SPOKANE HOUSING MARKET
The Spokane Housing Market in
January, 2025
Trends
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National pending sales increased in November (2.2%) YoY
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With mortgage rates holding, the market is shifting to a buyer's market
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Closed sales in Spokane increased by 9.3% YoY in Novembe
Buying
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Spokane inventory continues to rise
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Stats are is consistently flagging a balanced market
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While inventory is constrained at 2.2 months of supply, buyers are still able to win concessions from sellers today.
Selling
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Median home prices in Spokane rose 10.7% YoY in Nov to $415k
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Rates constrain today's buyers but they are still out there
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Median days on the market continue to increase (30)
Spokane Housing Market Recommendations
Here's how I recommend responding.
If you're a buyer and you can afford it, dive in, pick up a property with a low purchase price, and wait to refinance. While you can ask for concessions, be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer. People still value their homes, regardless of interest rates.
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If you're a seller who has to move, list at a sensible price and be prepared for 9-30 days on the market. But if you want top dollar or if you already have a lot of equity watch these interest rates and wait for them to come down and prices in turn will rise. It might take 12 months but that's just the reality of where we're at.
