Spokane Real Estate Market Sees Inventory Increase and Sales Decline

The Spokane real estate market experienced a significant shift in July 2024, marked by an increase in inventory and a concurrent decrease in sales volume. The number of homes available for sale rose by 8.6%, bringing the total inventory to 1,493 homes. However, despite more options being available to buyers, the number of homes sold declined by 10.7%, with only 309 transactions completed in July. This discrepancy suggests a cautious approach by buyers, potentially influenced by broader economic factors.

Price trends in Spokane have shown relative stability. The median sold price for homes as of July 2024 stood at $398,784, equating to a price per square foot of $204. This stability is further underscored by a modest 1.1% increase in home values over the past year, defying some forecasts that predicted a decline. Such data highlights the resilience of the Spokane housing market in maintaining its value amidst varying market conditions.

Market Competitiveness and Interest Rates Influence

The Spokane real estate market remains highly competitive, with a significant 36.6% of homes sold above the asking price in July 2024. This reflects a robust demand environment where buyers are keen to secure properties, often willing to offer more than the listed price. However, the impact of rising interest rates cannot be overlooked. These national trends have affected affordability, yet Spokane’s market has managed to preserve its stability in 2024, mitigating potential adverse effects.

Furthermore, the average home value in Spokane County has experienced a slight year-over-year decrease for the first time in over a decade. While this may raise concerns about a market shift, experts do not anticipate this decline to be drastic. Projections suggest only a minimal price correction, with forecasted decreases of 0.8% by August 2024 and 0.9% by May 2025. These figures indicate that while adjustments are expected, the overall market health remains intact.

Buyer Demand Remains Strong Despite Slower Sales Pace

The average days on market for homes in Spokane increased to 22 days in July 2024, representing a 37.8% rise compared to the previous year. This slower sales pace could be a response to the broader economic climate and the increased inventory. Nevertheless, buyer demand remains vigorous, with 75% of homes sold within 30 days and an additional 19% sold within 30 to 90 days. These statistics demonstrate that homes are still moving relatively quickly, despite the slight increase in time on the market.

In summary, the Spokane real estate market as of July 2024 is characterized by stable prices, increased inventory, and sustained buyer demand, even in the face of rising interest rates. For those interested in detailed insights and professional guidance in navigating this dynamic market, visit For Sale Spokane.