Spokane Real Estate Market Predictions: What Zillow and CoreLogic Forecast for 2025

  If you're keeping an eye on the Spokane real estate market, you might be curious about what the future holds for home prices. Zillow just released their mid-year price predictions, and things look a little different from the boom we've seen in recent years. In this blog post, we'll break down the predictions from Zillow, CoreLogic, and other industry leaders, as well as check in on some of the forecasts I made earlier this year. Let's dive in. Zillow’s 2025 Spokane Home Price Forecast Zillow recently released its national home price forecast, predicting a modest 0.9% increase across the U.S. in 2025, with the average home price hovering around $366,000. However, when we zoom into Spokane, things look a bit more subdued. Zillow predicts that Spokane’s home prices will increase by just 0.5% year-over-year, a stark contrast to the double-digit jumps we’ve seen in recent years. While this may seem low, it's a sign that prices are stabilizing rather than plummeting. If you’re a buyer wondering when prices will drop, this indicates that while they won’t rise rapidly, they're unlikely to drop significantly either. CoreLogic’s More Grim Outlook CoreLogic, another major player in real estate data, takes a more pessimistic view of Spokane’s housing market. They’ve listed Spokane as one of the top five markets most at risk for price declines in 2025. According to their data, there’s a 70% chance that home prices could decrease. However, it’s important to put this in perspective. When people hear “price decline,” they might think of a sharp drop, but even a 0.5% decline could mean just a $2,000 difference on a $400,000 home—not exactly a massive drop. What About Interest Rates? Interest rates have been a hot topic lately. While many expected rates to climb higher, we've actually seen a drop in mortgage rates in recent months. Currently, rates are around 6.1% to 6.2%. Predictions from the Mortgage Bankers Association and Fannie Mae suggest that rates could trickle down slightly, ending 2025 at around 5.9%. However, this isn’t a huge change from where we are today, meaning we’re not likely to see much relief in terms of financing costs in the near future. My 2024 Predictions So Far: A Mid-Year Check-In At the start of the year, I made a few predictions about Spokane’s real estate market. Let’s see how they’re shaping up so far: Interest Rates: I predicted rates would hold steady for the first half of the year and drop slightly by 0.5-0.75% by the end of the year. So far, rates have dropped from around 7.8% to 6.1%, and while the Federal Reserve rate hasn’t shifted much, mortgage rates have come down. Closed Sales: I anticipated about 1,500 more homes would sell this year, but the actual increase has been modest—about 30 more homes closed year-to-date, reflecting a slow market. Home Prices: I predicted a 4% increase in home prices for 2024, but so far, we’ve only seen about a 1.2% increase year-over-year. Affordability: Unfortunately, I was right in predicting that affordability wouldn’t improve. Prices have remained relatively high, and interest rates haven’t dropped enough to make a significant impact on affordability. Investor Activity: I expected investors to return to the market, but while there has been some activity, particularly with flippers, rental property investments have slowed due to high interest rates and low cash flow potential. New Construction Prices: I predicted that new construction prices would hold steady, but they’ve actually dropped by over 10% since early 2023, bringing them closer in line with resale homes. The Road Ahead: 2025 Predictions and What to Expect Looking ahead to 2025, the general consensus seems to be that the market will stabilize, with modest price increases and relatively steady interest rates. Zillow predicts a 0.5% increase in Spokane home prices, while CoreLogic sees a potential decline, though likely a small one. Interest rates are expected to hover around 5.9%, meaning we’re not likely to see a drastic improvement in affordability. For buyers, this could be a sign to stop waiting for major price drops and consider entering the market while things remain steady. Let’s Talk About Your Plans What are your thoughts on the real estate market for the rest of 2024 and into 2025? Are you planning to jump in now, or are you holding out for more favorable conditions? Let me know in the comments—I’d love to hear what’s on your mind. If you’re thinking about moving to Spokane or want more detailed information about the market, feel free to reach out! Use the links below to schedule a meeting, download our relocation guide, or explore more resources. Thanks for reading, and I’ll see you in the next update!

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Inside Spokane's Exclusive River Bluff Estates: A $5 Million Dream Home Tour

  Welcome to River Bluff Estates, one of the most exclusive gated communities in North Spokane. Nestled among towering trees with the peaceful sound of the river in the background, this pristine neighborhood boasts some of the most luxurious homes in the Spokane area. Today, we're diving into an absolutely stunning custom French country estate. A big thank you to the Farr Group for letting us showcase this breathtaking property. First Impressions of a French Country Dream Upon entering, you're immediately struck by the craftsmanship and elegance of this home. With six bedrooms, eight bathrooms, and 8,300 square feet of space set on 6.6 wooded acres, this property is a rare find. The average price in River Bluff Estates hovers around $2.5 million, but this home, listed at $4.9 million, is a true showstopper. Every inch of this house has been meticulously customized. Primary Suite: Luxury and Serenity We begin our tour in the primary bedroom, a spacious retreat with a custom gas fireplace, chandelier, and French doors that open to a private balcony and hot tub. The seamless transition between the custom flooring and the natural light pouring in creates a cozy yet grand atmosphere. The ensuite bathroom is jaw-dropping: a clawfoot tub, double vanities, a massive walk-in steam shower, and a master closet bigger than most homes' first floors. This suite is a perfect example of the thoughtful luxury that runs throughout the home. Spacious Bedrooms and Seamless Design The secondary bedroom on the main floor also boasts an ensuite bathroom with beautiful custom tile work. Throughout the house, every detail has been considered, from the floor-to-ceiling windows that fill the home with natural light to the seamless thresholds that make each room feel open and airy. A Home Office Like No Other For those who work from home, this house offers a dream setup. A private office space with glass doors, custom chandeliers, and French doors opening to the front yard create a professional yet welcoming environment. Plus, who wouldn’t love working from home in a space with a cozy fireplace? Butler’s Pantry and Gourmet Kitchen The butler’s kitchen is another highlight, featuring a Thermador built-in refrigerator and ice crusher, seamlessly integrated into the custom cabinetry. This is the kind of kitchen that any aspiring chef would love—complete with high-end appliances and plenty of prep space. Upstairs Oasis The second floor is home to four more bedrooms, two bathrooms, and a cozy sitting area with stunning views of the surrounding trees. Each bedroom has its own unique chandelier and design touches, and the upstairs also boasts its own sauna and laundry room for added convenience. Outdoor Living at Its Finest Where this house truly shines is its outdoor space. The backyard is an entertainer’s paradise with an in-ground pool, a covered cabana with a fireplace, and an outdoor kitchen that looks straight out of a cooking show. Surrounded by lush trees and beautifully landscaped, it feels like your own private resort. The Guest House and More As if the main house weren’t enough, there’s also a guest house complete with a greenhouse, woodshop, and even a dog-washing station. The guest house features its own living area, kitchen, and bedroom, making it perfect for visitors or as an Airbnb rental.   This home in River Bluff Estates is nothing short of extraordinary. From the custom details and luxurious finishes to the serene outdoor space, it offers a level of opulence rarely seen in Spokane. Whether you're interested in setting up a private viewing or you're looking to buy, sell, or invest in Spokane real estate, don’t hesitate to reach out.

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The Top 7 Worst Things About Living in Spokane, Washington

  Are you thinking about moving to Spokane, Washington? While it’s a beautiful place with many advantages, like any city, Spokane has its downsides. In this blog, we’ll dive into the top seven worst things about living in Spokane that you should be aware of before making the move. 1. Homelessness One of the most noticeable issues in Spokane is the growing problem of homelessness. In recent years, there has been a noticeable increase in tent encampments and visible poverty, especially in downtown and certain neighborhoods. While the city is making efforts to address the issue, it's been a tough challenge. Spokane’s City Council is actively working on finding solutions, including smaller resource centers spread across neighborhoods to provide support. However, not everyone is on board with these plans, and it remains a hot-button topic in the community. While homelessness may be a concern, some people moving from other states still find Spokane to be safer than where they came from. 2. Crime Rates Although Spokane is generally a safe place, property crime has been an issue, especially in certain areas. Spokane’s property crime rate is higher than the national average, including vehicle break-ins, theft, and vandalism. Neighborhoods vary in safety, so it’s important to do your research. A great tool to use is the Spokane County Crime Map, which helps you see where crime is more frequent and what types of crime are happening in specific areas. The good news is that property crime in Spokane has decreased by 16% this year, and violent crime is down 6%. 3. Drug Problems Like many cities across the country, Spokane has been significantly impacted by the opioid epidemic and other substance abuse issues. Drugs like methamphetamines and opioids are prevalent, leading to increased crime and public health concerns. You may notice more discarded needles or see people using substances in public places. First responders are responding to an alarming number of overdoses every day, with the number rising each year. While this is part of a national crisis, it’s a reality Spokane is grappling with as well. 4. Smoke from Wildfires Spokane’s location makes it vulnerable to wildfires during the summer, and when fires break out, the air quality can become hazardous. If you have respiratory issues or are sensitive to smoke, this is a serious concern. Some summers are worse than others, with weeks of hazardous air where it’s advised to stay indoors. While this past summer wasn’t too bad, previous years have seen several smoky days where the air was nearly unbreathable. Wildfire season typically hits in late summer, but it’s always something to be prepared for. 5. Housing Market & Lack of New Developments Spokane’s housing market has been hot for a while, and the demand for housing continues to outpace supply. The city is currently about 30,000 homes short of where it needs to be, and while new homes are being built, many feel that the developments aren’t thoughtful or well-planned. Some clients moving to Spokane from other states, like Texas, have noted that the housing developments here don’t offer the same community amenities like parks, pools, or gyms. Most of Spokane’s neighborhoods are older, and the ones that do offer amenities like Eagle Ridge are in high demand, making it challenging for new buyers to find their perfect spot. 6. Political Environment Spokane’s political scene is split almost evenly between conservative and liberal viewpoints, making for a politically diverse and sometimes contentious atmosphere. While the city itself leans more liberal, the surrounding county is more conservative, creating a mix of opinions that can lead to heated debates. This diversity can be a positive for those who appreciate different perspectives, but it can also be challenging if you're used to a more politically homogenous environment. To get a feel for Spokane’s political landscape, you can use resources like voting maps to see how different neighborhoods lean politically. 7. Limited Indoor Activities Spokane is an outdoor lover’s paradise, but if you’re someone who prefers indoor activities, you may find the options a bit limited. While there are museums, indie theaters, and some shopping options, Spokane lacks the bustling indoor recreational scene you’d find in larger cities. If you’re not into hiking, skiing, or water sports, you might have to be more proactive about finding things to do, especially during the long winter months when outdoor activities are less appealing. Every city has its pros and cons, and Spokane is no different. If you're a local, feel free to share what you think are the downsides of living in Spokane in the comments below. If you’re thinking about moving here, what concerns you the most? Spokane may have its challenges, but it’s still a place many people call home, and for good reason. If you're looking for more information about Spokane or want help finding the right neighborhood for you, don’t hesitate to reach out! And if you’re curious about all the fun things Spokane has to offer, check out our next post where we explore activities for every personality type.

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