The Spokane Real Estate Market: A Continuing Growth Trend

The Spokane real estate market has shown remarkable resilience in 2024, continuing to attract homeowners and investors alike. As of September 2024, the median home price in Spokane reached $421,600, reflecting a robust demand for residential properties. This price marks a significant increase of 6.2% from September 2023, when homes were sold at a median price of $398,622. Such a year-over-year price gain underscores Spokane’s appeal as a desirable place to live and invest.

Inventory Dynamics and Sales Fluctuations

While home prices have risen, Spokane’s real estate inventory has also seen notable changes. The number of homes available for sale increased by 7.9% from August to September 2024, bringing the total inventory to 1,508 homes. However, the number of homes sold witnessed a decline, decreasing by 14.6% over the same period, with 287 homes sold or pending by the end of September 2024. This indicates a shift towards a buyer’s market where options are becoming more abundant even as some market segments experience cooling.

One of the standout features of Spokane’s housing sector is the diversity in the listings. Each home in the region comes with its unique attributes, from the contemporary charm of Northwood’s four-bedroom homes with open kitchens and cathedral ceilings to the rustic elegance of a mid-century modern rancher situated on a sprawling 10-acre parcel in Paradise Rim. Such variety ensures that Spokane can cater to a wide range of buyer preferences and needs.

Noteworthy Homes in Spokane

among the notable listings, the luxury home in South Spokane offers an exquisite lifestyle with its panoramic views and opulent features, including a grand entrance, a formal dining room, and a private hot tub area. The property also boasts a built-in pool and beautifully landscaped grounds, ideal for both relaxation and entertaining. Homes like these not only underscore the quality of life in Spokane but also highlight the potential for valuable real estate investments.

Another interesting trend within the market is the variation in housing supply by bedroom count, with 3-bedroom homes increasing by 7.6%, 4-bedroom homes by 12.5%, and 5 or more bedroom homes by 8.4%. These figures reflect a strong demand across different housing needs, indicating that Spokane is accommodating a wide breadth of homebuyer demographics.

Buying and Selling Trends

The competitive nature of transactions in Spokane is also evident in the quick sale times. Approximately 67% of homes are sold within 30 days, with 27% completing sales within 30 to 90 days, leaving a mere 5% of homes lingering on the market for over 90 days. Such rapid turnover rates suggest a buoyant market, although 40.1% of homes were sold below asking price in September 2024, showing that negotiations remain a key part of the process.

Overall, the Spokane real estate market, despite facing certain constraints like higher inventory and downward sales in particular segments, remains a strong and active sector. For those interested in exploring these listings further, more information can be found at forsalespokane.com. As Spokane continues to thrive, it presents a golden opportunity for both prospective homebuyers and seasoned investors.