The Rising Real Estate Market in Spokane, WA

Spokane, WA, is seeing a notable increase in its real estate market, significantly shaping the housing landscape. The average home value stands at $396,215 as of July 31, 2024, marking a 1.1% increase over the past year. Such growth is indicative of a market buoyed by demand and a stable influx of fresh properties. These figures reflect the overall health and attractiveness of Spokane as a favorable destination for homebuyers.

In July 2024, the median closed price for homes was $417,075, demonstrating a robust transactional environment. The market’s vibrancy is further underscored by the availability of 1,276 total units in home inventory by the end of the same month, providing ample choice for potential buyers. For more information and latest listings, visit forsalespokane.com.

Fast-Paced Market and Variety in Offerings

Homes in Spokane tend to linger for just about 11 days before going pending, reflecting a fast-paced market where properties get snapped up quickly. This rapid turnover rate can be attributed to the high demand coupled with a steady influx of new listings. Indeed, July 2024 alone saw 822 new listings, providing fresh opportunities for prospective buyers.

The range of properties recently listed offers something for everyone. For instance, a home at 7908 E Augusta Ave is listed at $450,000, featuring 4 bedrooms, 2 bathrooms, and a substantial 1,827 sqft living space on a 9,450 sqft lot. Higher-end offerings include a $515,000 property at 4827 E 46th Ave with 4 bedrooms, 3 bathrooms, and 2,164 sqft of living space on a 0.28-acre lot. The diversity in pricing and property specifications ensure that the market caters to a wide array of buyer requirements and budgets.

Diverse Property Sizes and Modern Amenities

The Spokane real estate market showcases properties of varied sizes, from compact homes around 1,000 sqft to expansive estates surpassing 5,000 sqft. This variety ensures that both smaller families and those seeking luxury have adequate options. Amenities and features offered in these homes are another significant draw. Many properties boast modern conveniences like updated kitchens with granite countertops, finished basements, and classic elements such as stone fireplaces and vaulted ceilings.

Interestingly, despite broader trends of downturns in the US housing market, Spokane’s local market continues to show resilience. The balance between new listings and inventory levels suggests a market that is neither oversaturated nor under-supplied. This equilibrium positions Spokane as a stable and desirable market for both new buyers and seasoned investors. For those considering a move, more comprehensive listing details can be found at forsalespokane.com.