Spokane Rooter
As we step into 2024, the Spokane County housing market reveals a noteworthy trend: its first year-over-year decline in over a decade. After witnessing an impressive surge in home values, Spokane County’s average home price has dipped slightly from $431,728 to $428,617, marking a decrease of
0.72%. This shift comes on the heels of a moderate increase of
2.4% from 2022 to 2023 and a significant leap of $100,000 from 2021 to
2022. Spokane County Assessor Tom Konis views this downturn as a return to a more normalized housing market, indicating the end of an era filled with unprecedented spikes in property values. In this article, we will delve into the current trends in Spokane County housing values, the implications for homeowners, and the broader impact on the local economy.
Key Takeaways
- Spokane County experienced its first decline in housing values in over a decade, marking a shift towards market stability.
- Despite the decrease, homeowners are reassured that property tax increases won’t necessarily correlate directly with rising home values.
- The housing market’s recent minimal changes suggest a return to more normal conditions after years of rapid value increases.
Current Trends in Spokane County Housing Values
## Current Trends in Spokane County Housing Values
In 2024, Spokane County’s housing market experienced its first year-over-year decline in over a decade, with the average home value decreasing slightly from $431,728 to $428,617, marking a drop of
0.72%. This downturn contrasts sharply with the modest
2.4% increase observed from 2022 to 2023 and a significant $100,000 rise witnessed from 2021 to
2022. Spokane County Assessor Tom Konis emphasized that this decrease indicates a return to a more normalized housing market after years of pronounced spikes in home values. Valuations for the 2025 tax year, as determined on January 1, will be reflected in the assessments mailed out, although it’s important to note that these assessments typically fall below current market selling prices and can vary considerably across different neighborhoods. Konis reassured homeowners that an increase in property value does not automatically correlate with a proportional rise in property taxes, highlighting the availability of an estimator tool for taxpayers to understand potential tax bills better. In Spokane County, over 50% of property taxes fund schools, about 15% supports local cities and towns, while other fractions assist fire districts and county services. Impressively, average home values have more than doubled over the past seven years, escalating from approximately $209,659 in 2018 to around $430,000 today. Former Spokane Realtors president Tom Hormel interprets this minimal change as a stabilizing signal for the housing market, suggesting a newfound equilibrium that might appeal to both buyers and sellers alike.
Implications for Homeowners and Local Economy
The implications for homeowners and the local economy in Spokane County are multifaceted as the housing market begins to stabilize. The recent dip in average home values, from $431,728 to $428,617, points to a critical juncture that can positively influence buyers looking for affordability after years of rapid price increases. Homeowners may find a cooling market beneficial as it mitigates the pressure of inflated property taxes, allowing for a more predictable fiscal environment. Additionally, as landlords and real estate investors reassess their strategies in light of these trends, the rental market may see shifts that could lead to more competitive pricing, benefiting tenants. From an economic perspective, stability can foster investor confidence, attracting businesses that value a sustainable economic climate. As schools and local services remain funded primarily through property taxes, a more balanced housing market can ensure continued support for these essential services without overwhelming taxpayers. Thus, both homeowners and the broader Spokane County community have much to gain as the housing market moves toward a more sustainable and predictable phase.
