Current Market Conditions in Spokane

The Spokane housing market remains very competitive, boasting a Compete Score of 79 out of 100 according to Redfin. As of July 2024, the median sale price of a home in the Spokane area reached $379,000, marking a 1.0% increase from last year. In contrast, the median closed price for the same period was documented at $417,075, as reported by Spokane REALTORS.

Homes in Spokane are selling relatively quickly, with an average market time of just 14 days. Although this is a slight increase from last year’s 11 days, it is still indicative of a market where demand remains strong. In particular, hot homes in the area can sell for about 2% above the listing price and go pending within approximately 5 days.

New Listings and Inventory

July 2024 saw 822 new property listings, indicating a healthy influx of new options for prospective buyers. The total inventory at the end of the month stood at 1,276 units, reflecting a moderate level of available homes.

Potential buyers will find a variety of new listings at different price points. For instance, a recent listing at 1808 W Summit Pkwy is priced at $725,000 for a 5 bedroom, 3 bath home covering 3,302 square feet on a 0.28-acre lot. Similarly, 310 W 33rd Ave is listed at $465,000, featuring 3 bedrooms and 3 baths over 4,356 square feet. Another example is 4458 W Brookfield Ave, listed at $379,900, offering 2 bedrooms and 2 baths within a 914 square foot area on a 6,970-square-foot lot.

Trends Influencing Spokane’s Real Estate

The Spokane market attracts attention from homebuyers in Seattle, Los Angeles, and San Francisco, indicating a significant interest from residents of larger, neighboring cities looking to relocate. Simultaneously, many Spokane buyers are choosing to remain within the metropolitan area or consider nearby locales such as Sandpoint and Bellingham.

With the median price per square foot in Spokane now at $220 — an 8.1% increase from the previous year — the market’s upward trajectory is evident. Furthermore, there were 513 closed sales in July 2024, showcasing consistent sales activity compared to the previous year, with the number of homes sold slightly increasing from 262 to 270 over the same period.

National vs. Local Market Dynamics

On a national scale, the US housing market is experiencing a downturn with declining sales, prices, and listings. This situation has made buyers and sellers skeptical about the current state and future outlook. Despite this broader context, Spokane’s local market stands out as notably competitive, characterized by multiple offers on homes and quick sales.

For additional information on the latest real estate trends and available listings in Spokane, you can visit the detailed and up-to-date resources provided at forsalespokane.com.