September 17, 2026

Despite everyone waiting for a housing crash, Spokane's median home price is holding strong at $434,000. Higher rates haven't tanked home values, but they have definitely changed how we negotiate.

Pricing and Inventory

Spokane's active inventory is up 17% year-over-year to roughly 3,900 homes, but the median price remains stable at $434,000. People expected demand to crash hard enough to bring prices down with it. But it just hasn't happened. In fact, if you look back at the last three years, we've actually seen a 1% appreciation in the median sale price. So, while you definitely have more houses to choose from right now, don't expect a massive discount on the sticker price.

Rate and Economic Context

The 30-year national average mortgage rate recently hit 7.17%, driven by the 10-year Treasury reaching its highest point since 2007. We joked at the start of our meeting about "which depressing part do we want to start with first," but the reality is rates have deteriorated over the last few weeks. The Treasury is buying $6 billion a month in notes, but the market wanted $10 billion. As the old saying goes, "buy the rumor, sell the news." Plus, remember that the Fed raising rates by a quarter percent doesn't directly dictate your mortgage—it mostly impacts consumer debt like credit cards.

Advice for Sellers

Offering a financial concession for a rate buy-down is usually much better for your bottom line than simply dropping your asking price. Nationwide, 42% of homes on the market have had a price reduction. However, a $10,000 price drop only saves a buyer about $60 to $70 a month. If you take that same $10,000 and use it to buy down their interest rate by half a percent, it saves them almost $200 a month. It protects your property's overall value, and it actually costs you less money in the long run. Home Valuation page.

Advice for Buyers

You can beat high interest rates by negotiating with the seller for temporary or permanent rate buy-downs. Builders are already doing this across the board. Recently, a builder spent $29,000 in concessions just to get one of our clients into a low rate. If you are entering the market right now, there is real opportunity to make your monthly payment affordable. We just have to get creative with the financing. Honestly, both parties might walk away a little unhappy with the compromise, but that's exactly how a good negotiation works to get the deal done. Previous month's update

Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you want to explore creative financing and rate reductions, you can also reach our lending side directly at 509-747-1300.