Here in Spokane, the real estate market is trying on a “not too hot, not too cold” vibe — a Goldilocks kind of moment. Let’s dig into where things stand, where they might go, and what that means if you’re buying, selling, or just watching.
📊 Market snapshot & trends
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According to Realtor.com, the median listing price in Spokane in mid‑2025 was about $460,000 (down ~2.1% YoY).
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Zillow reports average home values near $405,051, a slight dip (~0.6%) over the past year.
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In Spokane County, median home value is listed around $415,000, with over 8,000 residential properties sold in the past year.
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Some forecasts expect modest growth: perhaps 3–4% appreciation through the rest of 2025, assuming no major rate shocks.
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Inventory is loosening a bit — more homes on market gives buyers breathing room.
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Sales speed has cooled: Redfin shows median days on market ~ 26 days, vs faster movement in previous years.
🔄 What’s driving the shift?
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Rising inventory is nudging toward balance. Markets that were screaming “seller’s paradise” are softening.
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Mortgage rates remain a drag. Even modest fluctuations influence purchasing power heavily.
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Affordability constraints: income gains haven’t kept pace with prior home price leaps.
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Investor interest mixed. Some see value in rentals; others are cautious given rates and development costs.
🏡 What this means for buyers & sellers
For Buyers:
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More negotiation room exists now vs earlier in 2022–24.
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Don’t skip pre‑approval — sellers still favor solid financing.
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Watch for days on market creeping high, price cuts, or seller incentives.
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If possible, aim for homes with strong appeal (updated, low maintenance) — they’ll still stand out.
For Sellers:
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Price realistically. Overreaching still gets punished.
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Presentation matters more than ever: staging, curb appeal, repairs can tip scales.
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Be open to incentives (e.g. rate buydowns, closing help) especially if offers don’t flood in.
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Time the listing: early fall can still capture buyer activity before winter slowdown.
🔮 Outlook & strategy
We expect modest upward pressure on prices through year’s end — not wild jumps, but steady. If rates dip a bit, we could see more activity. On the flip side, if rates spike, we may see price plateaus or small corrections.
In short: we’re in a transition phase. Neither runaway seller’s market nor full buyer dominance. If you’re buying or selling in Spokane now, it's all about smart moves, local insight, and timing.
Need help dialing in your strategy (or your listing’s price)? We’ve got your back.
