SPOKANE COUNTY, Wash. — Home prices in Spokane County continue to rise to record levels and now the market is starting to pick up too.
A new monthly report from the Spokane Association of Realtors revealed the median sales price in Spokane County hit $429,998 in March, shattering a record set just one month prior. From February to March, the median price increased 7.7%, while the median price is up 26.3% from the same time in 2021.
While the record prices are certainly noteworthy in this boomtown, it is not unexpected. Prices have been steadily increasing since 2011.
Tom Hormel, President-Elect of Washington Realtors previously told KREM 2 the median price can be deceiving, depending on the inventory that closed in any given month.
“It's a view of the market in a one-month cycle," Hormel said.
Some good news for buyers is a big increase in the number of homes on the market. The inventory in March was up 26% compared to February and closed sales jumped 54.8% in the past month.
That being said, the inventory is still extremely low.
The Spokane Association of Realtors reported the housing inventory dropped to just half-a-months’ worth in March. A healthy level is considered a 5-and-a-half month’s supply.
Homes that are hitting the market are selling quickly, with the median number of days on the market at just four.
"Buyers are outpacing sellers," Hormel told KREM 2 last month. "As long as that keeps happening median sales will fluctuate and go up."