Understanding the Spokane Real Estate Market in 2024

The Spokane real estate market has shown significant activity and trends in recent months, with several key indicators pointing toward shifts in inventory, pricing, and sales dynamics. In July 2024, the number of homes for sale in Spokane increased to 1,493, representing an 8.6% rise from June 2024. This increase in inventory suggests that buyers may have more options to choose from, potentially influencing the competitiveness of the market. The median home price in Spokane was recorded at $398,784 in July 2024, marking a 7.7% increase from the previous year, reflecting continued appreciation in home values.

Despite the increase in home prices, sales activity experienced a decline. In July 2024, there were 309 homes sold or pending, which is a 10.7% decrease from the previous month. This dip in sales could be indicative of a cooling period following a surge in buying activity earlier in the year. In contrast, a substantial percentage (36.6%) of homes were sold above the asking price in July 2024, signifying a competitive market where buyers are willing to pay a premium to secure homes.

Sales Dynamics and Inventory Trends

A notable shift in the average time for homes to sell has been observed in Spokane. In July 2024, the average days on market increased to 22 days, up by 37.8% from the same period last year. This suggests that while the market remains active, homes are taking slightly longer to sell compared to previous periods. Breaking down the sales timeline, 75% of homes sold within 30 days, 19% within 30-90 days, and 4% over 90 days. This distribution highlights that a significant portion of homes are still selling relatively quickly, contributing to the overall market activity.

The inventory of homes based on bedroom count shows mixed trends. For instance, the availability of 1-bedroom homes increased by 26.9%, whereas 2-bedroom homes saw a decrease of 8.3%. On the other hand, the inventory for 3-bedroom, 4-bedroom, and 5+ bedroom homes increased by 6.7%, 13.4%, and 14.8%, respectively. These variations indicate that while certain segments of the market may be experiencing higher availability, others continue to be in shorter supply.

Market Outlook and Neighborhood Insights

Looking ahead, the Spokane real estate market shows signs of modest recovery after a cooling trend in 2023 caused by rising mortgage rates. Home prices have begun to rise again as the market adjusts to these higher rates, reflecting a resilient local economy and steady demand for housing. Concurrently, the rental market in Spokane remains strong with increasing demand and rising rental prices. As of August 2024, the average rent for a 1-bedroom unit stands at $1,095, with properties situated near employment centers and public amenities being particularly sought after.

Popular neighborhoods in Spokane for 2024 include areas such as Cliff/Cannon Park, Browne’s Addition, Audubon/Downriver, Morningside in Spokane Valley, and Rocky Hill in Liberty Lake. These locations are expected to attract considerable interest from both homebuyers and renters alike, owing to their desirable features and community offerings. For more detailed insights into specific trends and forecasts within the Spokane real estate market, the dedicated resource at Real Estate Spokane can provide valuable information and updates, ensuring you stay informed about the latest market developments.