Temperatures are cooling, and so is the Spokane housing market. What you need to know.

I analyzed the data in the Spokane real estate market trends over the last 3 Novembers, 2021-2023.

Here’s what the data tell me.

There has been a consistent decline in sales in each November

At the same time there has been an increase in active listings, from 998 in November 2002 to 1,094 in November 2023.

During this time, average sales prices have fluctuated, from $405,189 in 2021 to $440,732 in 2022, before it decreased slightly to $422,993 in 2023, indicating a 4% overall decrease in prices.

This slight decrease in sales price indicates that sellers are adjusting their expectations to align with market conditions (increased listings/ reduced demand).

If you are a Buyer…you’ll have a broader range of options to choose from with better pricing then before. This means that you can either save on a purchase or buy more home for your existing budget. You will also have better negotiation leverage to seek better pricing and terms.

If you are a seller, accurate pricing is crucial to attract buyers in a market with increased inventory. Presentation matters. Do the small things that make your home stand out. Clean, repair, stage your home, work on curb appeal and the small things that don’t cost a lot but increase visual appeal. It will all make an impact and help your home stand out from all the others.

For monthly data, see link below for graphic reports that will help keep you up to date on the latest market trends.

Previous months market data