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Summary: Are you thinking of buying a home in Spokane? If so, should you do so now or wait until further into 2021? This article will go into more detail about what the market in Spokane is expected to be like over the next few months to help you make your decision.
If you’re thinking about buying a home in Spokane, Washington, in 2021, you should know that home prices are still on the rise. In fact, the market in Spoke is sizzling hot right now, and recent real estate market predictions suggest they will continue moving in that direction throughout the year.
Right now, demand is much stronger than supply, driving up prices and making the local market a hot one. Inventory is 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.
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 2021.
According to Zillow, Washington home values have risen 10.6% over the past year and predicts they will increase 8.9% over this year. Statewide, the median home sales price climbed to $451,082 in 2020 and is forecasted to be $491,288 in 2021.
Analysts cite low housing inventory as a primary driving factor in these home price gains. And the low housing supply situation persists. As of October 2020, there was less than a one-month supply of homes in the state, a far cry from a balanced market that has 5 to 6 months of supply.
But that’s for the state as a whole. What about the Spokane real estate market? It too has been following an upward trend recently.
Compared to Seattle’s lukewarm housing market right now, Spokane is considered to be a very hot one, without housing prices increasing a whopping 15.4% over the past year and the expectation that home prices will increase another 4.27% by June 2021, according to Zillow. Right now, the median home value in Spokane is $309,000.
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 later on in 2022?
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.
Whether you choose to buy a home in Spokane now or further into 2021, you should be prepared for some lively competition. This is the result of limited inventory within the housing market.
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.
It should be noted that mortgage interest rates are extremely low right now. In fact, they’re near all-time lows, making now a great time to buy a home in Spokane to experience major savings in interest payments on your mortgage. While rates are still expected to remain low throughout the year, it’s possible that they may not be as low as they are today. This, coupled with the expectation that home prices are on the rise, makes for the argument to buy now rather than wait.
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.
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 for over 28 years 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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