Spokane active home inventory increased 36% year-over-year in November 2025, while new pending sales jumped by 20.5%. At the same time, our local median home sale price dipped slightly by 2% compared to last November. Overall, these shifting numbers show a much more stable, balanced environment as we close out the year.
Pricing and Inventory Data
Spokane median home sale prices dipped 2% year-over-year in November 2025, while closed sales dropped 3.6% during the usual seasonal slowdown. However, new pending sales surged 20.5% compared to last November, proving that buyer demand remains surprisingly healthy. Active inventory jumped 36% year-over-year, giving local buyers significantly more choices than they had a year ago.
For the full year of 2025, Spokane home values appreciated at about 1.5% overall, and total closed sales rose 2.9%. We are simple guys—a Coors Light and football kind of team—and real estate really boils down to simple supply and demand. If we had one word to describe the 2025 real estate market, it would be “stubborn.” When inventory went up, prices flattened out or cooled slightly, keeping our local market balanced.
Rate and Economic Context
Mortgage rates and average monthly payments dropped 8.2% year-over-year in November 2025, offering much better affordability than early in the year. Local mortgage rates started 2025 around 7% before settling steadily into the 6.2% to 6.25% range. Earlier in the year, tracking interest rates felt like riding a wild horse, but rates have stayed remarkably consistent since September.
The Federal Reserve cut interest rates three times in 2025 by 25 basis points each, bringing the federal funds rate to a neutral stance between 3.5% and 3.75%. Inflation held steady at roughly 2.4% over the last several months. Looking ahead to 2026, we expect rates to continue a slow, gradual downward trend like a slow-moving freight train rather than a race car. Anyone waiting for 3% interest rates to return will likely be waiting a very long time.
Advice for Sellers
Spokane sellers must price their properties accurately because active inventory is up 36% year-over-year. With more listings available, buyers can afford to be selective and compare their options closely.
Homes that are priced right and in great condition are still locking in pending sales, which jumped 20.5% in November. However, overpricing your home in today’s market means it will sit while competing listings capture buyer attention. [LINK: Home Valuation page] Check your home’s current value to see where your property stands in today’s balanced market.
Advice for Buyers
Buyers in Spokane have 36% more active inventory to choose from today compared to last year, making it a fantastic time to shop. Mortgage rates have dropped 10% year-to-date, lowering monthly payments significantly compared to the start of 2025.
Right now, monthly mortgage payments on many local homes are starting to align closely with area rents of $2,300 to $2,400 per month. Instead of paying someone else’s mortgage without the freedom to paint walls or host friends, owning gives you long-term equity and stability. [LINK: previous month’s update] Review our past update to see how inventory has grown this season.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you have lending questions, reach Mike Hogan at Chimney Rock Mortgage by calling 509-747-1300.
Frequently Asked Questions
Spokane median home prices dipped 2% year-over-year in November 2025, but overall home values appreciated about 1.5% for the full year. This steady pace reflects a healthy, balanced market rather than dramatic price swings or crashes.
Mortgage rates in Spokane dropped about 10% year-to-date in 2025, settling near 6.2% to 6.25%. While rates have stabilized significantly compared to earlier in the year, future drops will likely be slow and gradual.
Yes, active housing inventory in Spokane increased 36% year-over-year in November 2025. This increase gives local homebuyers significantly more choices and negotiating power compared to recent years.
Local monthly mortgage payments are becoming very competitive with average Spokane rent prices of $2,300 to $2,400 per month. Buying allows you to build home equity, customize your space, and enjoy fixed monthly housing costs over time.
End-of-Year Lunch at No-Li Tap House
We wrapped up our final update of 2025 over lunch at No-Li Tap House! Located right along the Spokane River near Gonzaga, the tap room is always a great spot to grab appetizers, fresh food, and great local brews. It was the perfect place to reflect on a stubborn but solid year in Spokane real estate!
