Spokane, WA
Housing Market
Spokane's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Spokane's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellSpokane Housing Market Overview
The Spokane real estate market presents a diverse mix of properties for a wide range of buyer preferences. The median sale price is currently $356,000, with a slight decline of 1.4% compared to the previous year. Properties typically stay on the market for an average of 56 days, up by 27 days YoY, which indicates a steady and competitive market.
While home prices have seen a small dip, Spokane's real estate market continues to be attractive. It's bolstered by a growing economy, affordable living, and abundant outdoor recreational opportunities. This month, 212 homes were sold, reflecting a 14% YoY increase in home sales. One of the reasons the city's housing market thrives is due to its blend of urban convenience and access to nature. Sellers can position their homes effectively if they set competitive prices to stand out in the current market.
While home prices have seen a small dip, Spokane's real estate market continues to be attractive. It's bolstered by a growing economy, affordable living, and abundant outdoor recreational opportunities. This month, 212 homes were sold, reflecting a 14% YoY increase in home sales. One of the reasons the city's housing market thrives is due to its blend of urban convenience and access to nature. Sellers can position their homes effectively if they set competitive prices to stand out in the current market.
Median Sale Price
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Spokane Housing Supply
Spokane is an appealing market for real estate investors due to its solid demand and growing economy. The number of homes for sale in Spokane, Washington, has increased to 424, a 30% rise compared to last year. This includes 208 new listings, which offers buyers more inventory options. The current supply period is 2.1 months. This is a sign of a competitive market where demand is high and properties sell quickly.
Spokane's housing market experiences seasonal changes. In the warmer months, the market sees an increase in listings as both buyers and sellers become active. Popular neighborhoods like South Hill, Browne's Addition, and Spokane Valley offer a variety of housing options, from historic homes to new developments. Spokane's budget-friendly lifestyle, thriving job market, and proximity to parks make it a key destination for buyers.
Spokane's housing market experiences seasonal changes. In the warmer months, the market sees an increase in listings as both buyers and sellers become active. Popular neighborhoods like South Hill, Browne's Addition, and Spokane Valley offer a variety of housing options, from historic homes to new developments. Spokane's budget-friendly lifestyle, thriving job market, and proximity to parks make it a key destination for buyers.
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Spokane Housing Demand
Spokane's real estate market is very competitive at present. 33% of homes sell above their list price, a sign of high demand. At the same time, 30.8% of homes have witnessed price reductions, which suggests that some sellers have to adjust their expectations. Moreover, the sale-to-list price ratio is 99.5%, so most sellers receive offers at or close to their asking price.
As a seller, pricing your home accurately from the start can help avoid the need for price reductions. When the market leans in favor of buyers, you could offer concessions instead of lowering your asking price at the outset. As long as the sale-to-list price ratio is close to 100%, you have the upper hand in negotiation. As a buyer, you should focus on homes that have been listed for a longer period, as they may give you some additional leverage. Homes that have previously seen price reductions can also provide you with negotiating opportunities.
As a seller, pricing your home accurately from the start can help avoid the need for price reductions. When the market leans in favor of buyers, you could offer concessions instead of lowering your asking price at the outset. As long as the sale-to-list price ratio is close to 100%, you have the upper hand in negotiation. As a buyer, you should focus on homes that have been listed for a longer period, as they may give you some additional leverage. Homes that have previously seen price reductions can also provide you with negotiating opportunities.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
Seller
Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Spokane Housing Market: When to Buy or Sell?
The housing market in Spokane, WA, favors both buyers and sellers in turn, much like the broader Washington real estate market. Seasonal trends play a major role in determining market conditions. When inventory rises and competition dips, buyers gain more leverage to negotiate. On the other hand, when demand exceeds supply, sellers can benefit from higher prices and quicker sales.
Additionally, if Spokane's housing supply exceeds the balanced market conditions of the US real estate market (5 to 6 months), buyers will have more time to assess their options. Study these market dynamics to get valuable insights, and plan your purchase or sale strategically.
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Frequently Asked Questions
How have Spokane house prices changed over the past year?
Over the past year, the median home price in Spokane, WA, has dropped by 1.4%, reaching $356,000. You can check your home's fair market value with our free home value estimator to decide on your initial asking price and compare it with other properties in your region.
What are Spokane, WA, real estate market predictions for 2025?
Spokane's home prices are expected to rise slightly in 2025. The demand for homes in Spokane remains solid, in line with the Washington housing market. However, rising mortgage rates may impact affordability for some buyers, so you should keep an eye on the market.
What's the Spokane, WA average home price?
The average home price in Spokane varies based on property type and size. Condos typically average $256,100, while single-family homes cost around $365,000. If you're looking to buy, there are cheap houses for sale in Spokane, WA, that can fit your budget.
Is this a good time to buy a home in Spokane, WA?
First, assess the current housing market trends in Spokane, such as inventory levels, price changes, and overall competition. Buyers may find good opportunities when inventory rises and mortgage rates stabilize.
Where can I check Spokane housing market trends?
The city's housing market tends to stay relatively stable year-round. Homes in Spokane typically stay on the market for a median of 56 days. If you're looking to invest in Spokane real estate, you can check current housing market trends to decide on the best time to act.
When will the Spokane housing market crash?
A crash is very unlikely for the Spokane real estate market, which is expected to maintain steady growth throughout 2025. Some price adjustments are possible, as inventory levels rise to meet demand.
What is the process of buying a house in Spokane?
Start by establishing a clear budget and getting a mortgage pre-approval. Afterward, you can search for homes for sale in Spokane, submit offers, secure financing, and complete the closing process.
How can I list my home for sale in Spokane, WA?
You can list your home for sale with a Flat Fee MLS Washington listing service. High-tech platforms like Houzeo make it easy to list your home by automatically assigning the correct MLS paperwork for your location. 🚀
What is the average mortgage rate for buyers in Spokane?
The average mortgage rate in Spokane fluctuates between 6.8% and 7%. However, it depends on the market and your credit score. Always check current rates with multiple lenders before you apply.
What is the cost of living in Spokane, WA?
Spokane's cost of living is 4% lower than the national average, making it a relatively affordable place to live. Moreover, housing costs are 16% cheaper than the US median, with the median house price in Spokane at $365,000. Utilities are also 5% less than the national average.
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