While home prices nationwide continue to sag - there are still some very bright spots in the housing market, and Spokane, Washington is one of them! A recent article, Ten Rising-In-Value Real Estate Markets by Deborah Orr of Forbes.com listed 10 markets that are bucking the trend:
Salt Lake City, Utah
Median Home Price: $233,100; One-Year Increase: 21.9%
Median Home Price: $111,200; One-Year Increase: 19.8%
Median Home Price: $227,900; One-Year Increase: 16.7%
Median Home Price: 201,900; One-Year Increase: 14.0%
Median Home Price: $274,500; One-Year Increase: 12.8%
Beaumont-Port Arthur, Texas
Median Home Price: $127,700; One-Year Increase: 11.8%
Median Home Price: $157,800; One-Year Increase: 11.2%
Glens Falls, N.Y.
Median Home Price: $175,700 One-Year Increase: 10.7%
Median Home Price: $197,700; One-Year Increase: 10.4%
Median Home Price: $109,300; One-Year Increase: 9.3%
Here's what the author had to say about Spokane: "Californians are moving up to this valley in inland Washington, driving up prices and leaving locals grumbling about crowded new developments and the lack of affordable housing. Though fewer new homes are under construction, and more "For Sale" signs crop up daily, Spokane is still a bargain. Median prices here are less than a quarter of those in San Francisco and a third of those in Los Angeles."
I know a lot of agents who seem to think the Spokane market is not good, but I say "compared to what?" The main issue we are experiencing now is the large inventory of homes on the market, and that is having a slight drag on prices and stretching out the time it takes for homes to sell. But overall, we have nothing to complain about. Particularly if you are looking to purchase a home in the Spokane area, now is a great time. Call me at 509-270-0782 and let's get started!