Spokane’s Current Market Overview

The real estate market in Spokane, WA, has shown significant changes in the latest data up to early August 2024. With a median listing price ranging from $415,000 to $465,000, the market reflects various dynamics affecting both buyers and sellers. This article will explore key aspects of the Spokane real estate market, providing valuable insights into current trends and conditions.

Market Pricing and Listing Insights

As of July 2024, the median listing price for homes in Spokane hovered between $415,000 and $465,000. This pricing range depends on various sources, indicating some fluctuations but overall stability in listing values. Prospective buyers and sellers should note that homes in Spokane spent a median of 31 to 39 days on the market. This median duration suggests a slowing market compared to more rapid sales in previous months.

The month of July 2024 saw 822 new listings, contributing to the city’s housing inventory. At the end of July, the total inventory stood at 1,276 units, a 23% increase, offering potential buyers more options. However, this increased inventory also points to a cooling market, as homes are staying on the market longer.

Sales Data and Market Trends

In terms of sales, July 2024 recorded 513 closed transactions, marking a decline from earlier periods. The median closed price for homes was $417,075 in the same month. This data reflects a gradual decline in both sales and prices, emphasizing the market’s shift to a slower pace.

The current trends suggest a market experiencing a slowdown, characterized by declining sales, a slight drop in prices, and higher inventory levels. This shift could present opportunities for buyers to negotiate better deals, though it may also signal challenges for sellers looking to close quickly.

Neighborhood Popularity and Affordability

Among Spokane’s various neighborhoods, areas such as South Side, Northwest Spokane, Five Mile Prairie, Manito-Cannon Hill, and South Perry remain popular. These neighborhoods offer unique amenities and attract diverse groups of buyers, contributing to their ongoing demand amidst a cooling market.

Despite the slowdown, buying a home in Spokane is considered expensive, with prices about 1% higher than the national average. To comfortably afford a median-priced home in Spokane, a buyer would need an annual income of approximately $90,100, assuming a 25% down payment and allocating 35% of their monthly income towards housing expenses.

Overall, the Spokane real estate market presents a mix of opportunities and challenges, with trends indicating both higher inventory and a moderated pace of sales. For further details and current listings, prospective buyers and sellers can visit forsalespokane.com.