Market Trends and Sales Activity

The Spokane housing market is currently experiencing a period of leveling after several years of substantial growth. This shift is evident in the slight decrease in the average home value within Spokane County. As it stands, the average home value has declined from $431,728 to $428,617, marking a 0.72% decrease. This is the first reduction in over a decade, indicating a notable shift in the market dynamics.

Interestingly, despite the overall market slowdown, sales activity has seen an uptick. For May 2024, the net closed volume surged by more than $58 million, with 821 homes sold. This represents a significant increase of 123 units compared to the previous month, pointing to heightened buyer activity in a cooling market.

Increasing Inventory and Market Pace

One of the critical trends observed is the increase in inventory levels. In May 2024, there was a noticeable rise in listings compared to April 2024 and May 2023. This increase in available homes provides buyers with more options, contributing to a slight acceleration in the market pace. The combination of increased sales and inventory suggests a more dynamic market compared to previous months.

The median sale prices have shown a slight uptick when compared year-over-year. However, recent data hints at a potential cooling off, as average home values have experienced a minor dip. This fluctuation in prices reflects the broader trend of market adjustment, with predictions indicating further slight corrections.

Forecast Predictions and Market Balance

Forecasts for the future of the Spokane real estate market suggest a slight price correction. According to Zillow, there is potential for an average home value decrease of 0.8% by August 2024 and an additional 0.9% decline by May 2025. These predictions underscore the transitioning state of the market, which is gradually moving towards a more balanced condition.

The shift towards balancing is mainly driven by the rising inventory and steady job market conditions, averting any significant boom or bust scenarios. For July 2024, the Spokane REALTORS® monthly home sales report indicates closed sales totaling 513, with a median closed price of $417,075. Additionally, the home inventory stood at 1,276 units with 822 new listings.

Buyer and Seller Sentiment

The overall sentiment among buyers and sellers remains one of caution and uncertainty, reflecting the broader trends in the US housing market. Both parties are carefully navigating the current market conditions, weighing the potential risks and opportunities. This cautious approach is indicative of the current downturn and the fluctuating nature of the real estate market.

For a more comprehensive and detailed look into the Spokane real estate market, or if you are looking to buy or sell property in the region, visit For Sale Spokane.