Spokane Housing Market Update: Inventory Surges, But Prices Hold Steady

The Spokane housing market just experienced a 54% surge in new listings—a jump that naturally raises the question: Is this the flood of inventory buyers have been waiting for, or will demand keep up?

Here’s what’s really happening behind the headlines and what it means for anyone thinking about buying, selling, or investing in Spokane.

A Surge in Listings, But Context Matters

While a 54% month-over-month jump sounds dramatic, it's not unusual moving from winter into spring. The more telling stat is the 22% increase in new listings year-over-year—and a 14% jump year-to-date compared to last year.

Why the surge?

• Seasonal momentum: Spring is always the busy season.

• Rate acceptance: Buyers and sellers alike are adjusting to 6.5%+ mortgage rates as the new normal.

• Life changes: Divorces, babies, job relocations—life doesn’t wait for perfect market conditions.

Clients who sat out last year hoping for lower rates are realizing they’re in almost the exact same spot today. So yes, inventory is rising—but not enough to create a true buyer’s market…yet.

Are Spokane Home Prices Crashing?

Short answer: No.

Spokane’s median sales price is sitting just above $420,000, down about 1–2% from last year depending on the data set. That’s not a crash. It’s a stall.

Prices have been essentially flat since mid-2022. Buyers today are much more cautious, especially those who watched neighbors overpay during the frenzy. Many homes purchased in 2022 are now selling for the same—or slightly less—than they were bought for.

Sellers who price homes like it's still 2021 are finding out the hard way that today's buyers are savvier, choosier, and more patient.

The Good Homes Still Sell Fast

Even with more homes hitting the market, well-prepped, correctly priced homes are flying off the shelves.

• Pending sales are up 35%.

• Homes are going pending in just 10 days on average.

Clean, updated, and well-marketed homes under $400K are still seeing multiple offers. Recent listings that invested in landscaping, window cleaning, staging, and professional photography sold in under a week—and often for over asking price.

Meanwhile, listings that skipped the prep and priced too high are sitting... and sitting.

Buyers: Where the Best Deals Are Hiding

For buyers, this is a strategy market:

• Focus on price reductions and homes sitting longer than 30 days.

• Avoid the bidding wars on brand-new listings.

• Negotiate hard on stale inventory.

The best deals aren't always obvious. They're made by buyers who spot opportunity where others see only flaws.

Sellers: The Old Playbook Won't Cut It

For sellers, presentation and precision are non-negotiable. Overpricing by $50K and hoping for the best is a fast track to a stagnant listing.

Today’s buyers are better informed, quick to swipe left on poorly presented homes, and more confident about negotiating. Staging, curb appeal, professional marketing—it all matters more than ever.

What Happens Next?

Two factors could tip the balance:

• Interest rates: A dip below 6% could trigger a major buyer frenzy.

• Inventory trends: Another few months of 40–50% new listing surges could finally swing leverage to buyers.

Right now, Spokane’s market feels like a tug of war—with neither side fully in control. The smartest buyers and sellers are winning by staying informed and moving strategically.

Spokane isn’t crashing—it’s correcting, very slowly.