Spokane’s median home price increased by 2% in June to $443,000, while housing inventory actually decreased by 12%. Even with fewer homes on the market, pending sales jumped 12% as buyers stayed incredibly active.
Pricing and Inventory
Spokane’s median home price rose 2% to $443,000 in June, while active inventory dropped by 12%. At the same time, the average sale price dipped just slightly to $484,000. Despite the dip in available homes, pending sales jumped 12% compared to the previous month. Ultimately, this means more buyers are actively writing offers on fewer properties. Because of this, prices are staying strong and have plenty of room for continued appreciation. If you look back just five years, that same $484,000 house would have cost around $240,000. Real estate is truly a long-haul investment. Previous month’s update
Rate and Economic Context
Mortgage rates remained stable through June, sitting in a much better spot than they were at the beginning of the year. In fact, inflation is officially stabilizing, which is pushing the market in a positive direction. We always say you should “marry the house and date the rate.” I have been married for 21 years now, so I guess I am still dating and looking for change! But jokes aside, sitting on the sidelines waiting for rates to plummet means you might miss out on a great financial opportunity today.
Creative Down Payment Hacks
Buyers can now use their own sweat equity to fund a down payment on a Spokane home. For example, if you buy a $220,000 house and add $20,000 in value through repairs like painting or flooring, you can use that added value as your down payment. On top of that, you can pair it with Washington State Housing Finance Commission (WSHFC) programs to cover your closing costs. The WSHFC is also rolling out a new Covenant program that offers up to 20% down as a second loan with zero interest and no monthly payments. This completely eliminates private mortgage insurance and massively increases your buying power.
Building Instant Equity
You can walk into instant equity by buying dirt and building a new construction home from scratch. Through our spec build company, Pacific Northwest Homes, we help clients build single-family houses and multifamily properties. For example, we are currently building two duplexes for a client who intends to rent them out. By the time construction finishes, he will walk into $200,000 in net equity on each duplex. That equals $400,000 in instant wealth with very little out-of-pocket cash. You can even build a duplex, live in one half with just 5% down, and rent out the other side.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you want to chat about these specific down payment programs or your financing options, you can reach Mike Hogan directly at 509-747-1300.
FAQ
In June, the median home price in Spokane increased by 2% to $443,000. Meanwhile, the average sale price sat at $484,000. Property values are staying strong as buyers continue to compete for a limited supply of available homes.
Yes, the Washington State Housing Finance Commission offers excellent down payment assistance. They are also rolling out a new Covenant program that can provide up to 20% down as a second loan with zero interest and no monthly payments.
Absolutely! If you purchase a home and add value through your own labor—like painting, roofing, or installing new flooring—you can actually use that newly created equity to cover your down payment requirements.
Building a new home or duplex is a fantastic way to create instant wealth. By purchasing land and building from scratch, buyers can often walk into hundreds of thousands of dollars in net equity immediately upon completion
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