SPOKANE, Wash. – The latest October Realtor report reveals a continued rise in home prices, making it increasingly difficult for prospective home buyers in Spokane to find affordable options.
Jim Noldon, a retired veteran on a fixed income, is feeling the impact. “I’m surprised at how much the houses have gone up and the quality has gone down,” he said. Despite his efforts, Noldon has yet to find a home within his budget. “As a result, I still haven’t found anything that it was affordable to me,” he added.
In Spokane County, housing sales have increased by 14%, but the median price of a house now sits just around $425,000, marking a 5% increase from 2023.
Marianne Bornhoft, a real estate professional with 29 years of experience, notes that home buyers remain eager despite the rising costs. However, she warns that this enthusiasm may wane if prices continue to climb.
New listings have increased by nearly 24%, and overall inventory is up by 18.7%. Despite this, Bornhoft emphasizes that the issue lies in the lack of affordable housing rather than the availability of homes. “For a healthy market we need to have affordable housing. I think that is it that is something that hits home and it’s near and dear to my heart. I mean I’ve got kids, they want to buy a house and it’s a challenge,” she stated.
Noldon shares this concern for future generations. “I’ve got a 13-year-old granddaughter and I just can’t imagine what her life is going to be like by the time she’s an adult,” he said.
While the report offers some positive news, many buyers remain cautious about mortgage rates. Experts caution against expecting a significant drop in mortgage rates through 2025.
