SPOKANE HOUSING MARKET
THE SPOKANE HOUSING MARKET IN
APRIL, 2024
TRENDS
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National pending sales decreased (7% YoY)
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Sales in Spokane were down -10.9% YoY in March
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Home prices in Spokane continue to climb (+5% YoY) and they show no signs of slowing down
BUYING
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The buying season is upon us and competition is coming back (regardless of mortgage rates)
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It's still the best time to buy vs. any time in the past few years if you can afford it
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Inventory is constrained as with the rest of the nation
SELLING
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Median home prices increased to $419,998
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On average, homes spend 9 days on the market (+29% YoY)
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Today's buyers are constrained by rates but they are still out there!
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Low inventory is on your side.
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.
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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 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.
