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If you’re thinking about buying a home in Spokane, Washington, in 2022-2023, 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 rest of the year.
Right now, demand is still much stronger than supply, driving up prices and making the local market a hot one. 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.
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 2022 and into 2023.
According to Zillow, Spokane home values have risen 19.2% over the past year and now sit at $427,689. Statewide, the median home sales price climbed 18.2% since mid 2021 to reach $624,275 as of September 2022.
Spokane is considered to be a very hot market, and homes 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 2023?
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 wait for 2023, 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 September 2022, there was less than a six-week 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.
It should be noted that mortgage interest rates are rising fast right now after the all-time lows earlier this year. Rates are expected to keep rising, which, coupled with the expectation that home prices are on the rise, makes for the argument to buy now rather than wait.
Right now, the rate for a 30-year fixed-rate mortgage is 6.02%. According to the Mortgage Bankers Association (MBA), interest rates for 30-year fixed-rate mortgages were expected to end the year 2022 at 4%; obviously, that estimate was well below the mark.
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, 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.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.