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Spokane Market Update for the Week of 11/29/2019

Friday, November 29, 2019   /   by Dixie Simon

Spokane Market Update for the Week of 11/29/2019

Not a lot has changed this week in the Housing Market here in Spokane. Interest rates continue to spur buyers, coupled with the shortage of inventory, continues to drive the seller's market we've been experiencing for months. 

We continue to experience about 1.2 months of inventory, no change from last week. We still see many multi-offer home sales, which is another sign that the market is still active. We do see some price drops in specific price points; however, the median home continues to fly off the shelf. 

Home prices in the Spokane real estate market are expected to continue to rise at a steady pace throughout the remainder of 2019 and through 2020, according to Norada Real Estate Investments. If you haven't already, you might want to consider making your investment sooner than later, to dodge higher home prices down the road.

Spokane is the second-largest city in Washington State, located on the Spokane River in the foothills of the Rocky Mountains. The population of Spokane is around two hundred thousand; h
owever, the Spokane real estate market includes the broader metropolitan area that is home to nearly 600,000 people. Who wouldn't want to live here? It is beautiful, and Spokane Remains Cheap Compared to Other, West Coast Cities.


And We Beat Seattle Too.

 

Seattle is larger than Spokane, but the Spokane, real estate market, is hotter because living in the area is cheaper than Seattle. Millennials, in particular, are flocking to the Spokane housing market because rents are half that of Seattle, while home prices are a third that of Seattle.

The trends and forecast for the Spokane Market are positive. If you have any questions, feel free to reach out directly. 

Dixie Simon
509-385-4441



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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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