Spokane Real Estate Market Report – July 2024

Inventory and Sales Dynamics

The Spokane real estate market saw an influx of housing inventory in July 2024, with a total of 1,493 homes available for sale—representing an 8.6% increase from June 2024. This growth in housing inventory varied across different bedroom categories, with 1-bedroom homes experiencing the most significant rise by 26.9%, while 2-bedroom homes saw a decrease of 8.3%. Inventory for homes with 3, 4, and 5+ bedrooms increased by 6.7%, 13.4%, and 14.8%, respectively.

Conversely, home sales volume in Spokane demonstrated a slight decline. With 309 homes either sold or pending, there was a notable 10.7% drop in sales from the previous month. Of the 306 homes sold, 35% were sold below the asking price, 28% were at the asking price, and 37% exceeded the asking price. This distribution showcases a competitive market environment, despite the overall decline in sales volume.

Market Performance and Outlook

Current mortgage rates played a crucial role in the Spokane housing market dynamics. As of August 14, 2024, the rate on a 30-year fixed mortgage slightly decreased by 0.02 percentage points to 7.04%. This minor rate adjustment might affect buyers’ decisions moving forward. Additionally, the average days a home spent on the market in July was 22 days, a 37.8% increase compared to the previous year.

Homes sold in July varied in the speed of sale: 75% were sold within 30 days, 19% sold between 30 to 90 days, and 4% took over 90 days to sell. This breakdown highlights that most homes are still being snapped up relatively quickly, even as the market slows somewhat.

The median home price in Spokane remained steady at $425,000 in June 2024, mirroring the median price from the same month in 2023. This price stability, combined with the growing inventory, is contributing to a more balanced market where buyers have increased negotiating power.

The outlook for the Spokane real estate market remains cautiously optimistic. Despite the decrease in sales volume, the market is expected to stay stable with moderate price growth anticipated over the next year. For detailed insights and the latest updates, visit For Sale Spokane.