A Closer Look at Spokane’s Housing Prices

We’ve all seen the headlines. “Housing Prices Continue to Fall in Spokane”

But there is more to the story than meets the eye. While May’s Median Home Prices are down 8.4%, the price adjustments may NOT be felt across the entire housing spectrum. Hence the disclaimer, “Does not represent home values.”

Case in point – homes over $700,000

From January through May of 2023, there were 144 homes sold over $700,000

By comparison, from January through May of 2022, there were 215 homes sold over $700,000. A drop of over 33% in just one year.

“What we’re seeing is housing purchases falling at the top of the market,” said Spokane REALTOR President Tom Hormel. “While moderate priced homes continue to remain steady.” This loss of sales in the upper sector has resulted in overall prices falling overall. This drop in total homes sold over $700,000 has resulted in over $50-million in lost sales from 2022 to 2023. But the top of the market may not reflect the lower third.

Spokane’s Moderate Priced Homes

From January through May of 2023, housing prices in homes under $400,000 have remained relatively stable.

Of the 1,169 homes sold:

• The Average Time on market remained at about 20-days.
• Homes in this price range are still seeing multiple offers.
• Homes are selling at an average of 98.18% of Asking Price.

Moving forward, economists say our pricing will continue to face upward pressure because of a dramatic lack of inventory. According to the recent census data, The City of Spokane is under built by 25%. This means, we have only 89,000 housing units for our 100,000-families. The national average says we should have 114,000.