SPOKANE, Wash. — In the midst of population growth and development, the Inland Northwest's housing market is rapidly changing.
The Spokane and Coeur d'Alene Associations of Realtors both released year-end information regarding how the housing market changed throughout 2019.
The information outlining Spokane's market pertains to any houses or condos that are located on less than an acre of land, whereas the Coeur d'Alene information includes houses on up to two acres of land.
Here's a breakdown of the reports:
In Spokane, 7,922 homes were sold over the course of 2018. Coeur d'Alene had 3,440 homes sell in that year.
Even though the physical number of homes sold in Spokane is higher, the city's number of sales actually decreased by 5% from 2018 to 2019. As for Coeur d'Alene, their numbers remained fairly steady between the two years.
The median price that a house sold for in both Spokane and Coeur d'Alene increased by 10%. That means, in theory, if a house sold for $200,000 in 2018, that same house would have sold for $220,000 in 2019.
Now the average price for a house in Spokane is $283,600. In Coeur d'Alene, their median home price is up to $308,375.
Looking at the Spokane reports from years past, those numbers have been increasing steadily for years. But within each year, the numbers fluctuate dramatically from month to month.