Current State of the Spokane Real Estate Market – August 2024

The real estate market in Spokane, as of August 2024, presents a dynamic yet stable environment for buyers and sellers alike. A noticeable increase in home inventory and consistent buyer interest, despite elevated mortgage rates, are among the key highlights. This summary offers a detailed look at the Spokane housing sector, providing valuable insights and forecasts for future trends.

Inventory and Sales Dynamics

The number of homes available for sale in Spokane saw an 8.6% increase from June to July 2024, reaching 1,493 homes available in July. However, this rise in inventory was accompanied by a decline in sales volume, with a 10.7% decrease in homes sold or pending, totaling 309 during July 2024. Despite this, homes continue to sell quickly, with 75% of properties selling within 30 days in July, reflecting strong buying interest and market activity.

Interestingly, the Spokane market remains balanced. Increased inventory has provided buyers with more choices, while sales slowed slightly, suggesting a shift towards a more balanced market. Real estate professionals are observing a market transitioning from a seller-dominated phase to one more balanced between buyers and sellers. This environment provides opportunities for both parties to negotiate effectively.

Price Trends and Market Stability

The median home price in Spokane during July 2024 showed a slight decrease, dropping to $417,000. This trend points to a stable market, without extreme price fluctuations. Additionally, year-over-year sales in Spokane increased by 2.4% in July 2024, highlighting the resilience of the market amid changing conditions. Despite an average home value assessment decline of 0.72% year-over-year, the first in over a decade, the market is leveling out, with modest price corrections expected in the near future.

Lower trending mortgage rates, in spite of being higher compared to pre-pandemic levels, indicate that the market is adjusting. Buyer activity remains robust, with increasing mortgage application rates in early August. This suggests buyers are optimistic, anticipating future rate drops. Forecasts indicate a potential slight price correction, with an anticipated 0.8% decrease by August 2024 and a further 0.9% decline by May 2025. Nevertheless, the real estate market in Spokane is expected to remain stable, avoiding significant booms or busts.

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