Overview of Spokane Real Estate Market

The Spokane real estate market has experienced notable changes over the past year, reflecting both increased housing prices and evolving inventory dynamics. As of July 2024, the market has shown signs of both growth and complexity, with several key indicators providing insight into current and future trends.

Median Home Price and Inventory

As of July 2024, the median home sold price in Spokane was $397,932, marking a 6.1% increase from the previous year. This rise in median home prices indicates a robust selling environment, although it also suggests that buyers may need to approach the market with heightened financial readiness. Additionally, the inventory of available homes increased to 1,493, an 8.6% rise from June 2024, indicating a growing selection for prospective buyers.

Despite the increasing inventory, sales volume has shown a decline. In July 2024, 309 homes were sold or pending, representing a 10.7% decrease from June 2024. This decrease in sales volume may reflect shifts in buyer behavior or seasonal market fluctuations.

Market Pace and Competitiveness

The pace at which homes are sold remains brisk. About 75% of homes sold within 30 days in July 2024, suggesting a competitive market environment. On average, homes in Spokane were on the market for 22 days, a 37.8% increase compared to the previous year. This slight slowdown in turnover time may provide buyers with a bit more room to navigate the market, though competition remains evident.

Further evidence of the market’s competitiveness can be seen in the sold prices relative to asking prices. In July 2024, 36.6% of homes sold above the asking price. This figure highlights that despite higher prices and increased inventory, demand remains strong, with many buyers willing to pay a premium.

Trends in Housing Types and Market Balance

Analyzing inventory by bedroom count reveals an interesting dynamic. While there was an increase in the number of 1, 3, 4, and 5+ bedroom homes, the number of available 2-bedroom homes decreased. This shift may be indicative of the types of housing that are in greater demand or available on the market.

The increase in inventory coupled with significant sales activity may signal a move towards a more balanced market. However, the competitive nature and quick turnover period suggest that the market remains vigorous. Experts predict modest improvements in the number of homes for sale throughout the remainder of 2024 as homeowners adjust to the current interest rate environment. Despite these predictions, a slight price correction is expected, with potential decreases of 0.8% by August 2024 and 0.9% by May 2025.

Conclusion

The Spokane real estate market is navigating through a period of growth and moderate correction. With increasing median home prices and inventory, coupled with competitive sales conditions, both buyers and sellers need to stay informed and agile. For more detailed insights and up-to-date listings, visit For Sale Spokane.