Spokane Rooter
As we delve into the Spokane real estate market of October 2024, a narrative of stabilization unfolds amidst the ongoing fluctuations typical of the housing landscape. Recent data paints a picture of both opportunity and caution, as home prices begin to rise while inventory levels offer varied insights. Whether you are a first-time homebuyer, seasoned investor, or just interested in local trends, understanding the latest metrics and expert insights can empower your decisions in this vibrant market.
Key Takeaways
- The median sales price of homes in Spokane has increased by
6.4% year-over-year, reaching $422,500. - Active inventory has decreased slightly, with only 1,362 homes currently available, reflecting a tight supply.
- The average time homes are on the market has increased by
22.6%, averaging 19 days as of October
2024.
Current Market Analysis
The Spokane real estate market is undergoing a notable transformation as of October 2024, indicating a trend towards stabilization. Recent data reveals that the median sales price for homes has reached $422,500, marking a significant
6.4% increase from the previous year. This uptick reflects the continued demand for housing, even amidst a slight decrease in active inventory, which has dropped by
0.7% compared to last month, leaving a total of 1,362 homes available for purchase. Interestingly, while inventory is tight, the average time homes spend on the market has seen a marked increase of
22.6%, now averaging 19 days. This shift suggests buyers are becoming more discerning, perhaps weighing their options more carefully before making decisions. Additionally, the market currently has only a
2.7-month supply of inventory, highlighting the competitive nature of housing in Spokane. New listings are down by
5.4%, with 804 homes hitting the market, yet closed sales have risen by 2%, with 505 homes sold in October, illustrating that demand continues to outpace supply in some segments. Realtor Marianne Bornhoft notes that the autumn typically brings about the completion of transactions initiated earlier in the year, especially for new constructions, as families aim to settle before the holiday season. She also points to a substantial
20.9% increase in overall inventory this year, as many retirees are opting to relocate or downsize, further diversifying the market. Bornhoft emphasizes the critical role of affordable housing discussions, particularly for first-time buyers, to ensure a healthy and balanced real estate market moving forward.
Challenges and Opportunities Ahead
The Spokane real estate landscape presents a unique blend of challenges and opportunities as we move further into October
2024. While the increase in median sales price to $422,500 represents a vibrant demand, the slight dip in active inventory reveals a tightening market. The rise in the average time homes are listed—now at 19 days—implies that buyers are taking a more measured approach in their decision-making process. This could be attributed to various factors, including rising interest rates and an evolving economic landscape. The low month’s supply of inventory at
2.7 is indicative of a buyer’s market, which notoriously drives competitive bidding, while fewer new listings hint at potential constraints on future availability. However, with a
20.9% surge in overall inventory this year due to increasing retiree relocations, the market could see a shift that benefits those seeking affordable housing options. Thus, it’s essential for stakeholders—buyers, sellers, and policymakers alike—to navigate these evolving dynamics thoughtfully.
