Spokane Rooter
The Spokane County housing market is experiencing its first decline in home values in over a decade, marking a significant shift in a region that has seen unprecedented growth. As assessed for 2024, the average home value has dipped from $431,728 to $428,617, a decrease of
0.72%. This comes as a notable contrast to previous years, where the market experienced significant increments—increasing by
2.4% from 2022 to 2023 and by nearly $100,000 from 2021 to
2022. Spokane County Assessor Tom Konis suggests this might indicate a transition to a more stable and sustainable housing market rather than the abnormal surges that have typified the last decade. In this article, we’ll explore the current trends in the Spokane County housing market, implications for homeowners, and what the future holds for both buyers and sellers.
Key Takeaways
- Spokane County has seen its first decline in home values in over a decade, with a decrease of
0.72%. - The decline follows significant increases in home values over the past few years, indicating a potential return to market stability.
- Homeowners should be aware that rising property values do not automatically lead to higher taxes, as assessed values vary by neighborhood.
Overview of Spokane County Home Value Trends
### Overview of Spokane County Home Value Trends
The Spokane County housing market has reached a pivotal moment as it endures its first decline in home values in over ten years. Recent assessments for the year 2024 indicate that the average home value has slipped from $431,728 to $428,617, marking a decrease of approximately
0.72%. This decline follows a modest increase of
2.4% from 2022 to 2023, providing a stark contrast to the significant surge of nearly $100,000 observed between 2021 and
2022. Spokane County Assessor Tom Konis has characterized this trend as a potential return to stability within the housing sector, particularly as it counters the unnaturally rapid growth seen in prior years. Homeowners recently received property assessments pertaining to the 2025 tax year, with these estimates—crafted as of January 1st—serving as the county’s projections rather than direct reflections of market sale prices. The variation in assessments across neighborhoods is also noteworthy. Konis has alleviated concerns by clarifying that a rise in property values does not automatically translate to a corresponding increase in tax obligations, and he has made tools available on the county’s website to assist homeowners in estimating future tax bills. Additionally, the latest report sheds light on a remarkable trend: over the past seven years, home values in Spokane County have more than doubled, skyrocketing from an average of $209,659 in 2018 to approximately $430,000 recently. Tom Hormel, the former president of Spokane Realtors, has acknowledged this gently fluctuating year-over-year change as an encouraging sign of market stabilization.
Implications for Homeowners and Future Market Outlook
As homeowners navigate these changes, it is crucial to understand the broader implications for the Spokane County housing market. The recent decline in values may initially seem alarming, but it could also indicate the onset of a more sustainable market environment. With the dramatic increases seen in recent years leading to concerns of a housing bubble, this easing may help to reinstate buyer confidence. Potential homebuyers may find this shift favorable as it might open doors to affordability, allowing more individuals to enter the market without the intense competition that characterized previous years. Moreover, for current homeowners considering refinancing or selling, maintaining awareness of local market trends and property valuations can inform smart financial decisions moving forward. The slight decrease coupled with a historical context of significant appreciation over the past seven years suggests that while current values might be stagnant, long-term wealth generation through real estate remains a viable strategy for Spokane County residents.
