Friday, November 8, 2019 / by Dixie Simon
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
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.
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.
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.