top of page
  • Writer's pictureNick Briggs

Spokane Housing Market Analysis: April 2024 Statistics and Trends


Spokane Housing Market

April 2024 brought with it fresh insights into the Spokane housing market, characterized by rising median sales prices, a significant uptick in inventory, and quick sales, albeit with a slight cooling. The data paints a picture of a vibrant market where demand continues to outstrip supply, but where new listings and a growing inventory suggest gradual shifts. Let's dive deeper into each metric to understand the current dynamics and what they suggest for buyers and sellers in Spokane.


Median Sales Price

In April 2024, the median sales price in Spokane's housing market climbed to $429,602, marking a 3.5% increase from the previous month. This rise signals sustained buyer interest and could be a result of limited housing supply. With prices continuously edging upwards, the market is becoming increasingly favorable for sellers, potentially nudging more potential sellers to list their properties.


Active Inventory

The number of active listings experienced a notable jump, increasing by 23.1% to 848 units. This growth in active inventory is a positive sign for buyers, as it suggests more options are becoming available. However, with the months of supply still relatively low, the market remains competitive despite this increase.


Median Days on Market

Homes in Spokane are selling rapidly, with the median days on market at just 7 days. The slight increase of 8.3% in the days on market indicates a minor cooling off, but the pace remains brisk. This metric shows that while buyers must act quickly, they might now have a tad more breathing room to make decisions.


Closed Sales

There were 467 closed sales in April, up by 5.9% from March. This rise in closed sales reflects robust activity in the Spokane housing market, with both buyers and sellers actively engaging in transactions. This dynamic is likely bolstered by the rising prices, enticing more sellers to the market.


New Listings

April saw 906 new listings, a substantial 20.3% increase from the previous month. This surge suggests that sellers are looking to capitalize on the high prices. More listings mean more choices for buyers, though the rapid pace of sales indicates that demand continues to be high.


Months Supply of Inventory

The inventory supply edged up to 1.8 months, a 16.2% increase. Although still indicative of a seller’s market, this gradual increase points to a potential shift towards a more balanced market environment. It reflects a scenario where supply is slightly catching up with demand.


Conclusion

April 2024's statistics reflect a Spokane housing market in flux—vibrant yet beginning to show signs of balance. With rising prices, an increase in listings, and quick sales, the market is buzzing. However, the burgeoning inventory and slight increase in the median days on market could herald more opportunities for buyers in the coming months.


As the market continues to evolve, both buyers and sellers need to stay informed and agile, ready to act swiftly on emerging opportunities. Whether you’re looking to buy or sell, you need to be in contact with a Realtor you can trust. That's where Nick Briggs comes in, click the contact button below to begin talking with Nick about your real estate goals.




FAQs: Spokane Housing Market

1. Why is the median sales price increasing in Spokane?

The median sales price in Spokane has been increasing due to sustained buyer interest and a relatively limited supply of homes. This ongoing demand, coupled with insufficient inventory, tends to push prices upward.


2. What does the increase in active inventory indicate?

The 23.1% increase in active inventory suggests that more homes are available on the market, which might help to ease the competition among buyers somewhat. However, because the months of supply still indicates a seller's market, the competition remains relatively high.


3. Are homes in Spokane selling faster or slower this year?

Homes are selling very quickly in Spokane, with the median days on market at just 7 days. The slight increase in days on market (up 8.3%) does suggest a minor cooling, but overall, the market still heavily favors sellers.


4. What does a low month's supply of inventory mean for buyers?

A low months supply of inventory, like the current 1.8 months in Spokane, indicates a seller’s market. For buyers, this means less negotiating power, potential bidding wars, and a need to make quick decisions due to the competitive market environment.


5. How has the number of closed sales changed, and what does it mean?

The number of closed sales in April was 467, showing an increase of 5.9% from the previous month. This indicates a robust sales activity, suggesting strong demand and confidence in the market.


6. Why are there more new listings now?

The increase in new listings, up 20.3% from the previous month, is likely a response from sellers looking to take advantage of continued high prices. This can also indicate that more homeowners are feeling confident about getting a good return on their property.


7. What might a slight uptick in median days on market indicate about the current market conditions?

The slight increase in median days on market might indicate a beginning shift towards a more balanced market, where buyers might have a bit more time to make decisions, though the market remains competitive.


8. Is now a good time to sell a house in Spokane?

Given the rising median sales prices and robust market activity, it remains an advantageous time to sell a house in Spokane. Sellers can benefit from high buyer interest and potentially quick sales at favorable prices.


9. Is the Spokane housing market expected to cool down soon?

While there are signs of slight cooling, such as an increase in median days on market and more new listings, the market is still predominantly in favor of sellers. Any significant cooling might depend on broader economic factors and further increases in inventory.


10. What should potential buyers in Spokane be prepared for in this market?

Buyers should be prepared to act quickly due to the fast-paced nature of the market. They should have their financing in order, be ready to make competitive offers, and remain flexible with their needs and expectations.


Additional Resources

4 views0 comments

Comments


bottom of page