Spokane’s housing market is on fire, home prices rising

We’ve got a park and we’ve got a river, and now Spokane has a hot housing market. Realtor.com just ranked Spokane as the top destination for potential buyers.

“More people from out of town are saying its nice, they are seeing our affordability and they are flocking here,” said Alyssa Curnutt, a real estate agent with Windermere North.

She says the influx is great for those looking to sell their homes, with home prices sky-rocketing.

“If you have a good house, in great condition and its priced well, you should be off the market in a week and get several offers,” she said.

The huge demand is driving home prices up.

“A home in Shadle that might have gone for $150,000 a few years ago, now might be pushing $180,000-ish,” she said.

But limited supply is making for a tricky market for home-buyers. Curnutt says she showed one home that already had 17 offers made on it.

“For a buyer in this market, you really need to know your limits in terms of price,” she said. “If you walk into a house know what you are willing to spend, because things are getting into wars, and prices are going up by $5,000, $10,000 and $15,000 at a time and its easy to get sucked in.”

Curnutt also points to a hot rental market contributing to the low inventory of homes on the market. She said in years prior when it was a sellers market, investors that owned rental properties would sell for a profit, and add to the home supply. Currently, investors don’t seem to be doing that as rental prices are also soaring.