top of page
Downtown Spokane Washington

SPOKANE HOUSING MARKET

THE SPOKANE HOUSING MARKET IN
APRIL, 2024

TRENDS

  • For the first time in years, national pending sales increased (.1% YoY

  • Sales in Spokane were up 5.9% YoY in April

  • Home prices in Spokane continue to climb (+3.5% YoY) and they show no signs of slowing down

BUYING

  • The buying season is upon us and competition is coming back (regardless of mortgage rates)

  • It's still the best time to buy vs. any time in the past few years if you can afford it

  • Inventory is constrained as with the rest of the nation creating a artificial seller's market

SELLING

  • Median home prices increased again to $430,000

  • On average, homes spend 7 days on the market

  • Today's buyers are constrained by rates but they are still out there!

  • Low inventory is on your side putting us in an artificial sellers market

Screenshot 2024-05-16 at 2.45.01 PM.png

SPOKANE MARKET SUMMARY

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.

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 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.

arial home view
GET AN ACCURATE VALUE FOR YOUR HOME
 
Instead of robots and algorithms, use local expertise and up-to-date MLS data

If you'd prefer an instant, computer generated report click here

spokane clock tower housing market update

CALL OR TEXT

EMAIL

CONNECT

  • Youtube
  • Facebook
  • Instagram
bottom of page