Why Spokane’s Housing Market Shortage is Great For Spokane Home Sellers
The operation of real estate markets across the globe is greatly influenced by the forces of demand and supply. It is these forces that determine the prices of homes in any region. The same principle applies to Spokane’s Housing Market, which is currently very favorable for home sellers. This is because the demand for Spokane homes is far higher than the supply, meaning sellers earn more then they usually would.
An Overview of Spokane Housing Market
Known as the gateway to the American West, Spokane has evolved from a quiet rail town into a vibrant domestic city. It is located in Spokane County, eastern Washington, U.S. It has maintained a quiet, serene ambiance despite growing to offer numerous opportunities for its residents.
Today, people living in crowded cities like Seattle or Portland are considering moving to Spokane. One of the reasons for this consideration is the availability of traffic-free commutes. Additionally, the global COVID-19 pandemic has turned life upside-down. Spokane has particularly benefited from the pandemic with a notable increase in value following the outbreak.
How so? With many employees having the option of working from home because of the pandemic, people are relocating in record numbers to get away from the high population density and the high costs of living in cities. Notably, people are attracted to Spokane because of the proximity to the office. Fortunately, this is not a limiting factor anymore for people working from home.
Real Estate Market Trends and Statistics for Spokane
While still a competitive market, the price of houses in Spokane has been noted to continually rise in the past two years. For example, the average price of a home sold in October 2020 was $346,000. On the other hand, the price in the previous year was approximately $280,000.
Surprisingly, the demand for houses does not match the supply. There was less than a single month’s supply of inventory in Spokane’s housing market in October 2020. In normal cases, there is usually an inventory of at least 4 months waiting to satisfy the market’s demand. The demand surpasses the supply as houses sell just a few days after they are listed for sale.
Spokane Market Forecasts
As people aim to relocate to Spokane, the demand for houses in Spokane can only be expected to rise. Even though the average price of houses in Spokane already increased by 15%, this percentage is expected to continue rising. Most houses are selling above their listing price which shows just how promising the market is for sellers.
Additionally, builders in Spokane cannot keep up with the demand for houses either. At the moment, almost every builder in Spokane is already sold out of inventory. Moreover, whenever they announce new phases, they get sold out even before clearing previous waiting lists.
However, the cost of construction cannot be accurately determined in advance. This is because of the fluctuation of lumber prices as a result of the pandemic. That said, it is impossible to tell the direction which newly built prices will take in the future. Apart from the issues of cost in building, the demand for houses is expected to continue rising.
Reasons to Invest in Spokane Real Estate Market
Slowly but surely, the Spokane Real Estate Market is surpassing San Francisco and Seattle in terms of growth. Zillow Research states that it is one of the cities that investors should keep an eye on. With the pandemic redefining the ideal place to live in, the Spokane Real Estate market is a good choice to invest in. Spokane is attractive because of the following reasons:
A River Runs Through It
Nothing is more exciting than living in an adventurous area. Water activities are some of the most fun and relaxing activities for many people. Spokane has 76 lakes and rivers in its surrounding area that are perfect for rafting, kayaking, swimming, and even fishing. Residents can find a body of water if they head in any direction.
Perfect Ski Destination
Traditional Ski destinations like Colorado and Wyoming have become too expensive for most people. As costs of living skyrocket, people are looking to cut down on leisure costs. Luckily, Spokane offers an affordable ski destination for residents. Within 70 miles, Spokane covers around 5 ski areas. Some of the most popular ski areas in Spokane include Mount Spokane and the Idaho-Montana state line.
The Best Downtown in the Country
Spokane offers one of the healthiest downtown areas in the country. Unlike in other cities, it is not a neglected urban area with just packing warehouses and disorganized tattoo shops. The downtown area is overflowing with laid-back eateries, hip pubs and clubs, art, culture and a blend of chain stores and indie boutiques. This area has been restored over time and includes the Davenport Hotel from 1914 that offers a reading room filled with sofa seating where adults can read to children before sending them up to bed. There’s also the Fox theater which hosts concerts as well as theatre shows – perfect for all ages! But this article isn’t about those two sites alone. If you head down into
Low Cost of Living
Even as prices of homes in Spokane increase, they are still within the affordable range. It is almost impossible to find a similar house at this price in other towns. Services and products in Spokane are also very affordable. As people seek to save money, by all means, Spokane has proven to be one of the most affordable towns to live in.
In general, one of the most significant contributors to the high cost of living is the cost of transportation. This is especially the case for people commuting to work daily. Luckily, Spokane has minimal traffic as compared to other cities. Fuel prices and public transport charges are also not as high as in other cities, making life in Spokane very affordable.
Plenty of Education Facilities
One of the factors that parents consider before relocating to a place is the availability of education facilities. Spokane is endowed with some of the best education facilities in the country. The city hosts five universities that offer just about any course one may think of. Additionally, there are two medical schools for students who want to pursue medicine.
Spokane comes with approximately 15,000 students living in the same neighborhood. Parents will not have to worry about their kids not making new friends. Moreover, Spokane’s University District is located next to downtown. These schools give Spokane a very youthful and creative atmosphere suitable for new settlers.
Scenic Trails Throughout the City
Spokane has a centennial trail that runs from West Spokane, all the way to Idaho. It is one of the most adventurous routes to take while exploring Spokane. Residents utilize the trail for running, biking, and even just strolling. There are also many other trails that weave into the heart of the city.
A Scenic Waterfall in the Heart of Spokane’s Downtow
What is more breathtaking than the sight of a waterfall on a hot afternoon? Well, these are the perks of relocating to Spokane. Besides, not many towns are blessed enough to have a waterfall right in their downtown.
Plenty of Drinks and Beverage Supply
Metro Spokane hosts at least 27 microbreweries. For beer lovers, there is plenty to choose from in Spokane. Alternatively, wine lovers have over 25 wine tasting rooms and wineries in the metro Spokane alone. Otherwise, there are over a hundred in the whole of Spokane. Precisely, drink lovers are guaranteed to have a good time while living or visiting Spokane.
Plenty of Family-Friendly Neighborhoods
Spokane offers some of the most family-friendly neighborhoods to choose from. In fact, some are located as near as 5 minutes from downtown. With social life being neglected in the past years because of the busy economy, a family-oriented neighborhood is a plus.
Perfect Place for Sport Lovers
Spokane is an ideal home for athletes as it offers live matches for different games, including baseball, hockey, and football. From local teams to university tournaments, the city has plenty of sports entertainment. From Gonzaga Basketball games to the Eastern Washington University Eagles, sports teams regularly perform in various conferences through the year. That said, there is no single dull moment a person can have in Spokane.
Clearly, Spokane offers the best return to investors as well as home sellers. This is because of the increasing demand for houses in the area. Besides, there are plenty of reasons why many people are considering relocating to Spokane.
Spokane’s housing market can be confidently termed as a seller’s market, at least for the time being. Real estate investors and individuals owning property will benefit from the situation as is. If you are looking to sell your Spokane home or downsize, this is the market for you. Indeed, it’s better to grab the opportunity while it lasts!