What Could a Jumbo Loan Do For You in Spokane? | October 2024 Market Update

Spokane’s average home price reached $502,000 in October as local housing supply expanded to a solid 3.4 months of inventory. We sat down for this month’s market update with Mike Hogan and Brandon Marchand, since Rich is away at the Seahawks vs. 49ers game. (As a quick aside, Rich is actually a 49ers fan and tends to be bad luck when he attends, so we’ll see how that turns out!)

Pricing and Inventory Data

Spokane’s average home sale price rose to $502,000 in October, while active inventory took its largest month-over-month jump to hit 3.4 months of supply. To put that in perspective, our inventory is up a full two months compared to 2022 levels. Because of this jump, we are officially sitting in a balanced real estate market. Homes are staying on the market longer, so buyers finally have a chance to take a breath and tour multiple properties before making a choice.

Rate and Economic Context

Mortgage rates shifted slightly higher recently as strong employment data reduced the likelihood of aggressive Federal Reserve rate cuts. About ten days ago, mortgage rates were at their best levels in two to three years. However, a surprisingly strong September jobs report and revised summer layoff numbers caused rates to tick back up. On top of that, core inflation remains slightly elevated at roughly 3.3%. So, a major 50-basis-point rate cut at the November Fed meeting is likely off the table.

Meanwhile, Mike shared some big news on the mortgage side: his team has merged with Synergy One Lending! While they wait for state approval to keep using the Chimney Rock Mortgage name, they are flying the Synergy One flag. This merger brings even more competitive rates, lower fees, and an upgraded tech stack to help buyers close smoothly.

Coeur d’Alene and North Idaho Market

In Kootenai County and Coeur d’Alene, well-conditioned homes priced under $400,000 continue to draw multiple offers despite broader market balancing. While higher price points are taking longer to sell, the starter and mid-tier markets remain highly competitive. So, if you are looking to buy in North Idaho right now, you need to work closely with your agent to build a specific strategy based on your exact price point.

Advice for Sellers

Spokane sellers must price competitively and ensure their property is in top-notch condition to succeed in today’s balanced market. Right now, selling a home is both a price war and a beauty pageant. Because inventory has increased, buyers have more options to choose from. Expect to see longer days on market and more buyers asking you to cover closing costs or offer concessions, which certainly wasn’t the case in 2022. FREE Home Valuation page

Advice for Buyers

Spokane homebuyers enjoy greater leverage, more time to compare properties, and higher conventional loan limits than in previous years. In fact, the projected conventional conforming loan limit is increasing to $826,250 next year. This means you can purchase a home up to roughly $1,000,000 with a 20% down payment using standard conventional financing. You no longer have to jump through the stricter hoops of a jumbo loan just to buy a larger property. Previous month’s update.

Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started!

P.S. It’s almost time for our annual Pie Event! Every year, we give out apple and pumpkin pies to our past clients as a thank you. If you are a past client and haven’t heard from us yet, reach out to our office at 509-990-SOLD or email office@spokanehomeguy.com so we can get you on the list!

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