Spokane Real Estate Market: Current Trends

The Spokane real estate market has observed a notable increase in inventory, with 1,493 homes for sale in July 2024, representing an 8.6% increase from June. Despite this rise in available homes, sales volume has decreased. In July 2024, 309 homes were sold or were pending, marking a 10.7% decline from the preceding month. For those looking to understand Spokane’s real estate landscape better, the trend towards higher inventory coupled with lower sales volume could indicate potential buying opportunities.

One remarkable aspect of the market is the quick sales rate. Approximately 75% of homes sold within 30 days, highlighting robust buyer interest even amidst fluctuating market conditions. However, the average days on the market for homes in Spokane has risen to 22 days in July 2024, a 37.8% increase compared to the previous year, suggesting a mix of swift sales and slightly longer holding periods for some properties.

Interest Rates and Their Impacts

Interest rates play a critical role in shaping the housing market, and as of August 2024, the 30-year fixed mortgage interest rate stands at approximately 7.01%. This spike is significant when juxtaposed against the historical low of 2.65% observed in January 2021. High mortgage rates affect affordability, thereby influencing both buyer behavior and market dynamics locally and nationally.

Despite these high interest rates, the Spokane real estate market has managed to maintain price stability. The average home value in Spokane County is roughly $428,617, reflecting a slight 0.72% decrease from the previous year. Even with such minor depreciation—an occurrence unseen over the past decade—Spokane remains a relatively affordable market compared to many other urban areas.

Future Market Outlook

As the market steadies, Spokane shows signs of transitioning towards a more balanced status. The rising inventory and stable prices suggest a move away from the heavily skewed seller’s market seen in recent years. Although buyer demand remains robust and still outpaces the available inventory, the scales are gradually tipping towards equilibrium, which should refresh market dynamism.

Forecasts for 2024 indicate modest improvements in home inventory levels and potential for some price growth, albeit tempered by the persistently high interest rates. Stakeholders in the Spokane real estate market—buyers, sellers, and investors alike—should keep a keen eye on these developments and be prepared for shifts. For further insights and detailed market data, visit For Sale Spokane.