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Are you thinking about buying a home in Spokane, Washington in 2024? If so, keep reading. We have compiled a variety of statistics and trends to help you get a sense of where the Spokane real estate market is now – and where it might be going.
Seattle may be known as the hottest housing market in Washington State. But while it is certainly a desirable place to live, there are several other nearby markets that offer amazing opportunities at a fraction of the price, and that includes Spokane.
Here are five things you should know about buying a home in Spokane, with an emphasis on mortgage rate trends and housing market conditions.
According to Zillow, the median home price in and around the city rose to $386,037 by the spring of 2024, and the trend continues.
Despite this trend, Spokane remains an affordable location for home buyers, especially when compared to most cities in the western part of the state. The median home value in Seattle, for instance, has reached around $879,412.
Home prices in Spokane have inched up by 0.9% over the last year or so, but they are still relatively affordable for home buyers. In fact, the city has one of the highest affordability rankings in the state. This is good news for those who are thinking of buying a home in Spokane in 2024.
Related: Average down payment in Spokane
According to housing analysts and economists, house prices in the area could rise even more over the next 12 months. This forecast for the Spokane housing market was issued in April 2024.
Granted, this is just a forecast. So you shouldn’t get too wrapped up in the numbers. The point is that economists expect home prices in Spokane to continue rising (to some degree) through 2024. This is not surprising, given the current inventory situation in the city. Which brings us to item #3…
According to the local Realtors association, Spokane had about a 2-month supply of homes for sale during early 2024. That is well below the six months of supply that’s considered to be a “balanced” real estate market. So it seems that Spokane is still very much a sellers’ market, according to local real estate professionals.
This is a trend we are seeing across the state of Washington, and it will affect those who are planning to buy a home in Spokane in 2024. It’s common for homes in desirable areas to elicit multiple offers within days of being listed for sale – and sometimes within the very first day.
As a result of these housing market trends, those planning to buy a home in Spokane in 2024 should be prepared for stiff competition. Even with additional construction in the area, the supply-and-demand situation will likely favor sellers for the foreseeable future.
On April 25, 2024, Freddie Mac reported that the average rate for a 30-year fixed home loan was 7.1%. Rates have been inching up over the last few months and are a bit higher now (in April 2024) than they were a few months earlier. It’s forecasted that rates could continue to trend higher.
In 2024, interest rates are expected to dip to 6.1% by the end of the year, according to the Mortgage Bankers Association. That is important information for anyone who is looking to buy a home in Spokane in 2024.
Housing and mortgage rate forecasts are the equivalent of an educated guess. There’s always a chance they could prove inaccurate over time. But the general consensus seems to be that mortgage rates and home prices in Spokane will increase in the months ahead.
Real estate professionals in the Spokane area stress the importance of pre-qualifying for financing, before entering this competitive housing market. And this is an area where we can help you.
Our company has been helping home buyers across Washington State for decades. We can review your financial situation to determine if you’re a good candidate for a mortgage loan. We could also pre-approve you for a loan, to give you an advantage in the market. Please contact our staff with any mortgage-related questions you have, or to get the process started.
If you have any queries about home loans in Washington State or any other part of the Pacific Northwest, Sammamish Mortgage can help. We are a family-owned and operated mortgage company serving the Pacific Northwest since 1992. We currently lend in all of Washington, Colorado, Oregon, and Idaho, and are pleased to offer many mortgage programs and flexible qualification criteria. Get in touch with Sammamish Mortgage today!
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.