide more options for various buyer demographics.

While the overall market shows resilience, there are some notable price trends. The price of 1-bedroom homes decreased by 10.4% compared to the previous year, which could present opportunities for first-time buyers or investors. Despite this decrease in the smaller home segment and the slight overall softening in the market, Spokane real estate remains competitive. Potential buyers are advised to act decisively, especially considering the impact of rising interest rates on affordability. As the market continues to evolve, both buyers and sellers will need to stay informed and adaptable to navigate these changing conditions effectively.