SPOKANE HOUSING MARKET
QUICK SPOKANE HOUSING MARKET FACTS
FOR SEPTEMBER, 2023
Housing inventory remains constrained in Spokane
Spokane Median Home prices are in line with the rest of the nation and rose slightly in August.
Sales were down 19% in August compared to last year
While interest rates remain high, the chance of snagging a great property at a decent price remains good
It's still the best time to buy vs. any time in the past few years
Sellers are willing to concede to certain negotiations in order to sell in this market
Median home prices continue to rise despite high interest rates
On average, homes are spending 13 days on the market but that doesn't include listing that simply expire without selling
Today's buyers are constrained by rates. Be prepared to disclose any imperfections up front or concede to repairs during negotiations
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 5-30 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 18 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 turing your property into