Friday, December 20, 2019 / by Jo Skipper
Spokane Housing Market 2020
To anyone in the housing market in Spokane, Washington 2019 was one of the hottest markets in the nation. We expect this trend to continue into 2020 as Spokane home prices continue to rise faster than the national average.
We have heard from many sources that we are in a seller’s market. This is true on many accounts, the lack of inventory, increasing population, and increasing job market all produce a healthy seller’s market as a result. This is not expected to change in 2020
Prices in this market continue to climb at a steady pace. This has put pressure on many buyers and priced them out of the market altogether. Prices rose over 10% from this point last year. The Spokane Association of Realtors reports that the median home price in Spokane increased from 265k to 283k.
This is resulting in a quick sale for many sellers in the area. The average days on market was reported to drop to under 20 total. This means the entire sales process was completed in only 20 days. This is a lower average than across the country. Another common activity in this seller’s market is the multiple offer situation. Many buyers were finding themselves in a multiple offer situation and forced to increase their offer price to obtain the home. This forces home prices higher in the area. These trends are expected to continue into 2020
The national average of home price is expected to increase by 2.20% next year as predicted by Zillow. This number is expected to be larger for the Spokane and surrounding areas. While no one can accurately predict the future of the market it is important to note that those who are waiting for prices to decrease may be waiting beyond their desired timeframe. If our population continues to grow as we have seen in recent years our home prices will continue on this upward trend.