Summary: Recent housing market forecasts for Spokane, Washington suggest that local home values could continue rising in 2017, but at a slower pace than 2016.
Home values in Spokane, Washington rose steadily and significantly in 2016. According to several sources, the median home price in the city rose by double digits over the last 12 months or so. But housing analysts are predicting smaller, single-digit gains in 2017.
Spokane Housing Market Forecast for 2017: Continued Gains
When this article was published, in November 2016, the median home price in Spokane was $170,000 – $180,000 (depending on the source). House values are expected to continue rising in 2017 and probably into 2018.
In November 2016, the economists at Zillow made a forecast for the Spokane real estate market in 2017. The company’s research team expects house prices in the city to rise by 3.9% over the next 12 months (Nov. ’16 – Nov. ’17). That’s a much slower pace than the last 12 months, during which prices rose more than 10%.
This reflects real estate market predictions issued for other Washington cities, as well as the nation as a whole. Housing analysts are forecasting a nationwide cooling trend next year, at least where home prices are concerned.
A 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.
So, when a Spokane real estate forecast calls for slower price growth in 2017, it could be considered a return to normalcy. The projections for Spokane are still stronger than those being issued for the United States as a whole. So even if this real estate market slows down next year, it could still outpace the nation.
Disclaimer: This article includes forecasts and predictions for the Spokane, Washington real estate market in 2017. 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.