As we turn the calendar to 2020, Spokane is one of the hottest real estate markets in the state and the country.
Spokane, a once maligned market, has become one of the hottest real estate markets in the country. Per Zillow research, Spokane home prices have increased 11.8% over the last year, and 8% appreciation is projected for 2020. Seemingly forgotten due to the attention given to the Seattle area markets over the last several years, Spokane may offer real estate investors an abundance of opportunity in the New Year.
Why such significant growth and opportunity in Spokane?
With a $224,300 median sales price, as compared to $718,500 in Seattle (per Zillow), Spokane offers opportunity for first time home buyers who would be priced out of the market in other locales.
As of August 2019, Spokane had a 1.9-month supply of homes based on current listings (per Redfin) – a balanced housing market should have inventory of around 6.5 months, causing current conditions to heavily favor sellers.
Spokane listings averaged just 13 days on market in November 2019 (per Redfin) and competition for available homes has resulted in frequent multiple offer scenarios.
In addition to low inventory, high demand, and being one of the more affordable cities on the West Coast, Spokane has seen positive net migration – potentially influenced by significant numbers of people continuing to leave California.
Job growth and decline in unemployment are also factors positively influencing the real estate market. Additionally, Spokane has a history of being more pro-business and pro-landlord than cities such as Seattle and Portland.
As Northwest private money lenders, we specialize in commercial real estate loans, land development loans, and more. Juniper Capital is here to help you realize development opportunity goals with funding, helping you achieve quality real estate investments in Spokane and throughout the Pacific Northwest. Contact us today for more information about market trends, a current market valuation of your specific development, or any questions you may have about the real estate loan process and our approach to private money lending.