Spokane Housing Market Trends

As of September 2024, the Spokane housing market continues to show signs of resilience and competitiveness. With a variety of factors at play, including median home prices, sales volume, and inventory levels, the market dynamics are worth examining closely for anyone interested in buying or selling property in Spokane.

Current Market Performance

One of the key metrics in understanding the Spokane real estate market is the median home price, which as of July 2024 stood at $379,000. This figure represents a modest year-over-year increase of 1.0%. Another critical indicator is the price per square foot, which has seen a significant growth of 8.1% from last year, reaching a median sale price of $220 per square foot. These figures underscore the stability and incremental growth within the market.

Market competitiveness is another essential facet, with the average home in Spokane receiving around 2 offers and selling within approximately 14 days. Hot homes, those that are highly sought after, can sell in as little as 5 days, highlighting the brisk pace of transactions in this market. This quick turnaround time suggests strong demand and a dynamic market environment.

Sales Volume and Inventory Levels

Sales volume provides additional context to market conditions, with 270 homes sold in July 2024—an increase from the 262 homes sold in the same month the previous year. However, the sales performance from month to month shows some variability, as there was a 10.7% decrease in home sales from June to July 2024, with a total of 309 homes sold in July. Notably, a significant proportion of these properties, 36.6%, sold above the asking price.

Inventory levels have also shown interesting trends. In July 2024, there were 1,493 homes available for sale, marking an 8.6% increase from the previous month. The availability of homes varied by bedroom count, with notable increases in the inventory of 1-bedroom, 3-bedroom, 4-bedroom, and 5+ bedroom homes. Specifically, 1-bedroom homes saw a substantial 26.9% increase, reflecting potential shifts in buyer preferences.

Future Predictions and Market Outlook

Looking ahead into the rest of 2024 and beyond, experts have varied opinions about the market’s trajectory. There is a forecasted improvement in the inventory of homes for sale, which could provide relief to potential buyers. Additionally, with interest rates falling below 7% as of December 2023, housing affordability might improve, thereby encouraging more transactions. However, predictions from sources like Realtor.com suggest a possible price correction, with an anticipated 10% decrease in home prices year-over-year.

For anyone navigating the Spokane real estate market, whether buying, selling, or investing, staying informed about these trends is crucial. By keeping an eye on market performance, inventory levels, and future forecasts, stakeholders can make more informed decisions. For more comprehensive insights and expert advice on the Spokane real estate market, visit For Sale Spokane.