The Shifting Real Estate Market in Spokane

As of October 2024, the Spokane real estate market is highlighting some pivotal changes that are important for buyers and sellers alike. There is a notable increase in the inventory of new listings, with several key properties now available. One such property, located at 114 E Glass Ave and listed by Keller Williams Spokane – Main, offers a spacious 2,612 square feet, comprising 3 bedrooms and 2 bathrooms for $419,900. Another option for potential buyers is the home at 1511 S Carnahan Rd, listed by Redfin, priced at $525,000, boasting 3 bedrooms, 2 bathrooms, and 3,082 square feet of living space.

An Overview of New Listings

The Spokane housing market has witnessed an increase in new listings, such as the home at 4109 S Garfield St, listed by Coldwell Banker Tomlinson, priced at $450,000 and featuring 3 bedrooms and 2 bathrooms. The influx of 851 new listings in September 2024 demonstrates a notable rise in available properties, suggesting a trend toward higher inventory levels. Current data reveals that there are 1,358 total units on the market, presenting a wider range of options to prospective homebuyers in the area. This trend is vital for understanding the ongoing dynamics within the Spokane real estate environment.

Current Market Dynamics

Interestingly, despite the increase in listings, the market is marked by cautious activity as suggested by the median home price, which stood at $421,600 as of September 2024. This slight downturn in market prices is paired with a decrease in the number of closed sales, tallying just 474 transactions for the same month. Such figures indicate a buyer’s market, compounded by an 8.89-month supply, which suggests downward pressure on prices. These dynamics underscore the necessity for sellers to be strategic with pricing and marketing of properties.

Understanding Market Trends and Values

The current median values for active listings emphasize a variety of factors potential buyers and investors should consider. Among the 22 single-family homes on sale, the median asking price is $489,128, with homes averaging 1,884 square feet and priced at approximately $260 per square foot. Contrarily, the median sale price of closed listings over the past six months was slightly lower, averaging $462,500 with homes typically offering 2,262 square feet, yielding $204 per square foot. Such data suggests a market where values might fluctuate depending on the type of property and its condition.

For individuals interested in active real estate opportunities, visiting forsalespokane.com can offer a comprehensive view of the latest listings and market insights. The current market situation calls for potential buyers to be well-informed, as they navigate the abundance of available options. Sellers must remain attuned to pricing trends and ensure their properties are competitively positioned to attract interest and secure favorable transactions.

As the Spokane real estate market continues to evolve, stakeholders are advised to keep a close watch on these trends to make informed decisions. The current state reflects a complex interaction between supply and demand, influencing pricing and availability. Staying updated with market conditions and leveraging resources like forsalespokane.com can better equip both buyers and sellers to successfully achieve their real estate goals in this dynamic landscape.