The Spokane Housing Market Explained
It’s easy to get caught up in the “now” and what’s happening in the day to day of the Spokane Housing Market but let’s look at the bigger picture. And by that, we mean, the last 4 years. Because you really can’t “judge” a housing market in 3-month increments.
In August 2019, the Spokane housing market kicked off with a median price of $267,000. Homes took about 14 days to sell, and sellers were getting slightly more than their asking price, with a healthy list price received of 100.5%.
In the unusual year of 2020, home prices dipped slightly but rebounded quickly in 2021.
By August 2022, the median price reached $415,000, and Spokane area homes were selling in about 13 days.
In August 2023, the median home price continued its upward trend to $420,000. Spokane area homes stayed on the market for 14 days on average, and while you have a little more room to negotiate, with an average list price received of 99.6%, it's still a competitive market.
What Does This Mean For The Spokane Home Buyer or Home Seller?
- Spokane's housing market has shown resilience and steady growth over the years, making it a potentially good long-term real estate investment.
- Spokane homes are selling relatively quickly, so be prepared to make decisions promptly.
- While there's some room for negotiation, don't expect significant discounts. With around 1.9 months of inventory, it's not as fiercely competitive as before, but sellers still hold the advantage.
- Considering the long-term appreciation in home values, Spokane remains an attractive destination for homebuyers.
Don't navigate the ever-changing Spokane Housing Market alone! Connect with Farr Group NW for tailored, expert guidance.