Spokane Real Estate Update: What’s Next for 2024?

The first half of 2024 in Spokane’s real estate market showed resilience, but the second half might tell a different story. Inventory is climbing, yet prices are holding steady. What does this mean for the future? Will we see downward pressure on prices soon? And how long will this current market last? Let’s dive in and find out what the rest of the year could bring.

Market Trends and Pricing

As we look back on the year, it's clear that Spokane's real estate market is cyclical. Prices typically rise during the summer months and dip in the winter. This year has been no exception, with a nearly 10% difference in pricing between January and the peak summer months. If you're thinking of buying, waiting until winter might give you a better deal.

Currently, the average sales price is $436,000, just slightly down from last month but still up half a percent from last year. Essentially, prices have remained stable year over year.

Sales Volume and Inventory

While we've seen sales volume increase throughout the first half of the year, things have started to slow down during the summer. The month's supply of inventory has risen significantly, with some neighborhoods in Spokane even transitioning into a buyer's market.

For instance, certain pockets of Spokane have six to eight months of inventory, especially in the $600,000 to $800,000 price range. This could present opportunities for buyers, particularly if you’re looking at homes where the sellers are already feeling the pressure of double mortgage payments.

Pricing Strategies for Sellers

If you're a seller in today’s market, it's crucial to understand different pricing strategies. Whether you're aiming for aspirational pricing, market value, or even auction pricing, how you position your home can determine whether it sits on the market or sells quickly. Right now, many sellers are pricing too high, expecting 2020 prices, while buyers are acting like it’s 2008.

Buyer Opportunities and Challenges

For buyers, there are deals to be had, especially in certain price ranges. Many buyers are holding out for the right deal, which can lead to multiple offers when a well-priced property hits the market. Additionally, if you’re trying to decide whether to buy or rent, keep in mind that the cost of homeownership has risen significantly, making renting a viable option for some.

Despite the market challenges, people are still buying homes in Spokane for various reasons. Whether it’s relocating for a new job, moving closer to family, or seeking a better quality of life, Spokane continues to attract new residents. The job market here is strong, with many newcomers finding in-person jobs rather than working remotely.

Everyone's situation is unique, which is why I highly recommend scheduling a meeting with me to discuss your specific needs. Whether you're buying or selling, we can explore the best options for you in Spokane’s current market.