Summary: Are you thinking of buying a home in Spokane? If so, should you do so now or wait until 2020? Click here to find out 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 2019 or 2020, you should know that home prices are still on the rise. And recent real estate market predictions suggest they will continue moving in that direction.
Right now, demand is much stronger than supply, driving up prices and making the local market a hot one.
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 levels never before seen – not even during the last housing boom. Inventory is tight as well, and this will affect anyone planning to buy a home in Spokane through 2019 and 2020.
Buying a Home in Spokane in 2019 or 2020
According to Zillow, Washington home values have risen 5.2% over the past year and predicts they will increase 2.4% over the next year. Statewide, the median home sales price has climbed to $387,100.
Analysts cite low housing inventory as a primary driving factor in these home price gains.
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 having increased a whopping 11.8% over the past year and expected to increase another 7.9% over the next year, according to Zillow. Right now, the median home value in Spokane is $214,600.
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 2020?
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 or 2020 could encounter higher housing costs.
Inventory Is Still Tight
Whether you choose to buy a home in Spokane in 2019 or 2020, 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.
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.
Looking for a home loan in Spokane?
Sammamish Mortgage has been helping borrowers across the state of Washington and surrounding states in the Pacific Northwest for over 20 years secure mortgages 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. Last Updated: [last-modified]