Modest Improvement in Inventory and Stable Prices

As we step into the latter half of 2024, the Spokane real estate market is showing signs of a modest improvement in inventory. Homeowners in Spokane are gradually adjusting to the current rate environment and various lifestyle changes, resulting in a slight uptick in the number of homes for sale. In fact, inventory levels have increased by 8.6% from June to July 2024, with 1,493 homes now available.

This modest improvement in inventory is accompanied by stable home prices. Despite experiencing a slight decline in 2023, there is a forecast for modest price growth as we progress through 2024. As of July 2024, the median sold price for homes in Spokane stands at $398,784, which marks a 7.7% increase from the previous year. This stability in price levels signifies a balanced market with potential for gradual growth.

Impact of Interest Rates and Market Pace

The rising mortgage rates in 2022 and 2023 had initially cooled down the real estate market, but recent trends indicate that prices are stabilizing. With the current interest rate environment showing signs of stabilization, there is an expectation of gradual price growth in the coming months. This stabilization could lead to a balanced market, avoiding dramatic fluctuations.

Sales activity in Spokane has experienced variations. While there was a significant increase in sales volume in May 2024 compared to previous months and the prior year, July saw a 10.7% month-over-month decrease in the number of homes sold. Despite this, homes are selling remarkably quickly, staying on the market for an average of just 22 days in July 2024. This rapid pace highlights a strong seller’s market characterized by high demand.

Economic Stability and Buyer Competition

An interesting aspect of the Spokane real estate market is the high level of buyer competition. In July 2024, a substantial 36.6% of homes were sold above the asking price, demonstrating robust buyer interest and competition. This fierce competition is a testament to Spokane’s attractive housing market and desirability among homebuyers.

The economic stability of Spokane plays a pivotal role in supporting the housing market. The city’s stable job market, particularly in sectors such as healthcare, education, and tech startups, continues to provide a solid foundation for the real estate market. This ensures that the market remains resilient and stable even amidst varying economic conditions.

For those interested in detailed and updated information on the Spokane real estate market, visit forsalespokane.com.