The beauty of the Pacific Northwest is hard to beat, and Washington’s booming job market and lush greenery make Eastern Washington a perfect place to call home. Spokane offers the benefits of city life while still providing gorgeous natural beauty, so it’s no surprise that the housing market is hopping in Spokane. Whether you’re buying or selling, here’s what you need to know before making real estate decisions in the area.
The Spokane real estate market has been rising for years, and while the economy and interest rates have spurred a general slow-down in housing markets nationwide, in Spokane, our team at the Legacy Group does not anticipate significant changes in 2022. Spokane home values increased by 28% in the past year, and market watchers expect home values to continue to grow. Researchers from Florida International University and Florida Atlantic University have recently shared a study that confirms what many Spokanites already knew: Hooptown real estate is in high demand.
The study lists the top 100 overvalued housing markets in the nation. Spokane claimed a spot in the top ten markets, with home prices 50% over the expected value predicted by historical data. In March 2021, the median price for a home in Spokane County was $341,750. By March 2022, the median home price was $430,000, highlighting the rapid increase in home valuation.
Spokane, Washington Market Insights
In the state of Washington, while Seattle has a reputation for a red hot real estate market, Spokane, on the east side of the state near the border of Idaho, is hardly a slouch. In fact, Spokane’s appreciation rates are among the highest in the nation: a stunning 31.91%. According to Neighborhoodscout’s findings, that rate puts them higher than 98.04% of all the other cities and towns in the U.S., including Seattle.
Sellers
If you have thought about selling your Spokane house, now is the time to list. It’s a seller’s market in Spokane: we have many more buyers than sellers right now, which means that bidding wars are common as buyers compete for limited inventory. If you’re looking to sell an investment property or to relocate, you can make an impressive profit thanks to record levels of real estate appreciation.
A bit of advice: when the market is hot, it is sometimes tempting for homeowners to forgo working with a real estate professional. But the fact is, selling without the assistance of a good real estate agent may result in you leaving money on the table. Based on our market knowledge and experience, not only do we know what price you should be asking and what you can get, we can bring more buyers to your door and make your sales transaction streamlined and stress-free.
Buyers
Just because it is a seller’s market does not mean that buyers are out of luck, or that they should put off their dreams of owning a home in the second-largest city in the evergreen state. Homes in Spokane proper as well as surrounding communities are all appreciating, and trends indicate that real estate in Spokane County is not only holding its value, but appreciating nicely. And while no one can predict that real estate will continue to appreciate at its current pace, chances are that buying now is still a wiser option than trying to “wait it out” for a downturn that is unlikely to come anytime soon. The natural appeal of this area will continue to make this a desirable place to live.
If you want to buy property in Spokane, work with an experienced real estate group. We can keep you abreast of house purchasing opportunities as they come on the market, and help you to beat your competitors when it comes to finding and acquiring your dream home.
Whether you’re buying, selling, or investing in Lilac City, our team is ready to handle all of your real estate needs. Contact Legacy Group Real Estate today, and find the guidance you need to make your next real estate move in the Spokane area.