SPOKANE, Wash. – The Spokane real estate market is showing signs of stabilization, with new data from October 2024 offering a snapshot of key trends affecting buyers, sellers, and inventory levels.
The median sales price for a home in Spokane in October was $422,500, a 6.4% increase compared to the previous year. Active inventory was down 0.7% from the previous month, with 1,362 homes available for sale. The average time a home spent on the market rose 22.6%, now standing at 19 days.
The supply of homes remains tight, with the month’s supply of inventory at 2.7 months. New listings were down 5.4%, totaling 804 homes, while closed sales rose 2%, with 505 homes sold in October.
In an interview with long-time Spokane realtor Marianne Bornhoft, she noted that fall is traditionally a time when homes that were ordered earlier in the year, especially new constructions, close in time for the holidays. “We’re seeing a lot of that happening right now,” she said.
Bornhoft also pointed out that inventory has increased by 20.9% this year, a sign that more homes are coming onto the market as people, especially retirees, relocate or downsize.
“Prices do come down when consumers can’t afford them,” she said. “For a healthy market, we need to have affordable housing.” Bornhoft said, “a lot of our kids are asking, ‘When can I buy my first house?’ It’s a conversation many families are having right now.”
The tight inventory remains a challenge for many buyers, particularly those looking for affordable homes. Bornhoft explained that Spokane’s real estate market is influenced by local factors, including retirees moving to the area and people relocating for jobs. “We are a retirement town,” she said, noting that many long-term homeowners are now moving, either due to estate planning or other life changes.
“Now is a really good time to buy because sellers who have their homes on the market now are motivated,” she said. “As we head into winter, it’s not a typical situation, and buyers might be able to negotiate better deals.”
Bornhoft advised potential buyers to work closely with real estate professionals to navigate the complexities of the market. “If you time it right, it can be a good opportunity, and I think that interest rates may start to trickle down by the beginning of the year,” she said.
Overall, while the Spokane real estate market remains competitive, the combination of rising prices, limited inventory, and motivated sellers could provide opportunities for buyers in the coming months.
