Spokane Rooter
The Spokane real estate market has recently entered a phase of stabilization with notable developments as of October
2024. With home prices on the rise and a tighter supply of inventory, both buyers and sellers are adjusting to the current dynamics. In this article, we will delve into the latest statistics, market trends, and the role of new construction opportunities in shaping Spokane’s housing landscape. Whether you’re a potential buyer, seller, or investor, understanding the current market conditions is vital for making informed decisions in this evolving environment.
Key Takeaways
- Spokane’s median home sales price has increased by
6.4% to $422,500, indicating a stabilizing market. - Despite a slight decrease in active inventory, the demand for homes remains strong with a tight supply of only
2.7 months. - The rise in new construction and the trend of retirees downsizing are significant factors impacting Spokane’s housing market dynamics.
Current Market Trends in Spokane
## Current Market Trends in Spokane
As of October 2024, the Spokane real estate market presents a nuanced picture of stabilization amidst fluctuating conditions. The median sales price for homes has climbed to $422,500, marking a notable
6.4% increase compared to the previous year. Despite this rise in prices, active inventory has experienced a slight contraction, with a
0.7% decrease to 1,362 homes currently available for sale. Interestingly, the average time properties spend on the market has surged significantly, increasing by
22.6% to an average of 19 days, suggesting a shift in buyer behavior or perhaps a cautious approach from sellers in response to the evolving landscape.
The overall availability of homes remains constrained, reflected in a tight
2.7-month supply of inventory. This limited supply, combined with a
5.4% decline in new listings, which decreased to 804 homes, highlights the competitive nature of the current market. On a positive note, closed sales have seen a modest uptick of 2%, totaling 505 homes sold in October, signaling continued interest among buyers. Real estate expert Marianne Bornhoft underscores the typical fall trend of boosted closings, especially in new constructions, as families seek to secure homes before the winter months.
Bornhoft has also noted a significant year-over-year increase of
20.9% in inventory, driven in part by retirees relocating or downsizing. Such shifts are crucial for understanding the demographics influencing Spokane’s housing landscape. However, she raises a pertinent concern regarding the essential need for affordable housing—an issue that is becoming increasingly pressing as rising prices pose challenges for many, particularly first-time homebuyers. Addressing this gap is vital for fostering a truly balanced and accessible market.
Impact of New Construction on the Housing Market
The impact of new construction on the housing market is multifaceted and significant, particularly in a landscape like Spokane’s, where demand consistently outpaces supply. New construction offers an avenue for alleviating some of the pressures of tight inventory, providing fresh options for buyers who might feel stifled by the limited existing home market. As noted by industry experts, including Marianne Bornhoft, the increase in new builds directly correlates with the changing demographics of the area, particularly as more retirees look for modern, accessible housing. This uptick in new construction not only caters to relocating retirees but also encompasses a broader range of potential homeowners, aiming to ensure that the housing market evolves to meet diverse needs. Furthermore, new homes often boast energy-efficient designs and modern amenities, making them especially appealing to younger buyers aiming for sustainability and lifestyle comfort. Ultimately, an active new construction sector can help mitigate the challenges presented by rising prices, making pathways to homeownership feasible for a wider audience, thereby contributing to overall market stabilization.
