Spokane Home Price Forecast: The Next 12 Months

Understanding the Spokane Home Price Forecast

Spokane’s housing market is shifting gears. After years of rapid price appreciation, it’s settling into a more stable, neutral position. While home values are still rising, they’re doing so at a more measured pace. As a Spokane real estate agent, I’m writing this blog to help you understand where the market is headed so you can make confident, informed decisions whether you're buying, selling, or watching from the sidelines.

What the Most Recent Data Tells Us

Home Prices Show Steady but Slower Growth

The median sold price in Spokane now sits at $429,000, up 2.1% from the same time last year. Similarly, the price per square foot has increased to $212, marking a 2.4% gain. This trend suggests that Spokane home values are still rising, but far less aggressively than in previous years.

For sellers, this is a good sign that property value is holding. For buyers, it means the market isn’t running away from you, and there may be room to negotiate.

Inventory Is Rising — But Still Balanced

Active listings have jumped 36.5% year-over-year, totaling 1,416 homes currently on the market. The months of inventory is now at 3.5, a sign that Spokane has transitioned from a red-hot seller’s market to a more neutral one.

This gives buyers more choices and slightly more negotiation power, but sellers aren’t at a disadvantage—competition is higher, but the market is not flooded. It’s a delicate balance, and strategy matters more than ever.

Buyer Demand Remains Resilient

Despite rising inventory, homes are still moving. 418 homes went pending, and 410 homes sold, showing continued buyer activity.

The average days on market is up slightly to 32 days, and homes are selling for about 96% of their original list price. This subtle shift gives buyers a little more leverage, but well-priced, well-presented homes are still closing efficiently.

Spokane Home Price Forecast: The Next 12 Months

Let’s break down the three likely scenarios shaping Spokane’s housing outlook:

Base Case: Modest Price Growth (+1% to +3%)

This is the most realistic scenario for the year ahead. Demand remains steady, and new construction continues to lag behind needs. These factors should support small gains in home prices, keeping Spokane in a healthy and sustainable appreciation cycle.

What this means for sellers:

• You can expect value retention and slight growth

• Strategic pricing and professional marketing are key

What this means for buyers:

• Entering the market sooner could be beneficial before prices inch upward

• Competition is more manageable than years past

Downside Scenario: Slight Price Decline (0% to -2%)

If mortgage rates rise again or affordability concerns intensify, Spokane could see a minor dip in home prices. However, a sharp correction remains unlikely due to ongoing demand and low vacancy rates.

Tip: This could be a temporary window for strategic buyers to act before demand rebounds.

(Not financial advice—consult with a lending professional for personalized insights.)

Upside Scenario: Moderate Appreciation (+4% to +5%)

If mortgage rates ease or inventory tightens again, buyers could return in stronger waves, driving up competition and values. This would most likely happen in early 2026.

Sellers who can strategically time the market may benefit from renewed upward momentum.

📌 How Interest Rates Impact Spokane Home Prices

Advice for Spokane Buyers and Sellers in 2025

Sellers: Be Proactive and Smart

• Price competitively, not aggressively

• Enhance your home's curb appeal and condition

• Work with a local Realtor who understands buyer psychology and Spokane-specific trends

Buyers: Be Strategic, Not Hesitant

• Get pre-approved and understand your financing options

• Don’t expect major discounts—but don’t rush either

• Partner with a local expert who can help you negotiate and spot value

Why Work With a Spokane Real Estate Agent Now

As your trusted Spokane real estate agent, I can help you:

• Navigate this shifting, neutral market confidently

• Price your home to attract strong offers

• Negotiate favorable terms in both buying and selling

• Understand timing, local demand pockets, and pricing trends

With so many changes ahead, working with someone who lives and breathes the Spokane housing market can make a huge difference in your success.

Spokane Home Price Forecast FAQs

• What is the Spokane home price forecast for 2025–2026? Current projections show modest price increases between +1% to +3% over the next 12 months, with an upside potential of +5% and a downside risk of -2% depending on interest rates and buyer activity.

• Are home prices in Spokane expected to drop? A significant drop is unlikely. At most, prices might see a slight softening if mortgage rates rise sharply, but strong local demand and limited inventory should prevent a major decline.

• Is 2025 a good time to sell my Spokane home? Yes—especially if you're strategic. Rising inventory means more competition, but well-prepared homes still sell well. A local Realtor can help you position your property for success in a neutral market.

• How will rising interest rates impact Spokane’s housing market? Higher rates could dampen affordability, causing a slowdown in buyer activity. However, Spokane’s affordability relative to other markets may soften this impact. (This is not financial advice—please speak with a mortgage professional.)

Conclusion: What’s Ahead for Spokane Home Prices

The Spokane housing market in 2025 is poised for stable and measured growth. With inventory climbing and buyer demand holding steady, we’re seeing a healthier, more sustainable path forward. Whether you’re considering selling, buying, or just keeping tabs on the market, now’s the time to prepare.

📌 Related Blog: Spokane Housing Market Forecast

About Me

My name is Nick Briggs

Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.

Contact Me