Year in Review Market Update – 2022

2021 was a record year not only for our area, but the entire United States. Spokane saw the highest appreciation market it’s ever seen with many home sellers receiving offers much above asking, and many home buyers left submitting often a dozen offers until they finally got one accepted. Let’s dig into some of the numbers of this record breaking year!

This year we saw nine thousand and sixteen homes list for sale which was down four percent from 2020 when we saw nine thousand four hundred and eighty seven homes go for sale. This was our first major issue in 2021. Even though that doesn’t seem like a huge difference, this number has been on a downward trend since twenty seventeen when we saw a high of ten thousand six hundred and thirty five homes hit the market that year. This caused increasing pressure on an already low inventory market. 

And even though the number of homes sold went down by four percent, the number of homes that successfully closed went up by about one percent for a total of eight thousand two hundred and thirty eight homes successfully closing escrow. So, even in a white hot market like this past year, about seven hundred and fifty homes never sold most likely because they were asking a ridiculous price for the market or a life circumstance changed.

One year ago, the average price of homes sold was three hundred twenty one thousand, three hundred and eleven dollars. Today the average home price is four hundred thousand, six hundred and twelve dollars which is a year over year increase of twenty four point seven percent. This is just nuts that the average homeowner in Spokane made double the average salary here in just one year of owning their home. 

I worry that many people will become comfortable with this amount and expect this every year. The stock market also had an incredible year and we hope that people will adjust their expectations for price growth in the next five to ten years as it will most likely slow down - key word slow, not collapse. People will feel like the market is crashing when it is only slowing down and normalizing from what has been a record breaking year so do not let these people scare you.