Current Trends in the Spokane Housing Market

The Spokane real estate market has demonstrated significant shifts as of July 2024. An 8.6% increase in the number of homes for sale compared to June 2024 marks a notable boost in inventory, bringing the total number of available homes to 1,493. Despite this rise in inventory, sales activity has seen a decline. Specifically, June 2024 recorded 532 home sales, which is a 15% decrease from the same period last year and a 6% decline compared to May.

This decrease in monthly sales has only marginally impacted the year-to-date figures, with a 1.4% drop from the previous year. By the end of June 2024, approximately 2,700 homes had been sold in Spokane. In terms of pricing, the median home price continues to climb, standing at $415,000 in June 2024, a 1.5% increase from the previous year, indicating a resilient market.

List of Notable Properties

Highlighting some of the prominent listings currently available in the Spokane area, prospective buyers can consider the following properties:

• 24714 N Spotted Rd, Deer Park, WA 99006: 3 Beds, 2 Baths, 3,350 Sq.Ft.
• 8620 E Boardwalk Ln, Spokane, WA 99212: 3 Beds, 3 Baths, 2,798 Sq.Ft.
• 1812 W Nora Ave, Spokane, WA 99205: 4 Beds, 2 Baths, 1,388 Sq.Ft.

These properties offer a range of options from larger family homes to more compact living spaces, catering to a variety of buyer needs. For more listings and detailed information, interested individuals can visit forsalespokane.com.

Predictions and Market Outlook

The increase in new listings, which surged by 30% by the end of June 2024, resulted in nearly 1,260 homes listed for sale. This increase has contributed to a slight extension in market supply, now at a 2.4-month supply of available homes compared to a 1.5-month supply a year ago. Even so, this is still relatively low considering historical averages.

Homes in Spokane continue to sell quickly, with an average of 22 days on the market as of July 2024. While this is a jump of nearly 37.8% from the previous year, around 75% of homes sold within 30 days, reflecting the competitive nature of the market. Moreover, approximately 36.6% of homes were sold above the asking price in July 2024, indicative of strong buyer demand and price competition.

Looking ahead, experts predict a balanced market with a potential for slight price corrections over the next year. However, the combination of limited inventory and a stable job market is expected to sustain market stability in Spokane. Those interested in exploring current listings and market insights can find detailed information at forsalespokane.com.