In April 2024, Spokane’s average home price reached $477,000, representing a solid 3.5% increase over the previous month. At the same time, we saw active housing inventory continue to pick up across Spokane County.
Pricing and Inventory Data
Spokane’s average home price climbed to $477,000 in April 2024, reflecting a 3.5% jump from March’s $462,000 average. Active inventory also picked up across the county during the month, giving buyers more options to explore. Even with higher borrowing costs, home values in Spokane are continuing to gain strength as buyer confidence returns to the market.
Rate and Economic Context
Mortgage rates trended upward in late April, prompting the Federal Reserve to reduce its balance sheet tapering by $35 billion per month. This move slows down the Fed’s sale of mortgage-backed securities, which acts as a direct lever to help stabilize or lower mortgage interest rates. While inflation remains higher than the Fed wants, this policy shift shows officials are actively working to ease pressure on home loans without hurting employment numbers.
The Cost of Waiting vs. Market Reality
Waiting for a market crash over the last four years cost Spokane home buyers roughly $158,000 in missed home equity. Back in May 2020, Spokane’s average sale price sat at $319,000, compared to $477,000 today. Many buyers kept waiting for prices to drop, but our market actually experienced a silent crash between 2020 and 2021—a massive 30% drop in home inventory, not a drop in prices. Real estate remains a needs-based decision, and sitting on the sidelines usually means leaving serious wealth on the table.
Advice for Sellers
Spokane homeowners hold substantial equity, with national average homeowner equity sitting at $298,000 per property. You can tap into this equity to pay off high-interest debt using a Home Equity Line of Credit (HELOC) or cash-out refinance. You can also fund home updates using Fannie Mae HomeStyle or FHA 203k renovation loans, or leverage your home’s equity to buy an investment property. FREE Home Valuation
Advice for Buyers
Buyers do not need a 20% down payment or 3% interest rates to buy a home in Spokane today. You can use 0% down programs like VA or USDA loans, 3.5% down FHA loans, or 3% down conventional options. Plus, programs like the Washington State Housing Finance Commission offer down payment assistance up to 4%—and if you only need 3% for down payment, you can use the extra 1% toward closing costs.
On top of that, you can actually hold two VA loans or two FHA loans at the same time under specific rules. For FHA, if your family grows or you relocate over 100 miles, you can keep your first property as a rental after living there for 12 months and buy your next primary home with just 3.5% down.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started!
FAQ
In April 2024, Spokane’s average home sale price jumped 3.5% from the previous month to $477,000. This represents a solid $15,000 gain over March’s average of $462,000, showing continued strength in local property values despite higher mortgage rates.
The Federal Reserve announced it is cutting its balance sheet reduction by $35 billion per month. By slowing down the sale of mortgage-backed securities, the Fed is pulling a direct policy lever aimed at stabilizing and eventually lowering mortgage interest rates.
Yes, you can have two VA or FHA loans simultaneously under right conditions. For FHA, if your family size increases or you relocate more than 100 miles, you can keep your existing home as a rental after living in it for 12 months and purchase another primary residence with 3.5% down.
No, you do not need 20% down. Buyers can use 0% down VA or USDA loans, 3.5% down FHA loans, or 3% down conventional loans. Down payment assistance programs through Washington State can also cover your down payment and closing costs.
We took this month’s Ale Trail market update to Lumberbeard Brewing, located on East 3rd Avenue right across from Dick’s Drive-In in Spokane. Lumberbeard specializes in phenomenal hazy beers, so Mike grabbed a glass of Party Pants while Rich opted for a flight featuring Dope Sauce, Skate Flavor Nuggets, and Hops in Here. To round out the visit, we paired our brews with their delicious Mediterranean chicken sandwich. It’s a great spot to grab a pint and talk real estate!
