Spokane’s average home sale price reached $489,000 in November, showing steady price stability despite shifting mortgage rates. Meanwhile, new pending sales fell 24% as seasonal slowdowns took effect across the region. As inventory stays tight, property values continue to hold firm heading into the new year.
Pricing and Inventory Data
Spokane’s average home sale price held firm at $489,000 in November, representing a 2.5% increase year-over-year. Nationwide, average home prices hit $350,000, marking an all-time high. In Spokane, pending sales fell 24% month-over-month, while new listing inventory also saw a double-digit decline. So, seasonal slowdowns naturally reduced market activity on both sides. However, because new listings dropped right along with buyer demand, overall prices stayed remarkably stable. In fact, tight housing supply prevents property values from dropping, giving both buyers and sellers a predictable market. Previous month’s update
Rate and Economic Context
Mortgage rates recently moved into the mid-6% range, improving significantly from the 7% rates we saw earlier this year. While recent Producer Price Index inflation reports created a temporary upward tick, long-term rate trends are gradually improving. In fact, getting a mortgage rate down into the 5% range today would cost roughly $20,000 in points. Because paying $20,000 upfront is so expensive, buyers are much better off using a temporary rate buydown or refinancing later when market rates ease. Furthermore, with the stock market hitting all-time highs and inflation cooling slowly, we do not expect mortgage rates to drop suddenly into the 4s anytime soon.
Advice for Sellers
Spokane sellers continue to enjoy strong equity protection, as lower inventory levels keep average home prices steady at $489,000. Even though winter brings fewer active buyers, overall supply remains low enough to prevent price erosion. On top of that, sellers can leverage bridge loans or home equity lines of credit to prepare their homes for market before moving. For instance, you can use equity from your current home to fix up the property, maximize your listing price, and buy your next house first. FREE Home Valuation page
Advice for Buyers
Spokane buyers can now use bridge loans to purchase their next primary home using equity from their current property before selling. A bridge loan unlocks equity from your departing residence to cover your new down payment. Consequently, you can move into your new home first without racing against tight contract deadlines. On top of that, our team recently launched INW Home Buyer to connect local real estate investors with off-market properties, fix-and-flip deals, and rental opportunities. (On a lighter note, while Rich and Mike don’t agree on football—Rich is suffering through a tough San Francisco 49ers season while Mike celebrates the Seahawks sitting atop the NFC West—they completely agree that steady prices make today a great time to buy.)
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you want to join our off-market investor list, call Rich directly at 509-435-3287 or email Rich@spokanehomeguy.com.
FAQ
In November, Spokane’s average home sale price held steady at $489,000, reflecting a 2.5% increase year-over-year. Despite higher interest rates over the past year, tight housing inventory keeps local property values firmly stable as we head into the new year.
A bridge loan allows homeowners to access equity from their current house to use as a down payment on a new home. This lets you purchase and move into your next home before selling your current property or making necessary repairs.
No, buying down your mortgage rate into the 5s currently costs around $20,000 upfront in discount points. Instead of spending $20,000 upfront, buyers should consider a temporary rate buydown or plan to refinance when market rates naturally improve.
No, home prices in Spokane are expected to remain stable with modest growth of 3% to 5% next year. Because new listing inventory drops alongside buyer demand during slower months, limited supply continues to support strong home values.
This month, we are excited to introduce team member AJ Nelson! AJ has been with The Spokane Home Guy Group for five years and brings six years of licensed real estate experience. Before real estate, AJ spent several years working in the food and beverage industry. At home, he and his wife raise five kids while cheering on the Spokane Chiefs, Seattle Kraken, and Pittsburgh Penguins. AJ specializes in hosting open houses—frequently in the Shadle area—and helping families navigate distressed or foreclosure properties to find clear financial solutions. You can reach AJ directly at 509-362-3201 or connect with him on social media.
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