The Spokane housing market forecast for 2025 is shaping up to be an intriguing mix of stability, gradual appreciation, and increased buyer demand. While January 2025 reflected the usual seasonal slowdown, several key indicators suggest that Spokane’s real estate market is positioned for a dynamic year. Below, we break down the latest market trends, expert predictions, and what buyers and sellers can expect in the coming months.
Spokane Housing Market Overview – January 2025
January 2025 revealed both familiar seasonal trends and new opportunities for buyers and sellers:
Homes for Sale: 962 units, an 8.9% drop from December but a 27.6% increase from January 2024.
Homes Sold: 347 units, a 22.2% decrease from December but a 12.3% increase year-over-year.
Homes Pended: 470 units, up 38.2% from December and 10.6% higher than last year.
Average Days on Market: 42 days, an increase of 10.5% from last month and 5% from last year.
Average Price per Sq Ft: $214, unchanged from December but 5.4% higher than January 2024.
Median Sales Price: $415,000, down 0.1% from December but up 3.6% year-over-year.
Months of Inventory: 2.8 months, up from 2.4 in December and 16.4% higher than last year, indicating a slow shift toward a balanced market.
Key Market Trends and Predictions for 2025
1. Inventory Growth Brings More Opportunities for Buyers
While inventory remains relatively low, it has significantly improved from January 2024, providing more choices for buyers. Experts predict that inventory levels will continue to increase in the first half of 2025, driven by a mix of new listings and longer days on the market.
2. Steady Price Growth with Seasonal Adjustments
Despite minor month-over-month fluctuations, home prices in Spokane are showing a stable upward trend. The 3.6% year-over-year appreciation in median sales price suggests that Spokane remains a strong market for homeowners looking to build equity.
3. Buyer Demand is Picking Up
The increase in pending sales (up 38.2% from December) signals that buyers are re-entering the market after the typical holiday slowdown. Real estate analysts expect buyer activity to strengthen further in spring and summer, particularly as interest rates stabilize.
4. A Gradual Shift Toward Market Balance
The increase in months of inventory to 2.8 suggests a gradual shift toward a more balanced market, although it still favors sellers. If inventory continues to rise while buyer activity remains steady, Spokane could experience a more neutral market by late 2025.
What This Means for Buyers and Sellers
For Buyers:
More options are available than last year, increasing the likelihood of finding a home within budget.
Homes are staying on the market longer, which could present negotiation opportunities.
Price appreciation is expected to continue, making early 2025 an ideal time to enter the market before values rise further.
For Sellers:
Although still a seller’s market, homes are not moving as quickly as they were in previous months.
Pricing competitively and ensuring your home is well-presented will be essential to attract buyers.
If considering selling, listing earlier in the year before inventory increases further could be beneficial.
Conclusion
The Spokane housing market forecast for 2025 indicates a year of steady growth, increased inventory, and moderate price appreciation. While the market is still favorable for sellers, buyers are gaining more opportunities due to longer listing times and more available properties. Whether you’re looking to buy, sell, or invest, staying informed on local market trends will be key to making the best real estate decisions this year.
FAQs
1. Will home prices in Spokane decrease in 2025? While minor seasonal fluctuations may occur, experts predict that Spokane’s housing market will experience gradual price appreciation throughout 2025.
2. Is Spokane still a seller’s market? Yes, but the increase in inventory and longer days on market suggest the market is slowly shifting toward a more balanced state.
3. What is the best time to buy a home in Spokane in 2025? Spring and early summer are expected to see higher buyer activity, but early 2025 may offer better deals before prices and competition increase.
4. How will interest rates impact Spokane’s housing market in 2025? If mortgage rates stabilize or decrease, buyer demand will likely grow, increasing competition for homes.
5. Should I sell my home in Spokane now or wait? If you’re looking to sell, listing sooner rather than later may be beneficial before inventory rises further and competition among sellers increases.
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.
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