According to stats provided by Realtor, housing in Spokane, Washington, has gone up 42.175% since April 2019. With the current sold price being 2.13% above asking.
While inflation continues to hit the nation and the city, housing prices will continue to rise. With the rise in inflation, it could be hard to see the housing market in Spokane stay competitive for local home buyers.
With the current jumps in housing costs, things will likely continue to grow, barring a recession or other economic challenges that our country will face. Either way, we need to understand a few things about the housing market changes and the city's growth.
How much is the population growing?
We have seen housing costs jump more than 40%. There has been about a 5% growth from 2019 to 2022. This population growth isn't overly significant. However, the population that is moving to Spokane makes the difference.
Who is moving to Spokane?
According to Spokane Planner, "the phrase we have for people that move to Spokane from Seattle, Portland, San Francisco, and Los Angeles is "Tech Refugees."
The average cost of housing in all of these major cities is enormously higher than that of Spokane. So, many people are coming with more money to spend on buying houses which impacts the sale of homes here.
Essentially, these 'tech refugees' are changing the city's dynamic economically.
As more people from higher housing markets move into our lower-cost home market, it will continue to raise the costs for long-time residents of Spokane and the surrounding area.
What can you do if you want to buy a Spokane home?
The most straightforward answer to this question is to be ready to put more money on the table. If you are going to put an offer on the house, you may need to ask significantly over the asking price.
If this isn't an option for you, you may consider moving further out from the city center into smaller towns. Housing costs there might be up, but there is more opportunity to purchase with less competition.
Lastly, you may want to try house hacking. Potentially, you can buy a larger house or one with the ability to rent a room or space. This will help offset your mortgage and potentially give you the freedom to get into a home you may not have been able to before.
There are other tips for buying in a hot market, but they can be more complicated.
Spokane's housing market is growing, and it doesn't look like it is slowing down anytime soon. If you can get into a home now, it might be worth doing it and putting a little work into that home. Otherwise, you may need to find other options if you wait too long.
Either way, the housing market is going to grow.
Please note that I am not a financial adviser or realtor. However, I have purchased a home in this growing market and have done extensive research into the market trends for home buying. Please consult and realtor or financial adviser before making any decisions for you and your family.