Spokane’s Skyrocketing Home Prices Outpace National AverageSpokane’s Skyrocketing Home Prices Outpace National Average Spokane, Washington is experiencing a surge in home prices that is far outpacing the national average. According to the latest data from the Spokane Association of Realtors, the median home price in Spokane County reached $450,000 in May 2023, a 25% increase year-over-year. This increase is significantly higher than the national median price gain of 10% during the same period. As a result, Spokane is now ranked among the top cities in the country for home price appreciation. Several factors are contributing to Spokane’s hot real estate market, including: * Strong local economy: Spokane has a diversified economy with a growing technology sector and a strong healthcare industry. * Low interest rates: Historically low mortgage rates have made homeownership more affordable, driving up demand. * Limited supply: The supply of homes for sale in Spokane is tight, leading to bidding wars and higher prices. * Influx of out-of-town buyers: Buyers from more expensive coastal cities, such as Seattle and California, are relocating to Spokane in search of more affordable housing. The rapid increase in home prices has raised concerns about affordability in Spokane. Many first-time homebuyers and low-income families are now priced out of the market. To address this issue, the Spokane City Council is exploring various measures, such as increasing affordable housing units and providing financial assistance to low-income homebuyers. Despite the affordability concerns, the strong housing market is expected to continue in the near future. Low interest rates, limited supply, and an influx of buyers are likely to keep prices climbing. However, experts caution that the market could cool down if interest rates rise or the economy weakens. Homeowners should be aware of these potential risks before making any major decisions.