Spokane Real Estate Market Overview

The Spokane real estate market continues to draw attention with its dynamic and competitive landscape, marked by notable shifts in housing prices, inventory levels, and overall market activity. As of September 2024, these trends illustrate a robust real estate environment that is both enticing for sellers and challenging for buyers.

Housing Prices and Market Dynamics

In recent months, housing prices in Spokane have shown a significant upward trend. The median home sold price reached $398,622 in September 2024, reflecting a notable 6.2% increase from the previous year. Additionally, the median price per square foot saw a rise to $205. Such trends suggest a steady appreciation in property value, attracting both investors and homeowners seeking to capitalize on this growth trajectory.

Despite these price increases, the Spokane market remains highly competitive. Homes on average receive approximately two offers and are sold within an average span of 19 days. Notably, the Redfin Compete Score rates Spokane as highly competitive with a score of 80 out of 100. This scenario is indicative of a market where buyers need to act swiftly to secure desired properties.

Inventory Levels and Sales Activity

Inventory levels in Spokane have seen a gradual rise, contributing to a more balanced market. As of September 2024, there were 1,508 homes available for sale, a 7.9% increase from the previous month. This increase is particularly evident in larger homes; 3-bedroom homes increased by 7.6%, 4-bedroom homes by 12.5%, and 5+ bedroom homes by 8.4% compared to August 2024.

Conversely, sales volume has faced a downturn as September 2024 recorded 287 homes sold or pending—marking a 14.6% decrease from August. Furthermore, homes are selling at varied prices relative to their asking prices, with 40% being sold under, 33% at, and 27% over asking price, emphasizing the strategic market positioning by both sellers and buyers.

Rental Market and Future Projections

Alongside the home buying market, Spokane’s rental market has witnessed increased demand, driven primarily by employment centers and amenity-rich areas. The average rent for a 1-bedroom unit has risen to $1,095, reflecting the growing allure of Spokane’s rental properties. Particularly in demand are units with proximity to key employment hubs and public amenities, leading to low vacancy rates and a constant upward pressure on rental prices.

As Spokane continues to grow, these real estate trends are expected to evolve, offering varied opportunities for both buyers and investors. For a more in-depth look into current listings and trends, visit forsalespokane.com for the latest updates and expert guidance on navigating the Spokane real estate landscape.