Overview of Spokane’s Real Estate Market

As of October 12, 2024, the real estate market in Spokane is demonstrating notable trends and dynamics. With robust activity in housing sales and new listings emerging, potential buyers and sellers can make informed decisions based on current data. This article provides a detailed overview of key elements shaping this vibrant market.

Market Pricing and Inventory

The median sold price for homes in Spokane has risen to $398,622 as of September 2024, marking a 6.2% increase compared to the previous year. This upward trend indicates a healthy market with appreciating property values. Concurrently, the number of homes available for sale saw an increase of 7.9% from August to September 2024, bringing the total to 1,508 homes. These statistics suggest a growing inventory, providing more options for eager buyers.

Spotlight on New Listings

Among the new listings, a charming 3-bedroom home located at 528 E Nebraska Ave is capturing attention. Priced at $299,927, this property features 1,344 square feet of living space. Its competitive price point makes it an attractive option for first-time buyers or those seeking a well-situated investment in Spokane’s thriving market.

Another significant listing is an updated 3-bedroom home close to Emerson and Corbin Parks. This property stands out for its modern amenities, including a sleek kitchen with new appliances and a private fenced backyard. Its proximity to Monroe St. cafes and restaurants enhances its appeal for those desiring a blend of suburban tranquility and urban convenience.

Family Homes and Community Living

For families looking for more space, the 4-bedroom property in the Northwood community is noteworthy. Built in 2004, this 2,562 square foot home offers an oversized 3-car garage, ample backyard, and easy access to schools and shopping centers. Its location near the scenic Spokane River adds an element of natural beauty, making it a desirable choice for family-centric buyers.

Trends in Sales and Price Negotiations

Spokane has a fast-paced market where 67% of homes sold within 30 days in September 2024. While a substantial portion of transactions—40.1%—occurred below the asking price, competitive bidding is evidenced by 27% of sales exceeding asking prices. This variety in negotiation trends reflects the diverse motivations and strategies of buyers and sellers alike.

Overall, market conditions in Spokane are favorable for both property purchase and sale. With rising median prices and an expanding inventory, interested parties can explore further details and real-time listings at forsalespokane.com. Prospective buyers and sellers are encouraged to stay informed to effectively navigate Spokane’s evolving real estate landscape.