Let’s dive into March 2024 real estate insights for Spokane Valley, Washington.

Dated: February 26 2024

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Sellers: Why List Now in Spokane Valley

1. Strong Seller’s Market

Spokane County, WA continues to be a seller’s market. The demand for homes exceeds the available inventory, giving sellers an advantage in negotiations. If you’re considering selling, now is an opportune time.

2. Rising Home Prices

The median listing home price in Spokane County stood at $478,000 in December 2023, marking an impressive 8.6% year-over-year increase. This surge indicates a robust real estate market, attracting both buyers and sellers.

3. Favorable Sale-to-List Price Ratio

Homes in Spokane County were selling for approximately the asking price, with a sale-to-list price ratio of 99.4%. This competitive landscape benefits sellers.

4. Median Days on Market

On average, homes spent 59 days on the market in Spokane County. While this metric has seen a slight increase over the past year, it still reflects a timely sales process.

Buyers: Why Consider Buying Now in Spokane Valley

1. Attractive Interest Rates

Today’s mortgage rates in Spokane Valley are as follows:

2. Market Forecast for 2024

According to Zillow, the average home value in Spokane is currently $368,248, reflecting a 0.9% decrease over the past year. Homes typically go pending within 28 days2.

3. Spokane Housing Market Trends (December 2023)

  • Net Closed Volume: $210,835,950
  • Listings Processed: 664
  • Closed Sales: 535 Compared to the previous month, there was a decline in net closed volume, listings, and sales. However, the market remains active2.

4. Spokane Valley Real Estate Listings

2024 Market Speculation

While I don’t possess a crystal ball, the Spokane Valley market is likely to continue its upward trajectory due to strong demand, low interest rates, and favorable seller conditions. However, external factors can influence the market, so staying informed is crucial for buyers and sellers alike.

Remember, real estate decisions should align with your personal goals and circumstances. Whether you’re selling or buying, consult with a knowledgeable real estate agent to make informed choices.

For more detailed information, you can explore listings om SpokaneBestHomeSearch.com

Disclaimer: The information provided here is based on available data and market trends as of the specified dates. Always consult with a real estate professional for personalized advice. 🏡📈

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Phoenix Realty

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