Spokane Housing Market Forecast for 2022: Still Hot

Published:
November 21, 2016
Last updated:
December 21, 2021
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Recent housing market forecasts for Spokane, Washington suggest that local home values will continue rising in 2022.

Home values in Spokane, Washington rose steadily and significantly in this past year. According to several sources, the median home price in the city rose by double digits over the last 12 months or so. And even though housing analysts are predicting slightly smaller gains over the next few months, they’ll still be strong over the course of 2022.

Spokane Housing Market Forecast for 2022: Continued Gains

When this article was published, in December 2021, the median home price in Spokane was $373,168, according to Zillow. House values are expected to continue rising throughout 2022.

In fact, Spokane is ranked as number 3 in Realtor.com’s list of the top real estate markets poised for growth in 2022.

This reflects real estate market predictions issued for other Washington cities, as well as the nation as a whole. Housing analysts are forecasting that prices will still increase in 2022, but not necessarily at the same pace as the past 12 months.

Tight Inventory Contributes to Soaring Prices in Spokane

The ongoing demand and spiking prices in Spokane has a lot to do with the tight inventory in the city. Throughout this past 12-month period, there was a major shortage of homes to meet the demand in the city, and this trend is expected to continue throughout 2022.

The population of the city continues to grow, which leads to increasing demand for housing at a time when housing supply continues to be low, putting upward pressure on home prices.

As of December 2021, Spokane had less than a 1-month supply of homes to meet the demand, which points to a market that’s much more off-balance. A balanced market is one that has a supply of 5 to 6-months worth of inventory. Clearly, Spokane is well under that threshold.

Some homebuyer hopefuls looking in the area may have a difficult time finding a home within their budget. The housing inventory situation in Spokane is one of the tightest seen among major cities across the country. Local buyers should keep this in mind as they begin searching for their next home.

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A Slow Return to Sustainable Growth?

When home-price appreciation slows, some people view it in a negative light. But that’s not always the case. Home values across Washington rose faster than usual over the last couple of years, posting double-digit gains annually.

That kind of appreciation isn’t sustainable over the long term, because it outpaces wage growth and other economic metrics. Under such conditions, housing markets can become unaffordable to a large number of residents.

Spokane: A Potentially Lucrative Investment Opportunity?

Considering the relatively lower prices in the city compared to other nearby markets like Seattle, Spokane might be a great place to invest in 2022. Buyers looking to build equity relatively quickly may find that they can get in on an upward trend in prices in the city.

Of course, due diligence is necessary before making any large investment in real estate. But based on forecasts on increasing prices in Spokane, now may be a good time to invest in a property in the city before prices continue to soar.

Disclaimer: This article includes forecasts and predictions for the Spokane, Washington real estate market in 2022. Such statements were provided by third parties not associated with our company. We have compiled and presented them here as an educational service to our readers.

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Interested in a Mortgage in Spokane?

At Sammamish Mortgage ,we have been providing home loans to clients all over the Pacific Northwest, including Washington State, Colorado, Idaho, and Oregon since 1992. We’re a family-run company based in Bellevue, Washington, and offer many different mortgage programs and products with flexible qualification requirements. Get in touch with us today if you have questions about applying for a mortgage.

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