HOW’S THE SPOKANE MARKET?
The answer to that question should be fluid, just as the real estate market shifts and changes. In 2022 we witnessed a year where the interest rate, the average 30-year fixed rate, doubled in one year. It was the fastest rise in mortgage rates ever seen since they started tracking them over 50 years ago. It was clearly an anomaly year.
Spokane Real Estate in 2023-2024
The Spokane Association of Realtors (SAR) collects hoards of real estate data and tracks trends. The SAR reported that the average sale price of homes sold in the Greater Spokane region in 2023, so far, were the following:
- end of January was $468,770 with mortgage rates at 6.13%
- end of February was $463,890 with mortgage rates at 6.50%
- end of March was $329,942 with mortgage rates at 6.32%
- end of April was $452,905 with mortgage rates at 6.43%
- end of May was $452,683 with mortgage rates at 6.57%
- end of June was $458,647 with mortgage rates at 6.71%
- end of July was $474,301 with mortgage rates at 6.81%
- end of August was $480,073 with mortgage rates at 7.18%
- end of September was $483,555 with mortgage rates at 7.19%
Over the past 9 months there was an initial slight decline in average home values in March that likely came as a result of a spike in mortgage rates. But after a subtle drop in mortgage rates in March, we’ve seen a steady increase in both average sale prices and mortgage rates.
The Spokane housing market forecast for the next several months points toward a market characterized by stability, competition, and potential growth.
While there are many prognosticators out there giving us their two bits about the U.S. economy and the real estate market, keep in mind that geographical regions are impacted differently from one another, sometimes dramatically. So, I would encourage you to visit this web page regularly to get updated.
For the latest National market intel, Click Here.
For the latest Spokane market intel, Click Here.
If you have any questions about the Spokane Housing Market or are ready to buy or sell your home, give us a call at 509-703-8187 or fill out the form below!