Spokane Real Estate Market Trends in 2024

The Spokane real estate market has witnessed notable shifts as of August 2024, reflecting an evolving landscape influenced by various factors such as inventory levels, interest rates, and regulatory changes. Recent data indicates that the market is experiencing a transition, moving towards a more balanced state. As of July 2024, the inventory of homes for sale has significantly increased, with 1,493 homes on the market. This marks an 8.6% rise from June 2024, providing more options for prospective buyers.

Despite the increase in inventory, the sales volume has experienced a downturn. In July 2024, a total of 309 homes were sold, which is a 10.7% decline compared to June 2024. Nevertheless, the demand remains robust, as evidenced by the fact that 36.6% of homes sold above the asking price during the same month. This trend suggests that while buyers have more choices, many are still willing to pay a premium for desirable properties.

Impact of Interest Rates and Regulation Changes

The influence of interest rates on the Spokane real estate market cannot be understated. High interest rates have contributed to the market’s dynamics over the past year. In December 2023, rates hovered around 6.6% and are expected to remain close to 6% for the year. These rates, although high, have not dampened the market entirely, as modest price growth and increased inventory suggest stability rather than volatility.

Adding to the evolving market, regulatory changes have also played a critical role. Beginning January 1, 2024, residential real estate brokers in Washington state are now required to have a signed brokerage services agreement before offering services to consumers. This regulation is aimed at enhancing transparency and protecting consumers, ensuring that all parties have a clear understanding of their commitments and responsibilities.

Market Outlook and Future Projections

Looking ahead, the Spokane housing market is expected to maintain its steady progress. The median home price remained stable at $425,000 in June 2024, mirroring the price from the same month in 2023. This price stability, along with a 31% increase in the number of homes on the market compared to June 2023, suggests that the market is moving towards equilibrium. The average time to sell a home in Spokane has also increased to 22 days in July 2024, up by 37.8% from the previous year, indicating a slower pace of market activity.

Overall, the Spokane real estate market is poised to see modest price growth and incremental increases in inventory. With interest rates stabilizing and new regulatory measures in place, the market seems set on a path of continued stability rather than experiencing dramatic fluctuations. For those considering entering the market, either as buyers or sellers, staying informed about these trends is crucial. Visit For Sale Spokane for the latest updates and professional insights into the Spokane real estate market.