T
he Spokane real estate market is showing signs of stabilization, with new data from October 2024 offering a snapshot of key trends affecting buyers, sellers, and inventory levels. The median sales price for a home in Spokane rose to $422,500, a 6.4% increase compared to the previous year. Active inventory decreased by 0.7%, with 1,362 homes available for sale, while the average time a home spent on the market increased to 19 days.

    The supply of homes remains tight, with the month's supply of inventory at 2.7 months. New listings declined by 5.4% in October, totaling 804 homes, while closed sales rose by 2%, with 505 homes sold during the same period. Long-time Spokane realtor Marianne Bornhoft noted that fall is traditionally a time when new constructions close ahead of the holidays, and she's seeing this trend play out now.

    Bornhoft also pointed out that inventory has increased by 20.9% this year, suggesting more homes are coming onto the market as people relocate or downsize. However, prices may come down if consumers can't afford them, and a healthy market requires affordable housing. The tight inventory remains a challenge for many buyers, particularly those seeking affordable options.

    Bornhoft attributed Spokane's real estate market to local factors, including retirees moving in and people relocating for jobs. She advised potential buyers to work closely with real estate professionals to navigate the complexities of the market, as motivated sellers may be willing to negotiate better deals during the winter months. With interest rates potentially decreasing by early next year, Bornhoft believes it could be a good time to buy.