Spokane Real Estate Market Trends as of August 2024

As of August 2024, the Spokane real estate market is experiencing a range of dynamic trends that are shaping its current landscape. The average home value has seen a modest increase of 1.6% over the past year, bringing the figure to approximately $397,068. This increment, though slight, underscores a strong and competitive seller’s market where homes are selling extremely quickly, often going to pending in just 7 to 14 days. This brisk pace of sales activity is indicative of the high demand for properties within the region.

Sales activity has surged significantly, with an impressive $58 million increase in net closed volume in May 2024 compared to April 2024. Furthermore, comparing year-over-year data, there has been a $40 million increase in sales volume. Such robust figures highlight a thriving market that continues to attract buyers, keeping the momentum buoyant. However, despite the high sales, inventory levels are also on the rise, with 293 more listings in May 2024 compared to April 2024, and 284 additional listings when compared to May 2023. This increase in listings points to the possibility of the market gradually balancing out.

Rental Market and Construction Activity

The multi-family rental market in Spokane has also observed growth, particularly in the mid-tier segment. Over the past 12 months, the average asking rents have increased by 1.5%, although the luxury market segment has experienced slower rent growth alongside higher concession levels. The current vacancy rates reflect these dynamics, with mid-tier properties having an 8.7% vacancy rate, whereas luxury-tier properties see a higher vacancy rate of 10.6%. Such figures suggest more pressure in filling high-end rental units.

In line with the broader market trends, developers have added approximately 2,300 units over the past year. However, only about 1,200 units were absorbed by households, resulting in increased vacancy rates. This discrepancy highlights potential over-construction in the short term. Nevertheless, the slowing of new construction starts is anticipated to eventually reduce competition, leading to higher rents due to tighter supply. For more information on rental trends and available properties, visit [For Sale Spokane](https://forsalespokane.com).

Neighborhood Insights and Market Outlook

When it comes to neighborhood trends, several areas in Spokane stand out for their popularity and appeal. Lincoln Heights, Rockwood, Manito, Garland, West Central, Cliff/Cannon Park, Browne’s Addition, Audubon/Downriver, Morningside in Spokane Valley, and Rocky Hill in Liberty Lake are among the most sought-after neighborhoods. These areas are known for their distinct charm and community-oriented atmospheres, making them attractive to both new and established residents.

Looking ahead, the Spokane real estate market is anticipated to remain balanced without veering into extreme highs or lows. A low inventory, coupled with a vibrant job market, is critical in ensuring market stability. However, rising interest rates could play a significant role in shaping market conditions in the near future. For those interested in keeping up with the latest developments or seeking opportunities in the Spokane real estate market, resources and listings are available at [For Sale Spokane](https://forsalespokane.com).