What to Expect in the Spokane Housing Market in 2023?

With the current state of the economy, many people are wondering what to expect in the housing market. Here in Spokane, we've seen a lot of ups and downs in the past few years. However, there are some experts that believe we will see a rebound in 2023. In this blog post, we'll explore what some of those experts are saying and give you an idea of what you can expect if you're thinking about buying or selling a home in 2023.

The population in Spokane is expected to grow by 1.5% in 2023

The population of Spokane is expected to rise by 1.5% within the next four years. This means that over 10,000 new people may come into the area. Growth like this can have both positive and negative implications for a local economy, from increasing property values to causing a high demand in services such as housing and education. Depending on how well the city can plan for its growth, Spokane could become an even better place to live. The improved quality of life may attract even more people, creating a cycle of prosperity for the city. With careful planning and a deep commitment to making Spokane prosperous and sustainable, the future looks bright for this thriving community!

The average home price is expected to increase by 3.4%

The real estate market is expecting to see an increase in home prices this year. The average expected rise is 3.4%, a welcome change after the slow year of 2020. With the economy beginning to open back up and more people returning to work, those looking to buy or refinance are in luck. While the increase may mean that some will be priced out of certain markets, many areas will still offer homes at fair prices as interest rates remain relatively low. As always, it pays to do your research before committing to a particular area, but overall this jump could be a beneficial development for buyers who are looking to make a move soon.

The average rent prices are expected to rise by 2.8%

The average rent prices have been steadily increasing in recent years, and this trend is expected to continue well into the future. Predictions estimate that rent prices will be rising by an additional 2.8% this year, meaning millions of renters across the country should prepare for their housing costs to go up. Fortunately, there are a few things renters can do to make sure they are not blindsided by rising rental costs. Analyzing past and present market trends, budgeting accordingly and speaking with their landlords can all help to ensure that they are able to keep their monthly expenses as low as possible without compromising living situation.

There will be a decrease in the number of vacant homes

The news of an imminent decrease in the number of vacant homes is a promising one for the housing market. As vacancy rates have generally been on the rise in recent years, it is encouraging to know that they could soon be headed back down. This decrease indicates that more people are looking to rent or buy property, which can give a much-needed boost to the economy. This can also lead to increased job growth and business development as industries look to capitalize on this rising demand for housing. With any luck, this decrease in vacancy rates could be just what is needed to help the entire housing market recover from its recent woes.

More people will be looking to buy rather than rent

With the economy continuing to recover from the effects of the pandemic, prospects for renting or buying a home look much more positive. Consumer confidence is high and there are plenty of attractive opportunities for homeownership out there. As a result, there is no surprise that more people are likely to opt to buy rather than rent going forward. Factors such as record low-interest rates, improved job security and financial outlooks mean more households can now consider making an investment in their own home. For those looking to have complete control over their living space through ownership, now has never been a better time to make this transition.

Families are moving out of larger cities and into smaller towns like Spokane

It has become more and more popular for families to move away from larger urban areas, bursting with hustle and bustle, to smaller towns like Spokane. Cities like Spokane offer the scenic beauty of nature as well as tranquil neighborhoods that appeal to those looking for peaceful living. The affordability of real estate in these towns has acted as a major incentive for people to migrate away from expensive metropolitan cities. People are drawn to not only the residential advantages but also the array of commercial opportunities that towns like Spokane provide: ranging from educational institutes to small business opportunities, making them ideal relocation destinations for families.

As the population in Spokane grows, so does the demand for housing which is resulting in an increase in average home prices and rent prices. While this may be discouraging news for some, it actually provides a great opportunity for real estate investors. Vacancy rates are projected to decrease as more people look to buy rather than rent, meaning now is a great time to invest in properties in Spokane. Families are moving out of larger cities and into smaller towns searching for cheaper homes and a better quality of life— exactly what Spokane has to offer. If you’re thinking about investing in real estate, reach out to us. We would love to help you find the perfect property!