Spokane Real Estate Continues to Climb in Price (2024)

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Spokane Real Estate Continues to Climb in Price (1)Average sales price for Spokane-area homes hits $260K in February [The Spokesman-Review]

Summary: February’s home prices were about $30,000 higher than they were a year ago.

Higher interest rates last year slowed home sales in other regions, but the Spokane-area market continues to be a sellers’ market, particularly for homes priced at $300,000 and less.

ES Analysis: For those looking to buy a house in Spokane in the near future, prices and availability will be tight. Right now, with fewer than 800 condos and single-family homes on the market, buyers are able to hold a much higher price.

As around 400 homes are sold each month, this 800 represents just two months’ worth of inventory, whereas a balanced market has around a six months’ supply.

As Blake and I are looking to purchase a home in the future, we’ve kept a close eye on the market – and things are tight! Looking to buy here in Spokane? We interviewed a local Spokane realtor, Corrie Jo Anderson, and got her opinion on the best up-and-coming Spokane neighborhoods here.

Spokane residents react to bill to ban single-use plastic bags [KXLY]

Summary: The Washington state senate passed a bill to ban single-use plastic bags, which is heading to the house.

The bill would make some exemptions for small plastic bags, like those used to bag fruits and vegetables or meat. It would also require that any other bags, like paper bags, cost 8 cents.

ES Analysis: Opinion on the potential plastic bag ban is split among lawmakers and other citizens in Spokane.

While several residents say they support the idea and feel it’s better for the environment, some Republican senators disagree, with one calling it a “socialist method.” Though it would take a little adjustment, many Spokane residents do not feel the slight inconvenience would significantly change their lives and should therefore go ahead.

Regardless of how you feel about this, I’m just excited that the Washington state legislature doesn’t feel the need to dictate (at least in this situation) what cities can and can’t do. In Arizona, the state legislature banned city laws trying to ban plastic bags. If cities (and residents of those cities) want to pass legislation (within reason), like this, we’re for it because local residents know their communities best.

Spokane City Council candidates: Who is running in 2019 [KREM]

Summary: Two high-profile candidates have already announced their bids to replace the council president: current city councilman Breean Beggs and prominent activist Phil Tyler.

So far, only one candidate, Tabitha Wolf, has filed to run for the District 1 seat, Lori Kinnear of District 2 does not yet have a challenger, and Karen Stratton of District 3 will attempt to keep her seat as Christopher Savage, her only current opponent, has filed to run.

ES Analysis: The council stands to still lean left, as Stuckart, the favorite to become mayor, certainly does. No conservatives have come forward to challenge the seats currently held by more liberal candidates, and the only conservative, fa*gan, will most likely be replaced by a Democrat.

In 2020, the whole city council may lean liberal. Overall, things could change before voting takes place, so it’s good to keep an eye on the Spokane mayoral race.

Spokane Real Estate Continues to Climb in Price (2)Spokane astronaut Anne McClain will be member of first all-female spacewalk on ISS [The Spokesman-Review]

Summary: Spokane native Anne McClain will be making history as part of NASA’s first all-female spacewalk at the International Space Station (ISS).

During their mission, crew members are conducting more than 250 research investigations and technology demonstrations that aren’t possible on Earth. The findings will advance scientific knowledge of space as well as physical and biological sciences.

ES Analysis: McClain has been with the ISS since December and will participate in the hours-long walks later this month.

Charlotte Lamp, McClain’s mother is excited and proud of her daughter’s accomplishments. Lamp, a biology teacher herself, is especially encouraged about how McClain’s professional and educational journey should encourage all of us to keep our minds open and love to learn.

It’s so exciting to see so many cool people come from Spokane – it just shows you how good the education system can be here and how Spokane is (possibly) a place that stokes people’s imaginations and makes them want to explore the stars.

Readers, what do you think of this week’s round up? Let us know over on our Facebook page here!

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Spokane Real Estate Continues to Climb in Price (2024)

FAQs

What is the real estate forecast for Spokane in 2024? ›

Analysts predict that home prices in Spokane might continue to rise in 2024, but at a slower pace compared to previous years. This moderation is due to a balancing act between demand and the potential increase in housing inventory.

Will housing prices in Spokane go down? ›

Summary: Spokane housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.8%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 1.3%.

Is Spokane overpriced? ›

Spokane's housing expenses are 3% higher than the national average and the utility prices are 5% lower than the national average. Transportation expenses like bus fares and gas prices are 2% higher than the national average.

Is Spokane a sellers market? ›

Spokane Valley is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Will 2024 be a better time to buy a house? ›

Yes. This is the best time to buy a house in California. With the current trend in the CA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

Will there be a housing recession in 2024? ›

No — experts do not think there is a housing market crash looming in 2024. Lending standards are much more strict now than they were before the Great Recession, and with low inventory and high demand both continuing, the housing market is not likely to enter a recession in the coming year.

Why is housing so expensive in Spokane? ›

The demand is very high, real estate agent Spokane association says sales are strong, and the lack of housing means buyers are very competitive with their offers. As long as prices do not soar and then a sudden influx of housing appears, Spokane's housing market is likely to remain one of the hottest in the country.

Is Spokane a good investment? ›

Spokane is experiencing massive gains for real estate investors. As an affordable area offering excellent quality of life, it's among the top choices for property investment. Major companies are establishing their presence in Spokane, such as Amazon, which means the job market in this area will expand.

Is Spokane a good place to invest? ›

With a housing market that remains affordable, investors find Spokane to be a strategic location where the median home value aligns favorably with the average household income. This affordability extends to the cost of living, making it an even more attractive prospect for those looking to invest in a growing market.

What salary do you need to live in Spokane? ›

Typical Expenses
1 ADULT2 ADULTS (1 WORKING)
0 Children1 Child
Required annual income after taxes$36,111$63,815
Annual taxes$5,228$6,805
Required annual income before taxes$41,340$70,620
8 more rows

Is Spokane up and coming? ›

Spokane's been blowing up in the 21st Century. The population's grown by 11% since 2000, rising to 217,108 as of 2017. It's a great little big city that gives you a chance to experience the wonders of the Pacific Northwest at a fraction of the cost of other areas.

What percentage of Spokane is white? ›

Spokane County is not racially diverse. Among county residents in 2021, 84.3% were white, 8.5% were of two or more races, 2.5% Asian, 2.2% Black, 1.7% American Indian/Alaska Native, 0.9% Native Hawaiian and other Pacific Islander.

What is the hottest real estate market in Washington state? ›

The 10 Hottest Real Estate Markets to Buy a Home in WA State 2024
  • Southwest: Ridgefield: close to Vancouver, WA near the Oregon border.
  • West Side: Marysville, Lake Stevens, Marysville, Edmonds, Lakewood, North Creek, Kirkland.
  • Eastern WA: Bellingham.
  • South Central: Kennewick.
Feb 27, 2024

What is the economic outlook for Spokane? ›

Spokane's economy survived the “Great Recession” and emerged more diversified. Steady growth is forecasted for the future. Spokane MSA (which includes Stevens and Pend Oreille counties) posted significant job increases in the last half 2021.

Is there a housing shortage in Spokane Washington? ›

Unfortunately, yes. In order to keep up with the demand for housing, Spokane needs about 2,900 more housing units per year.

What is the interest rate forecast for housing in 2024? ›

Inflation and Fed hikes have pushed mortgage rates up to a 20-year high. 30-year mortgage rates are currently expected to fall to somewhere between 6.1% and 6.4% in 2024. Instead of waiting for rates to drop, homebuyers should consider buying now and refinancing later to avoid increased competition next year.

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