Is the Spokane Real Estate Market Hot or Not?

Spokane's real estate market has been through significant changes in recent years, experiencing both price drops and subsequent recovery. This blog post aims to provide a comprehensive overview of the top five neighborhoods in Spokane that have experienced price drops over the last 12 months. Additionally, we will highlight the one neighborhood that has seen positive growth during this period. Whether you're considering buying or selling a home in Spokane, understanding the local market dynamics is crucial. So, let's delve into the details.

Northeast Spokane:

• Located from Gonzaga University to Francis, and from Division to Millwood.
• Experienced a 12.7% year-over-year price drop.
• Median sales price: $288,500 (below Spokane's average).
• Offers more affordable properties for first-time homebuyers and investors.
• High transaction volume with over 500 sales in the last year.
• Low inventory (0.8 months) and average days on market (5), indicating a quick-moving market.

Northwest Spokane:

• Encompasses West Central to Francis, including the Shadle neighborhood and Audubon.
• Witnessed a 13.3% drop in prices over the last 12 months.
• Average sales price: $325,000.
• The Shadle neighborhood attracted buyers with its affordability and amenities.
• Average days on market: 6.
• Inventory increased to 1.2 months (still relatively low).

Northwest Areas:

• This area includes rural properties and smaller towns like Airway Heights.
• Experienced a 14.2% price drop.
• Average price: around $404,000.
• Sustained demand for smaller-town living.
• Median days on market: approximately two weeks.
• Slightly higher inventory (1.8 months) and rural properties tend to have longer market times.

Mead and Country Homes:

• Located on the north side of Spokane along North Division.
• Saw a 16.7% drop in home prices.
• Average price: $375,000.
• Limited number of active homes (21).
• Over 180 homes sold in the past year.
• Inventory sits at over two months.

Liberty Lake:

• Experienced a 16.7% price drop, similar to Mead and Country Homes.
• Average price: $505,000 (one of the higher-priced neighborhoods in Spokane).
• Approximately 400 homes sold in the Liberty Lake Green Acres area.
• Current inventory: 1.2 months.
• Average days on market: 12.

The Green Spot: East Side of the South Hill:

• The only neighborhood in Spokane County that saw positive growth (0.6%) in the last 12 months.
• Includes the Perry District along Thor and Freya and Lincoln Heights.
• Average price: $393,000.
• 73 active homes on the market.
• Stable market conditions with 1.3 months of inventory and an average of 12 days on the market.

Understanding the local real estate market is essential when considering buying or selling a home in Spokane. While the overall market experienced a decline in home values over the last 12 months, some neighborhoods offer potential opportunities for buyers. Northeast Spokane, Northwest Spokane, the area north of Highway 2, Mead and Country Homes, and Liberty Lake all experienced price drops, making them more affordable for interested buyers. The east side of the South Hill stood out as the only neighborhood with positive growth. It is crucial to work with a knowledgeable realtor who can provide valuable insights tailored to your specific needs.