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Downtown Spokane Washington

SPOKANE HOUSING MARKET

THE SPOKANE HOUSING MARKET IN
FEBRUARY, 2024

TRENDS

  • For the first time in 30 months, national pending sales increased (1.3% YoY)

  • Sales were down 13% YoY in January which is the second month of performing worse than the rest of the nation.

  • Spokane Median Home prices rose 2% in December

BUYING

  • Sellers are willing to concede to certain negotiations to sell in this market

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

  • Inventory is up  since December but these stats will change once more buyers come back on the market

SELLING

  • Median home prices increased slightly to $381k

  • On average, homes spend 19 (-13% YoY) days on the market

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

  • Low inventory is on your side.

Spokane Median House Price.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 10-30 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. Also note that the rental market is hot right now so if you need to move but don't need to sell, consider turning your property into an income property.

spokane clock tower housing market update

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