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Average Home Price in Spokane, WA: Understanding the Local Real Estate Market

Spokane’s real estate market continues to thrive as home prices rise and demand remains high. Understanding local home prices is crucial for potential homebuyers and sellers to make informed decisions. As a professional and experienced realtor, Nick Briggs offers valuable insights into the Spokane market, ensuring clients are well-equipped to navigate this competitive landscape. Read more to better understand the average home price in Spokane, WA.

Current State of Spokane’s Real Estate Market

In Spokane, the real estate market heavily favors sellers. With high demand and limited inventory, home prices continue to rise, making it crucial for both buyers and sellers to understand the factors influencing these prices. Some of the key factors include the desirability, proximity to amenities, and the overall state of the local economy. Compared to nearby cities, Spokane has experienced a notable increase in home prices, reflecting the growing popularity of the area.

Average Home Price in Spokane, WA

The median sold price for homes in Spokane is a crucial metric for potential buyers and sellers. In September 2023, the median sold price was $375,355, reflecting a 4.1% increase from the previous year. The median price per square foot stood at $200, further indicating the growing value of properties in the area. It is also important to note that home prices in Spokane vary based on the number of bedrooms. For instance, 1-bedroom homes experienced a 1.8% decrease in price, while 4+ bedroom homes saw a 2.1% increase. This information can help buyers and sellers make informed decisions when navigating the Spokane real estate market.

Home Sales in Spokane, WA

In September 2023, there were 1,335 homes for sale in Spokane, representing a 5.4% increase from the previous month. A total of 292 homes were sold during this period, with 41% selling below the asking price, 33% at the asking price, and 26% above the asking price. This data highlights the competitive nature of the Spokane real estate market. Additionally, homes in Spokane spent an average of 23 days on the market, a 16.9% increase from the previous year. This information is essential for both buyers and sellers to better understand the local market dynamics and make well-informed decisions.

Spokane Neighborhoods and Their Home Prices

Home prices in Spokane can vary greatly depending on the neighborhood. Some of the city’s popular neighborhoods boast unique features and amenities that can affect property values. By examining the average and median home prices in each neighborhood, potential buyers and sellers can better understand the local market trends and make more informed decisions. By taking these factors into consideration, buyers and sellers can better navigate the Spokane real estate market and find the perfect neighborhood to suit their needs and preferences.

Market Competitiveness and Home Sale Trends

Properties typically spend around 19 days on the market, indicating strong demand and a fast-paced environment. Hot homes, or those with multiple offers and high interest, can sell for about 2% above the list price and go pending in as few as 5 days. Understanding these trends helps both buyers and sellers strategize effectively in the Spokane real estate market, ensuring they can make well-informed decisions and achieve their goals in this competitive landscape.

Risks and Environmental Factors Affecting Spokane’s Real Estate Market

Spokane is subject to certain environmental risks, including flood, wildfire, and wind hazards. Additionally, climate change has led to increased heat-related risks, with the number of days over 93°F expected to rise significantly over the next 30 years. These factors can have a direct impact on home prices, as potential buyers weigh the risks associated with specific properties and neighborhoods. By being aware of these risks and their potential effects on the real estate market, both buyers and sellers can make more informed decisions when navigating the competitive landscape of Spokane’s housing market.

Spokane’s Walkability, Transit, and Bikeability

Spokane has varying scores when it comes to walkability, transit, and bikeability, with a walkability score of 49/100, a transit score of 36/100, and a bikeability score of 52/100. These factors are important for homebuyers to consider, as they can greatly impact the overall lifestyle and convenience of living in a particular neighborhood. Properties in areas with better scores in these categories may have higher demand, which can in turn influence home prices. By evaluating these factors, potential buyers can make more informed decisions when selecting a home that best suits their needs and preferences in Spokane’s real estate market and the average home price in Spokane, WA.

Working with a Local Realtor: Nick Briggs

Collaborating with a local realtor, such as Nick Briggs, provides numerous advantages for both homebuyers and sellers in Spokane. With a deep understanding of the local real estate market and a personal connection to the community, Nick Briggs offers expert guidance, negotiation skills, and personalized services tailored to each client’s needs. His background and experience, including a Bachelor’s Degree in Business Administration from Gonzaga University, ensure that clients receive the highest level of support in achieving their real estate goals. By choosing Nick Briggs, clients can benefit from a wide range of services, from property search options and financial calculators to informative blog articles and personalized assistance throughout the buying and selling process.

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