Spokane makes list for highest home price growth for 2022
SPOKANE, Wash.– If you thought it was pricey to buy a home in Spokane already, it could get even more expensive in the next year.
A report by National Mortgage News ranked Spokane number eight on its list of cities with the “highest home price growth forecasts for 2022.”
The website dedicated to covering the mortgage sector in the U.S. said the forecast home price change for the city could be 24.2 percent by May 2022.
“It’s absolutely beautiful here. It’s hard to drive more than 20 minutes without hitting a lake and it’s very mountainous. But we also have an actual city with an international airport so it’s easy to travel. It’s an hour flight to Seattle, it’s an hour to Boise, you can get to LA very quickly,” the website said about Spokane. “And you can be here and still have a lot of the conveniences that you want out of a city. We’ve got fantastic restaurants, great shopping but then you still have that small-town feel. And it’s very, very spread out. We have all four seasons. It’s amazing here.”
The report said some buyers are frustrated because the homes they could have afforded a few months ago are now out of their price range.
“Buyer demand in the area is incredibly strong.”
The website made its list by using information from Zillow that predicts the year-over-year home price growth by May 2022 in the 100 largest metro areas.
Fortune Magazine ranked Spokane sixth on its list of the 10 most overpriced housing markets in the entire nation. Homes in the area are selling for 45 percent more now than compared to earlier years.
Fortune said the reason for the boom in people moving is the work-from-home movement taking place during the COVID-19 pandemic. Workers are trading in long commutes and packed city living for quieter suburbs with a lower cost of living.
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