The real estate market in Spokane collapses but remains hot

Local brokers say the Spokane housing market is slowing down a bit, but prices are still above average.

SPOKANE, Washington – Historically, the real estate market slows down during the cooler months. While Spokane is seeing a slight drop in prices and a drop in competition, local brokers say the property market is still hot.

The change in the market comes in part because winter is looming, but local realtor Marianne Bornhoft says even a slight increase in inventory will help cool down. She said there are 3-5% more homes on the market compared to spring and summer 2021.

Increased inventory contributed to the decline in average house prices. In spring and summer 2021, the average home price was 30% above the average. The prices for autumn 2021 are 21% above average.

“That’s a good mix,” said Bornhoft. “We really go into fall with healthy expectations for everyone.”

Bornhoft added that sellers need to be more realistic when pricing their homes. Buyers will have more options in the market, but expect inflated prices and competition from other buyers.

Despite the inflation, several local brokers said they don’t expect the Spokane market to collapse.

“Spokane is its own little bubble,” said Bornhoft.

The broker stated that many people bought houses with cash. This means that the housing market has a lot of equity, which makes it a strong market for investment.

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