Housing market in Spokane County remains strong

| February 13, 2020 12:05 AM

SPOKANE, Wash. (AP) — The housing market in Spokane County continues to be brisk, with a lack of available homes for sale and the median closing price approaching $275,000.

The Spokesman-Review reports the median closing price for a home in Spokane County increased 16.3% in January to $273,418. That's compared with $235,000 in January 2019.

The Spokane Association of Realtors says it is likely more homes sold in the $300,000 to $500,000 range, thereby contributing to the area’s increase in median home price.

County home sales rose 18% last month compared to January 2019, according to the association.

The shortage in housing inventory continued in January, with 457 properties on the market representing slightly more than a month’s supply. A healthy housing market has a six-month supply of homes.

“The positive thing is we are selling homes as fast as they are coming on the market,” Higgins said. “If a person is wanting to sell and prices (the home) right, it’s going to go pretty quickly.”