Spokane Real Estate Market Insights: September 2024

The Spokane real estate market has seen significant changes and trends over the past few months. As of September 1, 2024, those looking to buy or sell a home in Spokane have a variety of factors to consider. This includes the number of listings, median prices, and market trends, which vary across different neighborhoods and property types.

Key Metrics and Trend Analysis

One of the most remarkable aspects of the real estate landscape in Spokane is the frequency of updates to online listings. Leading real estate websites such as Redfin update their listings every five minutes, ensuring that the information is both current and accurate. As of the latest data, Redfin lists over 1,262 homes for sale in Spokane, reflecting a diverse array of options for potential buyers.

The median listing price of homes in Spokane is around $415,000, although prices fluctuate depending on various market dynamics. July 2024 saw a total of 513 closed sales with a median closed price of $417,075, indicating steady activity in the market. Interestingly, the market is experiencing a downturn with declining sales, prices, and listings, although this has resulted in a higher inventory, providing buyers with more options.

Neighborhoods and Listings

Spokane features several popular neighborhoods, each offering unique amenities and living experiences. Notable among these are the South Side, Northwest Spokane, and Five Mile Prairie neighborhoods. These areas are sought-after for their community feel and the variety of homes available. As of the end of July 2024, there were 1,276 units in total inventory, a noticeable increase from previous periods.

Potential buyers should be aware of new listings that constantly update the market. For example, in July 2024, there were 822 new listings in Spokane. Example listings might include a 3-bedroom, 1-bathroom home at 3616 N Edgerton Rd listed for $330,000, a similarly sized 3-bedroom at 720 E Garland Ave listed for $295,000, and a more spacious 3-bedroom, 2-bathroom home at 2928 W Princeton Ave listed for $370,000.

Spokane’s homes often come with attractive amenities, making them highly desirable. Many properties feature pools, spas, pickleball courts, and expansive gardens. These amenities add significant value and appeal, particularly for families and individuals looking to enjoy an active and outdoor lifestyle.

For those looking for the most up-to-date listings and market conditions, visiting real estate websites like Redfin or Zillow is highly recommended. Additionally, forsalespokane.com can be an excellent resource for detailed and timely information.