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Spokane's housing market dips, but remains hot despite cooling temperatures

Local realtors say Spokane's housing market is starting to slow down slightly but prices are still higher than average.
For sale sign in front of a house.

SPOKANE, Wash. — Historically, the housing market slows down during the cooler months. While Spokane is seeing a slight dip in prices and competition fall, local realtors say the housing market is still hot.

The change in the market comes partly as winter is looming but local realtor Marianne Bornhoft says a slight increase in inventory is also contributing to the cooldown. She said there are 3-5% more houses on the market compared to spring and summer 2021.

More inventory contributed to median house prices decreasing. During spring and summer 2021, the median home price was 30% above average. Fall 2021 prices are 21% above average.

"It's a good mix," Bornhoft said. "We're really going into fall with more of a healthy expectation for everyone."

Bornhoft added that sellers will need to be more realistic about pricing their homes. As for buyers, they will have more options on the market but should still expect inflated prices and competition against other buyers. 

Despite the inflation, several local realtors shared that they are not expecting Spokane's market to crash.

"Spokane is its own little bubble," Bornhoft said.

The realtor explained that a lot of people have been buying houses with cash. That means there is a lot of equity in the housing market, making it a strong market for investment.