Spokane Real Estate Market Update – August 2024

The Spokane real estate market has seen significant activity and shifts through the month of July 2024. With a median home price set at $417,075, the market presents a strong value for both buyers and sellers. This article delves into the key aspects of the current market dynamics, offering an in-depth analysis based on the latest data as of August 26, 2024.

Current Market Trends

As of July 2024, Spokane had 1,493 homes available for sale, marking an 8.6% increase from the previous month. This growing inventory is complemented by 822 new listings, reflecting a robust supply side of the market. However, despite these numbers, actual home sales show a different picture. The total number of homes sold or pending in July was 309, a 10.7% decrease from June 2024, hinting at a more cautious approach by buyers amid a broader US housing market downturn.

The competitive nature of the market is evident with 36.6% of homes selling above their asking price in July 2024. Yet the average days on market for homes went up to 22 days, a 37.8% increase compared to the same period last year. This represents a changing dynamic where buyers are taking slightly longer to finalize their buying decisions, possibly influenced by the increasing inventory levels and shifting economic conditions.

Detailed Insights and Listings

Breaking down the sales by data, 75% of homes sold within 30 days, while 19% took between 30 to 90 days, and 4% took over 90 days to sell. This distribution offers sellers insights into setting realistic expectations depending on their property’s characteristics and pricing. The inventory by bedroom count showed increases in most categories, except for 2-bedroom homes, which saw a decrease in availability.

In terms of specific listings, the diversity in home prices in Spokane is readily visible. Notable listings include properties like those at 1105 W Edgehill Rd priced at $729,000, 411 W 21st Ave at $614,999, and 9908 N Orchard Ln listed for $469,900. These listings highlight the range of options available to potential buyers, catering to different price points and preferences. For more detailed and up-to-date information, interested parties can visit forsalespokane.com.

Overall, the Spokane real estate market continues to be both vibrant and dynamic. The increase in home prices and the variety of available homes indicate a healthy interest in the region, while the extended days on market suggest evolving buyer behavior. By staying informed about these market trends and accessing updated listings on forsalespokane.com, both buyers and sellers can make more strategic decisions in this fluctuating market environment.