Overview of the Spokane Real Estate Market in September 2024

The Spokane real estate market has experienced notable changes through mid-2024, showcasing both resilience and potential signs of a market transition. As of July 2024, the median sold price for homes was $398,784, equating to $204 per square foot. The city has witnessed an uptick in inventory levels, with 1,493 homes available for sale, reflecting an 8.6% increase from the previous month. However, despite the growing inventory, the number of homes sold in July 2024 decreased by 10.7% compared to June 2024, with 309 homes closing.

One intriguing aspect of the Spokane market is the average days on market (DOM). Homes now take an average of 22 days to sell, a 37.8% increase from the previous year. This trend suggests a shift in buyer behavior or market dynamics, which could be pivotal for both potential buyers and sellers to understand fully. Notably, a substantial 36.6% of homes sold in July 2024 achieved prices above the asking rate, underscoring ongoing competitive market conditions.

Trends and Future Predictions

The overall market trends indicate a degree of stability with minor fluctuations. Even though the Spokane housing market rebounded in 2023 and maintained generally stable prices throughout 2024, experts forecast a potential slight correction in home prices in the near future. However, the data suggests an evolving market that could be gradually transitioning towards a more balanced state, characterized by increased sales activity and rising inventory levels.

Analyzing inventory by bedroom count presents further nuanced insights. In July 2024, significant increases were observed in the availability of 1-bedroom, 3-bedroom, 4-bedroom, and 5+ bedroom homes. Conversely, 2-bedroom homes saw a decline in inventory. This variability indicates diverse market demands and a flexible supply responding to these needs. As a result, potential homebuyers should consider these trends when making purchasing decisions.

Considering Market Averages and New Listings

The median closed price for homes in July 2024 stood at $417,075, slightly higher than the median sold price. This continued trend might be crucial for sellers aiming for a successful transaction. Additionally, July 2024 saw the introduction of 822 new listings, contributing to the elevated inventory levels. These new listings diversify options for potential buyers and reflect sellers’ responses to the dynamic market conditions.

Given the ongoing competitive nature of the Spokane real estate market, www.forsalespokane.com offers a valuable resource for those looking to stay updated with the latest listings and market trends. As the market edges closer to balance, staying informed and ready to act on opportunities is paramount for both prospective buyers and sellers in Spokane.