Spokane Real Estate Market Trends, Statistics and Facts for 2023-2024
- The median sold price for homes in Spokane is $367,629, an increase of 8.3% compared to the previous year.
- The median sold price varies by bedroom count, with 1-bedroom homes at $225K, 2-bedroom homes at $279.5K, 3-bedroom homes at $354.4K, 4-bedroom homes at $419.5K, and 5+ bedroom homes at $558.6K.
- As of March 2023, there are 897 homes for sale in Spokane, a 19.8% increase from the previous month.
- 37.2% of Spokane homes sold below the previous month’s asking price.
- The average sale time for homes in Spokane is 29 days, an increase of 146.8% compared to the previous year.
- Many homes in Spokane sell within 30 days of being listed on the market.
- In March 2023, the median sale price of a home in Spokane was $350K, down 9.09% from the previous year.
- Homes in Spokane sell on average after 18 days on the market, compared to 5 days in the previous year.
- In March 2023, 251 homes were sold in Spokane, a decrease from 327 in the previous year.
- Spokane’s median sale price is 13% lower than the national average.
- The Spokane housing market is very competitive, with homes receiving multiple offers and selling in around 25.5 days.
- On average, homes in Spokane sell for about 1% below the list price.
- Some homes in Spokane can sell for about 2% above the list price.
- In Jan ’23 – Mar ’23, 35% of Spokane homebuyers searched to move out of Spokane, while 65% looked to stay within the metropolitan area.
- Across the nation, 0.56% of homebuyers searched to move into Spokane from outside metros.
Key Spokane Real Estate Market Trends and Facts
- Spokane’s median sold price is lower than nearby cities like Spokane South and Nine Mile Falls but higher than Spokane Valley.
- Seattle homebuyers searched to move into Spokane more than any other metro, followed by Louisville and Los Angeles.
- Sandpoint was the most popular destination among Spokane homebuyers, followed by Orlando and Houston.
The Spokane housing market has seen significant changes in the past year, with prices increasing and homes selling faster. As of March 2023, the median sold price for homes in Spokane is $367,629, an 8.3% increase from the previous year. This increase in median sold price can be attributed to the high demand for homes in Spokane and the shortage of available homes.
Spokane’s current real estate market is a seller’s market, with higher prices and faster home sales. The average sale time for homes in Spokane is 29 days, almost 150% higher than the previous year. However, this increase in the average sale time does not indicate a slowdown in the Spokane housing market. Instead, it can be attributed to the shortage of available homes for sale.
The shortage of available homes for sale is also reflected in the number of homes available for sale in Spokane, which has increased by 19.8% from February 2023 to March 2023. Despite this increase, the number of available homes is still lower than the demand for homes in Spokane, as evidenced by the high percentage of homes sold above the asking price. In the previous month, 90 homes were sold above the asking price, while only 72 homes were sold at the asking price.
The current real estate market in Spokane is competitive, with many homes receiving multiple offers and selling above the asking price. This can be attributed to the high demand for homes in Spokane and the shortage of available homes. While the increase in median sold price and average sale time may seem concerning, it is essential to note that these changes reflect a healthy and robust real estate market in Spokane.
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