The Spokane real estate market is seeing a massive surge in spring activity, with new pending sales up over 42% month-over-month. While prices remained incredibly stable through March, a 52% jump in new listings is finally giving buyers more options to choose from.
Pricing and Inventory
New housing listings in Spokane surged 52% month-over-month in March, while home prices remained stable with less than a 1% drop year-over-year. We are finally getting some inventory back, which is fantastic to see. In fact, new listings are up 21% compared to this time last year.
Because we have more homes available, buyers are actively jumping into the market. Closed sales ticked up almost 16% month-over-month. More importantly, new pending sales—which give us a great look at the next 30 to 60 days—skyrocketed over 42% month-over-month and are up 21% year-over-year. Prices barely moved, dropping just 0.6% for the month.
Rate and Economic Context
Mortgage rates stayed pretty flat through March, but recent tariff news has actually pushed rates slightly lower today. We are sitting near the lowest rates we have seen in almost two years. When the new tariffs were announced, the financial markets reacted immediately.
There is a lot of talk about whether these tariffs will push us into a recession. However, recessions are typically very good for mortgage rates and home buyers. If tariffs increase inflation, the Fed might reduce the overnight rate to compensate. On the flip side, if tariffs slow down consumer spending, inflation naturally comes down. Either way, there are some real potential positives for mortgage rates going forward.
Advice for Sellers
With new listings jumping 52% month-over-month, sellers are going to see more competition this spring. Because inventory is growing, you are not the only house on the block anymore. That said, buyer demand is incredibly strong right now.
Pending sales are up over 21% year-over-year, so people are absolutely out there writing offers. If you price your home correctly and make it stand out, the buyers are ready. Home Valuation page. We can help you look at the exact numbers for your neighborhood so you know how to position your house to sell.
Advice for Buyers
Spokane buyers finally have more options to choose from, thanks to a 21% year-over-year increase in new listings. Because we are not in a super tight market anymore, this is really advantageous for you. You can actually look at a few different homes before making a decision.
With rates stabilizing and prices holding steady, your purchasing power is strong. A recession or economic shift might actually improve rates further, but trying to perfectly time the market is always a gamble. If you are ready to buy, there are great options out there right now. Previous month’s update.
The Case for Real Estate Investing
Buying an investment property is easier than ever right now using a DSCR loan, which relies on the property’s rent rather than your personal income. We spent a lot of time this month talking about the power of real estate investing. Over the last 75 years, real estate has only seen a negative return in seven of those years. Even in 2008, when the national market saw double-digit losses, Spokane was insulated and dropped less than 10%. Check your local weather, not the national weather!
When you put 20% down on a $400,000 house, you get the appreciation on the entire $400,000 asset. If that house goes up 5%, your cash-on-cash return is massive. Plus, your tenant is paying down the loan, and you get incredible tax benefits through depreciation. With sub-7% rates on DSCR loans, you don’t even need to show tax returns to get started—just a lease and enough assets for reserves.
Looking to buy, sell, or invest? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you have questions about investing strategies, you can reach Rich directly at 509-435-3287, or call Mike for lending options at 509-747-1300.
Frequently Asked Questions
No, home prices in Spokane are highly stable. Prices dropped by just 0.6% in March and are down less than 1% year-over-year. With strong buyer demand and a steady market, we do not expect any massive price drops.
Yes, active housing inventory is growing. We saw a 52% jump in new listings month-over-month in March, and new listings are up 21% year-over-year. This gives Spokane home buyers many more options to look at.
Tariffs can actually help lower mortgage rates. If tariffs slow consumer spending, inflation naturally drops. If tariffs increase inflation, the Federal Reserve may reduce the overnight rate to compensate. Either scenario can lead to better borrowing conditions for homebuyers.
Yes, real estate is historically very stable. Over the last 75 years, real estate has only seen a negative return in seven years. Even during the 2008 housing crash, Spokane was insulated and did not experience the double-digit losses seen nationally.
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