Whether you’re buying your first home or your fifth, understanding the current market gives you an edge.
Here's what you need to know about conditions right now and how to use them to your advantage.
SPOKANE MARKET SNAPSHOT
- Inventory is rising, giving buyers more choices but well-priced homes still move fast.
- Average days on market: Over 60 for many listings, but desirable homes under $450K often go pending within a week.
- Price trends: Prices have held relatively stable year-over-year, but sellers are increasingly flexible; especially on stale listings or homes needing updates.
- Negotiation leverage: Back-on-market listings, vacant homes, and those with long days on market often present the best deal potential.
INTEREST RATES
- Current range: Interest rates have hovered between 6.5% and 7.5%.
- Even small rate changes can impact your monthly payment by hundreds or your purchasing power by tens of thousands.
- Tip: Don’t just shop homes, shop lenders. Compare quotes early and recheck them often, especially if rates drop mid-search.
TIMING THE MARKET VS. TIME IN THE MARKET
- Most home value gains come from long-term ownership and strategic improvements, not from buying at the absolute bottom.
- If you’re financially ready and find a home that fits your goals, buying sooner can lock in future appreciation and start building equity now.
WHERE SMART BUYERS LOOK FOR OPPORTUNITY
Thanks to recent zoning changes across Spokane (House Bill 1110), more properties now allow:
- Accessory Dwelling Units (ADUs)
- Duplex, triplex, and fourplex conversions
- Reduced parking and density restrictions
Neighborhoods that were once limited to single-family homes now offer more flexibility; meaning more upside for buyers thinking ahead.
Equity Tip: Even if you don’t plan to develop, buying in a newly flexible zoning area increases long-term resale appeal.
WHAT THIS MEANS FOR YOU
- Get pre-approved before you fall in love with a home. You need to move fast when the right one hits.
- Budget with interest rates in mind. What you can afford today may change next month.
- Look beyond the surface. Poorly marketed or long-sitting listings often present the best negotiation opportunities.
- Pay attention to zoning. Today’s smart buyers are choosing properties with long-term flexibility, not just curb appeal.
