The Spokane Housing Market
Quick Snapshot of The Spokane Housing Market
in February 2025
Trends
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National pending sales decreased in December (5%) YoY
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With mortgage rates holding, the market is shifting to an artificial buyer's market
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Closed sales in Spokane increased by 11.8% YoY in January
Buying
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Spokane inventory continues to soar
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Stats consistently flag a balanced market, but high rates create an artificial buyer's market
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Buyers are coming back onto the market in droves trying to time the spring market
Selling
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Median home prices in Spokane rose (1%) YoY in Jan to $390k
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Mortgage rates constrain today's buyers but they are active
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Median days on the market have dropped to 15
Spokane Housing Market Statistics Charted
Spokane Housing Market Recommendations
Here's how I recommend responding.
If you're a buyer and you can afford it, dive in, pick up a property with a low purchase price, and wait to refinance. While you can ask for concessions, be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer. People still value their homes, regardless of interest rates.
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If you're a seller who has to move, list at a sensible price and be prepared for 9-30 days on the market. But if you want top dollar or if you already have a lot of equity watch these interest rates and wait for them to come down and prices in turn will rise. It might take 12 months but that's just the reality of where we're at.
