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Spokane Real Estate Market Update

Friday, November 8, 2019   /   by Dixie Simon

Spokane Real Estate Market Update

By some measures, the housing market in Spokane, Washington, is one of the hottest in the nation in 2019. We expect this to continue into 2020 as well, with Spokane home prices continuing to rise faster than the national average.

Inventory has a lot to do with this. Or, rather, a lack of inventory. The city’s population continues to grow, increasing demand for housing at a time when supply remains low. That puts upward pressure on home prices.

Hi, This is Dixie Simon with Haven Real Estate.

Spokane Home Prices Continue to Soar

If you thinking about buying a home in Spokane in 2019 or 2020? You might want to put a rush on that.
Buyers who postpone their purchases until later in 2019, or early 2020, will likely end up paying more for their homes. Prices in this market continue to climb at a steady pace, reducing the number of affordable options for many buyers.
According to the latest data from Zillow, the median home value in Spokane, Washington rose by a whopping 11% over the past year (as of October 2019).

To put that number into perspective: prices nationwide rose by around 5% during that same 12-month period. The median home value for the state of Washington rose by 4.8% over the past year.

The supply situation in this area is one of the tightest we’ve seen among major U.S. cities. It’s well below what is considered to be a balanced market. Local home buyers should bear this in mind, as they start the house-hunting process.
Clearly, this real estate market is outperforming the rest of the state — and the country as a whole — in terms of annual price gains. And that trend could continue in 2020 as well. 

No matter how you measure it, Spokane is one of the hottest local housing markets in the nation in 2019. We’ve covered home price trends already. This Washington city (and the surrounding metro area) is experiencing a rapid rise in home values as of fall 2019.
To be clear, no one can predict future real estate trends with complete accuracy. But given the current supply-and-demand situation in the area, it seems highly likely that home prices in Spokane will continue to rise into 2020 and beyond. (Barring some unforeseen economic calamity, of course.)

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The housing research team at Zillow recently issued an above-average forecast for the local real estate market. In October 2019, their research team wrote: “Spokane home values have gone up 11.1% over the past year and Zillow predicts they will rise 6.9% within the next year.”

I don’t have a crystal ball however all the indicators point to this conclusion. Clearly, the real estate market in Spokane still favors sellers over buyers. There just aren’t enough homes for sale to meet the demand. And that is making things very competitive for those seeking to buy.

Again, this is Dixie Simon with Haven Real Estate Group with your Spokane Market Update for the week of 11/8/2019. 

I look forward to bringing you next week's news. 

See you then.

Dixie Simon

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

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