Spokane Housing Market Report: November 2025 Analysis

Spokane's housing market has transitioned to a more balanced state as we reach November 2025. Average home values stand at $405,051 (down 0.6% year-over-year), while the median sale price is $370,000 (up 1.4% year-over-year). These modest changes reflect a market finding equilibrium after years of rapid appreciation.

The most significant development is the surge in housing inventory—up 44% year-over-year. With 2.8-3.0 months of supply available, we're approaching more normal market conditions. This inventory growth provides buyers with substantially more choices than they've had in years, while still maintaining reasonable competition.

Price Dynamics: The Full Picture

These numbers tell an important story: while 37.6% of homes still sell above asking price (indicating solid demand), 31% sell below asking. With a sale-to-list ratio of 99.7%, homes are selling very close to their asking prices. This indicates pricing accuracy is essential—overpriced homes sit longer, while well-priced properties continue to move within 16 days on average.

Inventory Growth: More Choices for Buyers

The 44% year-over-year inventory increase is the most significant market shift in Spokane this year. With 2.8-3.0 months of supply (approaching the 6-month level that signals a balanced market), conditions have normalized considerably. This means:

• Buyers have significantly more choices than they've had in years, with less pressure to rush decisions
• Sellers must price realistically—42.9% of homes experience price drops (up 11% year-over-year)
• Competition persists for well-priced homes in desirable neighborhoods like South Hill, Kendall Yards, and University District

Market Activity & Sales Volume

September 2025 saw 260 homes sold, up from 244 the previous year—a 6.6% increase in sales volume. Year-to-date, home sales are up 8.7% compared to last year, demonstrating continued market activity despite the cooling pace. New listings are up 8.9% year-over-year, contributing to the inventory growth.

Days on market have increased to an average of 28 days (up from 22 last year), though hot homes in prime locations still go pending in 8-13 days. The typical time to pending is 16 days, showing that well-priced, well-presented homes continue to move quickly despite the increased inventory.

Market Timing: What This Means for Late 2025

For Sellers: Strategic presentation and realistic pricing are essential. Homes priced accurately sell within 16 days on average, but overpriced properties languish. With 42.9% of homes experiencing price drops, it's better to price right from the start than to chase the market downward.

For Buyers: This is the best buyer environment in years. More inventory, stabilizing prices, and less frenzied competition create opportunities for strategic purchases. However, location matters more than ever—neighborhoods like South Hill, Kendall Yards, and University District continue to show the strongest demand.

Looking Ahead: Winter & Spring 2026

The market is stabilizing rather than experiencing major swings. Spokane's fundamentals remain solid:

• Population growth continues to drive steady housing demand
• Spokane remains affordable relative to Seattle and Portland (about 10% higher than national average)
• Strong rental demand supports investment property values
• The local economy remains diversified and stable

I anticipate modest price appreciation of 1-3% through winter, with traditional spring activity bringing renewed momentum in 2026. This slower pace is healthier and more sustainable than the dramatic increases of recent years, allowing the market to maintain long-term stability.