The Dynamics of Spokane’s Real Estate Market

As of October 2024, the Spokane real estate market continues to show remarkable characteristics that make it both competitive and appealing. With a Redfin Compete Score of 80 out of 100, the market remains hectic, as buyers frequently engage in properties that receive multiple offers. This dynamic aspect of the market implies that some buyers are even willing to waive contingencies to secure their desired homes, demonstrating the high demand and limited supply scenario typical for Spokane.

The median home price in Spokane as of September 2024 reached $398,622, marking a 6.2% increase from the previous year. This figure is accompanied by a median price per square foot of $205, showcasing a modest but steady appreciation in property values. Consequently, despite the market’s competitiveness, the rising home prices underline Spokane’s investment potential for both current homeowners and prospective buyers.

Exploring Sales and Inventory

In September 2024, the number of homes available for sale in Spokane was recorded at 1,508, signaling a 7.9% hike from August 2024. However, the market is experiencing a slight cooling in sales activity, as the number of homes sold showed a 14.6% decline from the previous month. This trend may suggest a potential stabilization phase or a seasonal fluctuation within the market.

Despite the slight slowdown in sales, the rapid pace at which homes are sold remains noteworthy. Approximately 67% of the homes sold in the area are snapped up within 30 days, pointing to the urgency among buyers. Meanwhile, 27% of homes typically sell within 30 to 90 days, and only a mere 5% take longer than 90 days to close, indicating sustained demand across different housing categories.

Price Trends and Neighborhood Popularity

The pricing trends across different bedroom counts reflect distinct demand patterns in Spokane. Notably, homes with three bedrooms have experienced a 6% price increase, while homes with four and five or more bedrooms also saw price increases, by 2.9% and 4.9% respectively. Meanwhile, one and two-bedroom homes faced a decrease in prices, making them potentially more attainable for first-time homebuyers or investors looking for smaller properties.

Spokane’s neighborhoods are also experiencing varied levels of popularity, with areas like Lincoln Heights, Rockwood, and Manito on the South Hill being highly sought after. Additionally, regions such as Garland, West Central, and Cliff/Cannon Park further add to Spokane’s magnetic real estate allure. For those seeking suburban charm, areas like Browne’s Addition and Audubon/Downriver deliver appealing options, along with Morningside and Rocky Hill near Spokane Valley and Liberty Lake.

Overall, the Spokane real estate market continues to captivate with its blend of rising property values, vibrant neighborhood scenarios, and dynamic sales strategies. It remains an attractive destination for buyers and investors as they navigate through the ever-evolving housing landscape. To learn more about the Spokane real estate market or to view available properties, visit forsalespokane.com for a comprehensive overview.