Spokane's active listings have climbed to roughly 3,900 homes this July—a 12% to 15% increase year-over-year—while the median sale price remains flat at $416,000.
Our thoughts and prayers are with everyone affected by the devastating recent fires across the Spokane area, which at the time of this recording have completely destroyed 600 to 700 homes and displaced around 70,000 residents. On the real estate front, active listings have steadily increased to roughly 3,900 homes on the market, marking a 12% to 15% jump year-over-year. Despite this rising inventory, the median sale price has remained flat at $416,000 as we move through July.
Pricing and Inventory Data
Active listings in the Spokane area have climbed to about 3,900 homes without an offer, up 12% to 15% year-over-year, while the median sale price remains flat at $416,000. Interestingly, new listings actually coming onto the market are down about 15% for the month of July. However, because inventory is sitting on the market for a bit longer, the total number of available homes continues to pile up. It's a noticeable shift, showing real stability in prices even as the active supply builds. June’s Market Update
Interest Rates and Economic Context
Interest rates started and ended July essentially unchanged, with the bond market dipping just 23 basis points—not nearly enough to affect mortgage rates by even an eighth of a percent. The good news is they’ve stabilized; the bad news is they’re still as high as they’ve been in a year.
The Federal Reserve met last week and kept short-term rates the same, though they’re indicating future hikes. We actually have a contrarian take on this: if the Fed raises rates, it could paradoxically help mortgage-backed securities and lower mortgage rates by proving they are fiscally responsible and serious about attacking inflation. Kevin Warsh—who is an absolute stud and a hawk on this issue—has made it clear that the Fed's gauge for inflation is exactly 2%. Not 2.2%, not 2.5%, not 2.9%, but 2%. Having an independent Fed stick to that target is ultimately a great thing for the 10-year Treasury.
Advice for Sellers
With 3,900 homes now sitting on the market, sellers need to prepare for a patient market and ensure their property is in the best possible condition at the most competitive price. We're seeing inventory sit for longer than we used to, so this isn't the time to test the waters with an unrealistic number. [Free Home Valuation Tool] Make sure your condition is pristine, and your price is perfectly dialed in to stand out from the competition.
Advice for Buyers
The steady increase in active listings to 3,900 homes means you finally have more options and a bit more time to make decisions. Since homes are sitting on the market a little longer, you aren't forced to jump into a bidding war the second a house is listed. Keep an eye on rates, but take advantage of the fact that inventory is piling up and giving you some breathing room to find the right fit.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started!
FAQ
What is the median home price in Spokane right now?
The median sale price for a home in the Spokane area is currently $416,000. Prices have remained highly stable and flat year-over-year, even as the number of active listings sitting on the market has steadily increased.
Are mortgage rates going up or down in Spokane?
Mortgage rates started and ended July essentially unchanged, remaining near their highest point in a year. While the Federal Reserve kept short-term rates flat recently, they are firmly targeting a strict 2% inflation rate, which may lead to future adjustments.
Is the number of homes for sale in Spokane increasing?
Yes, active listings are steadily increasing. There are currently about 3,900 homes on the market without an offer, which represents a 12% to 15% increase compared to July of last year, giving buyers more options to choose from.
This Month's Spot: The Elk
We filmed this month's update from The Elk right here in Spokane! If you haven't been, it's a fantastic local spot to grab some great food. We’ll be at a brand new location next month for the August update, so stay tuned to see where we pop up next!
Spokane WA median home price chart: Spokane median home price remains flat at $416,000 for July 2026
Spokane WA active housing inventory chart: Spokane real estate active listings increase to 3,900 homes in July 2026
If you are ready to explore your options, don’t hesitate to reach out. We can help you get pre-qualified and build a game plan that makes sense for your budget.
Looking to buy or sell? Reach out to the Columbia Basin Home Group at (509) 619-7400
For Mortgage inquiries:
Reach out to Dora Castaneda with Prime Lending at 509-845-9787
