Current State of the Spokane Real Estate Market

Spokane’s real estate market continues to demonstrate substantial competitive dynamics, earning a Redfin Compete Score of 79 out of 100. Such a high score suggests that prospective buyers are frequently encountering multiple offers, and in many cases, are opting to waive contingencies to secure their desired property. Despite these challenges, Spokane remains an attractive market for both buyers and sellers, with an upward trend in median sale prices fostering continued interest and investment in the region.

Upward Trends in Home Prices

The median sale price of homes in Spokane has climbed noticeably. As recorded in August 2024, the median price stood at $387,000, marking a commendable 5.2% increase from the previous year. This trend continued into September 2024, with a reported median closed price of $421,600, although sources may slightly vary. Similarly, the median price per square foot in Spokane also escalated to $208 in August, with some variations indicating $205 in September, showcasing the market’s robust performance.

Sales Volume and Market Timing

The market saw a dip in the number of homes sold, with 281 homes changing hands in August 2024, a decrease from 300 homes in the same month the previous year. Interestingly, closed sales in September 2024 included 474 homes, highlighting a fluctuation in the market dynamics. The average time a home stays on the market has increased slightly from the previous year, averaging 19 days as opposed to 14. The swift sales of “hot homes” within 5-6 days emphasize the urgency among buyers to secure properties quickly.

Inventory also plays a crucial role in shaping the market’s landscape. By the end of September 2024, Spokane’s real estate inventory displayed a 13% increase from July to August 2024, with a total of 1,358 units available. This boost was supported by the addition of 851 new listings during the month, offering potential buyers a diverse array of options to choose from.

Buyer and Seller Dynamics in Spokane

The behavior of both buyers and sellers in Spokane’s market reflects the competitive conditions. Insights from August 2024 reveal that 35% of homes were sold below their asking price, 32% met the asking price, while 33% exceeded it. This distribution highlights the variability in transaction values and emphasizes the strategic negotiations occurring between parties in this dynamic market.

Migration trends also contribute to Spokane’s real estate climate, with an influx of homebuyers arriving from major metropolitan areas like Seattle, Los Angeles, and San Francisco. While significant urban shifts bring new residents, local relocation patterns indicate a propensity for buyers to remain within the Spokane metropolitan area or exploit opportunities in neighboring areas such as Sandpoint and Bellingham.

The market outlook for Spokane suggests a cautiously optimistic scenario. Given the broader national housing market influences, buyers and sellers are anticipated to adopt more measured approaches. Modest price growth and increased inventory levels are predicted for 2024, maintaining Spokane’s status as a burgeoning real estate hub. For further information on Spokane real estate, visit forsalespokane.com.

Sought-After Neighborhoods

Popular neighborhoods remain a focal point for prospective homebuyers. Locations such as Lincoln Heights, Rockwood, and Manito on the South Hill boast strong allure, continuing to attract both individuals and families alike. Emerging areas such as Cliff/Cannon Park, Browne’s Addition, and Morningside in Spokane Valley are also gaining attention, underscoring the diverse residential appeal of Spokane’s real estate scene.