Spokane Real Estate Predictions: A Healthy Market in 2024

September 5, 2017
Last updated:
January 10, 2024
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Buying a Home in Spokane in 2024

If you’re thinking about buying a home in Spokane, Washington, in 2024, you should know that home prices are on the rise. In fact, the market in Spoke is healthy right now, and recent real estate market predictions suggest that prices will increase throughout the year.

Right now, demand is still much stronger than supply, driving up prices and making the local market. Inventory remains very tight, giving buyers less homes to choose from and giving seller’s a lot of negotiating power.

Historically, the housing market in Spokane has typically lagged behind Seattle. But recent data suggests that homes in Spokane are now selling faster than Seattle.

Home Values On the Rise

House values across Washington State have reached very high levels, with home prices increasing rapidly over the recent past. Inventory in the state is tight as well, and this will affect anyone planning to buy a home in Spokane through 2024.

According to Zillow, Spokane home values have dipped 1.5% over the past year and now sit at $374,614. Statewide, the median home sales price inched up 0.1% year-over-year to $566,052 as of January 2024.

Homes in Spokane are still selling after less than a week on the listings. Cash buyers are out in force, and bidding wars are common.

These are important trends for anyone who is planning to buy a home, whether this year or next. And it begs the question: Should you buy a house in Spokane now or wait until further into 2024?

Given the current supply-and-demand situation, most economists are forecasting additional price gains for major cities across Washington, including Spokane. As a result, those who postpone their home-buying decisions until later this year could encounter higher housing costs.

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Inventory Is Still Tight

Whether you choose to buy a home in Spokane now or wait until later, you should be prepared for some lively competition. This is the result of limited inventory within the housing market.

Analysts cite low housing inventory as a primary driving factor in these home price gains. And the low housing supply situation persists. As of January 2024, there was a 2.2-month supply of homes in the state, a far cry from a balanced market that has 5 to 6 months of supply.

This is a nationwide concern as well. Housing markets across the country are currently experiencing supply shortages that are forcing buyers to compete, often fiercely, for limited homes.

Washington State, and particularly the Seattle metro area, is an extreme example of this trend. But it’s affecting home buyers in Spokane as well.

In short, there just aren’t enough homes listed for sale in Spokane and elsewhere across the state to satisfy the current level of demand from buyers. This is why we have seen house values rising so sharply and significantly over the last couple of years.

A Word About Mortgage Rates

It should be noted that mortgage interest rates are high right now after the all-time lows a few years back. But rates are expected to dip, which should help make homebuying a little more affordable for buyers in Spokane.

Right now, the rate for a 30-year fixed-rate mortgage is 6.62%. According to the Mortgage Bankers Association (MBA), interest rates for 30-year fixed-rate mortgages are expected to end the year 2024 at 6%.

Disclaimer: This article includes data, trends, and predictions relating to the Spokane, Washington real estate market and broader economy. This information was gathered from third-party sources not associated with our company. We have presented it here as an educational service to our readers.

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Looking For a Home Loan in Spokane?

Are you considering getting a mortgage in Spokane, WA, to finance a home purchase? Sammamish Mortgage has been helping borrowers across the state of Washington and surrounding states in the Pacific Northwest, including CO, ID, and OR, since 1992 with mortgage programs to realize their dreams of homeownership. We are a family-owned company located in Bellevue, Washington. Get in touch with us if you would like to get a quick rate quote on a mortgage or if you have any financing-related questions.

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