Spokane Rooter
The Spokane County housing market has shifted dramatically in recent months, witnessing its first decline in home values in over ten years. This notable turn of events raises questions for homeowners and prospective buyers alike. As according to assessments released for 2024, average home values in the area have dipped by
0.72%, bringing the average down from $431,728 to $428,617. This decline follows a trend of significant growth in home values, with a considerable increase of
2.4% noted between 2022 and 2023, and nearly a $100,000 jump from 2021 to
2022. Tom Konis, Spokane County Assessor, highlighted that these recent fluctuations are indicators of a transitioning housing market, hinting at a return to stability after years of rapid appreciation.
Key Takeaways
- Spokane County experienced its first decline in home values in over a decade, with an average drop of
0.72%. - Despite the decrease, property values have more than doubled since 2018, indicating long-term growth in the market.
- Homeowners should utilize county tools to estimate potential tax implications following recent property assessments.
Understanding the Decline in Home Values
The Spokane County housing market has entered a new phase, witnessing its first decline in home values in over a decade amidst significant fluctuations in recent years. According to the 2024 assessments, the average home value has dipped by
0.72%, bringing it down from $431,728 to $428,617. This marks a stark contrast to the previous year’s growth, where values increased by
2.4% from 2022 to 2023 and soared nearly $100,000 between 2021 and
2022. Spokane County Assessor Tom Konis pointed out that these recent changes signal a shift towards a more stable market, moving away from the previous volatility that defined the region’s real estate landscape. In addition, property assessments for the upcoming 2025 tax year have been dispatched to homeowners, reflecting valuations as of January 1, which may not align precisely with current market prices due to neighborhood disparities. It’s crucial to understand that increases in assessed property values do not automatically lead to proportional tax hikes, as homeowners can calculate potential tax implications through resources available on the county’s website. Since 2018, average home values in Spokane County have impressively more than doubled from approximately $209,659, further emphasizing the area’s rapid growth. Notably, Tom Hormel, the former president of Spokane Realtors, emphasized that despite the decline, the minor dip in home values is indicative of a trend towards market stabilization, which could ultimately benefit buyers and sellers alike.
Implications for Homeowners in Spokane County
As homeowners in Spokane County grapple with the implications of this market shift, understanding these changes becomes essential for making informed decisions. The recent decline in average home values, while modest, signals a potential transformation in home purchasing and selling dynamics. Homeowners who had been enjoying soaring property valuations are now faced with a more balanced environment, which may affect their financial strategies, particularly regarding refinancing or selling their home. It’s worthwhile for homeowners to consult with real estate professionals to navigate this transitional phase effectively. With the average home value having more than doubled since 2018, those who bought homes within that timeframe might still find themselves in a favorable equity position, even amidst the current downturn. Furthermore, with property assessments recently sent out, homeowners should review and understand their new valuations—not just for assessing market value but also for potential future tax implications. Being proactive and informed will empower homeowners to make strategic decisions, whether they are looking to trade up, invest, or simply stay put while the market stabilizes.
