September 2022 Spokane Market Stats, compared to Sept. 2021 are showing a vastly different market enviroment, and the trend is continuing ,to change- mostly due to the increased interest rates. In May 2022, our % year over year was 20% increase in value. It is now 7.9% increase year over year, so yes prices have fallen sharply, but still are well over this time last year. The fact that there were 30% less closings in Sept. 2022 than the year before, is very significant. Sellers need far more patience, and buyers are frusterated that they have to look in lower price ranges now, due to the drastic interest rate increases. All in all, there is little to no resemblence to how the market was just this past Spring- and today.
However- there are still people who need or want to move- and that will never change :) Life happens!
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