The Spokane Housing Market

Quick Snapshot of The Spokane Housing Market
in May 2025 (April's figures)

Trends

Closed sales increased in April (1.2%) YoY

With the overall trend of mortgages being down, buyers are in a stronger position to buy, and sellers can expect more foot traffic. But it's a slight improvement not a tidal wave.

Buying

Spokane inventory continues to increase on a rapid basis

Stats consistently point to a balanced market, though many would argue the needle is leaning slightly in the buyers favor as rates are still very high.

Selling

Median home prices in Spokane are up (0.9%) YoY in April to $430k

Median days on the market have dropped to 10!

New listings and active listings are up substantially.

Spokane Housing Market Statistics Charted

Spokane Housing Market Recommendations

Here's how I recommend responding.

It seems like a good time to be a buyer in this market. You have stabilizing and even slightly falling home prices this past month, on top of this, you have more homes to choose from as new and active inventory increases. Unfortunately, we still have very low inventory here in Spokane, so do not expect prices here to substantially decline anytime soon; the overall trend the past few years has been constantly rising. The basics of supply and demand still apply, where there’s less of a product available, the price rarely goes down.

If you’re a seller in this market, then know that you can have a contract within 2 weeks if you’re priced right. The trick is pricing it right and doing everything you can in terms of proper preparation to give your listing the best chance possible on the market.