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  • Writer's pictureNick Briggs

Spokane Housing Market Update: June 2024

Updated: 1 hour ago


spokane housing market june

The Spokane housing market is showing some interesting trends this June. Whether you're a buyer, seller, or just curious about real estate, it's essential to stay informed about current market conditions. In this blog, we'll explore the key metrics that define Spokane's housing market this month and what they might mean for the future.

 

Median Sales Price: A Subtle Increase to the Spokane Housing Market June

Current Market: The median sales price in Spokane has risen to $420,000, marking a 1.2% increase from last year. This uptick indicates a slight but steady rise in property values, suggesting a healthy demand in the market.

Future Outlook: If this upward trend persists, property values might continue to rise, benefiting sellers. However, for buyers, it could mean higher purchase prices down the line. Monitoring these changes can help both buyers and sellers make informed decisions.

 

Active Inventory: A Surge in Listings

Current Market: Spokane has seen a significant 45.8% increase in active inventory, with 1,155 properties available for sale. This could be due to more homeowners deciding to sell or new developments entering the market.

Future Outlook: An increase in active inventory suggests a potential shift towards a buyer’s market, where buyers have more options and negotiating power. If the inventory continues to rise without a matching increase in demand, we might see price stabilization or even a decrease.

 

Closed Sales: A Slight Decline

Current Market: There has been a 4.0% decrease in closed sales, with 548 transactions completed this month. This dip indicates a slight cooling in market activity compared to last year.

Future Outlook: If this trend of declining closed sales continues, it could signal a market slowdown, impacting how quickly homes sell and possibly putting downward pressure on prices.

 

Median Days on Market: A Quick Turnaround

Current Market: Homes in Spokane are selling in an average of 9 days, though this represents a 50.0% increase from previous periods. Despite the increase, this still indicates a strong demand, as homes are selling in just over a week.

Future Outlook: If the median days on market continue to increase, the market might become more balanced. However, homes selling in under two weeks still suggests robust demand.

 

Months Supply of Inventory: Signs of Balance

Current Market: The months supply of inventory has increased to 2.1 months, a 52.0% rise. While this still indicates a seller's market, it's less tight than before.

Future Outlook: As inventory levels increase, the market could move towards a more balanced state, potentially moderating price growth and giving buyers more breathing room.

 

New Listings: Sellers Respond to Market Conditions

Current Market: There has been a 28.3% increase in new listings, with 1,035 new properties entering the market. This surge suggests more sellers are taking advantage of favorable market conditions.

Future Outlook: The rise in new listings could sustain the current seller's market if demand keeps pace with supply. Alternatively, if supply outpaces demand, the market could become more balanced, providing more opportunities for buyers.

 

Conclusion: What to Expect Moving Forward

The Spokane housing market is experiencing several dynamic changes. With median sales prices inching upward and active inventory on the rise, we might see a shift towards a more balanced market. However, the strong demand indicated by quick sales and increasing new listings suggests that the market remains vibrant.

For sellers, now might be a good time to list properties while prices are favorable. Buyers, on the other hand, might benefit from waiting for a potential increase in inventory and more balanced market conditions.

As always, staying informed and keeping an eye on these trends will help you navigate the Spokane housing market more effectively. Whether you're buying, selling, or just curious, understanding these dynamics can give you a significant advantage.

 

About Nick Briggs

Nick Briggs is your go-to real estate expert in Spokane. With years of experience in the local housing market, Nick has a deep understanding of the market dynamics that influence property values and trends. Whether you're buying or selling, Nick offers personalized service tailored to meet your specific needs and goals. Click 'Contact Nick' to get started with Nick!

 

 


FAQ

Is it a good time to buy a house in Spokane?

It depends on your individual circumstances. With rising inventory, buyers might have more options and negotiating power in the near future.


How fast are homes selling in Spokane?

On average, homes are selling in about 9 days, indicating strong demand despite a slight slowdown.


What does the increase in new listings mean for the market?

More new listings could lead to a more balanced market if supply continues to grow without an equivalent rise in demand.


Why are closed sales declining?

The decline in closed sales could suggest a cooling off in market activity, which might impact prices and selling speed if the trend continues.


What is the current median sales price in Spokane?

The median sales price is currently $420,000, showing a 1.2% increase from last year.


How has the active inventory changed recently?

Active inventory has increased by 45.8%, with 1,155 properties available for sale.


What is the significance of the median days on market increasing?

An increase to 9 days suggests a slight slowdown in market activity, but homes are still selling relatively quickly.


What does the months supply of inventory indicate?

With a 2.1-month supply, the market is still in favor of sellers, though it's less tight than before.


Are home prices expected to rise in the future?

If current trends continue, property values might increase, making it a favorable time for sellers.


How does the increase in active inventory affect buyers?

A higher inventory means buyers have more options and potentially more negotiating power, which could stabilize or lower prices.


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