Spokane County vs. Kootenai County: 2024 Housing Market Comparison

As we wrap up 2024, it's the perfect time to compare two key real estate markets in our region: Spokane County and Kootenai County. Both markets have shown unique trends over the past year, and understanding these differences can help buyers, sellers, and investors make smarter decisions heading into 2025.

What's the Same?

Both markets share several similarities that reflect broader regional trends:

Inventory Growth:
- Inventory levels in both counties have risen, providing buyers with more options than in previous years.
- This is a sign of a more balanced market as buyers and sellers adjust to stabilized mortgage rates.
Increased Sales Activity:
- Spokane County recorded an 8% increase in closed sales year-over-year, while Kootenai County saw a similar 8.8% rise.
- These increases indicate that buyer confidence is improving, even with higher interest rates.
Days on Market:
- Homes in both counties are spending more time on the market compared to the fast-paced pandemic years.
- Spokane homes averaged 30-35 days on the market, while Kootenai County properties averaged 97 days, with variations based on property type.

What's Different?

Despite their similarities, Spokane and Kootenai Counties differ in key ways:

Median Sales Price

Spokane County: $417,000 (+11.2% YoY).
Kootenai County: $533,793 (+0.9% YoY).

Spokane County remains the more affordable option, while Kootenai County's higher median price reflects its strong luxury and second-home market, especially in areas like Coeur d'Alene.

Inventory Levels

Spokane County saw a 12% increase in active inventory year-over-year, with 857 new listings in December alone.
Kootenai County reported 956 active listings, but inventory declined slightly by 1.5% YoY, indicating tighter supply in some areas.

New Listings

Spokane County had 857 new listings in December.
Kootenai County reported 6,813 new listings for the year, a 6.8% increase YoY, largely driven by new construction in areas like Rathdrum and Post Falls.

Price Trends

Spokane County experienced strong price appreciation, benefiting sellers.
Kootenai County showed flat or declining price growth in certain segments, such as rural and high-priced homes, due to limited buyer demand.

What It Means for Buyers and Sellers

For Buyers:

Spokane County: More affordable homes and quicker sales make it ideal for first-time buyers or those looking for affordability.
Kootenai County: Offers higher-end options and a strong focus on new construction, making it great for buyers seeking luxury or modern builds.

For Sellers:

Spokane County: Sellers benefit from rising prices and higher buyer demand. Pricing competitively will still be important as inventory grows.
Kootenai County: Sellers face more competition, particularly in the luxury market. Strategic pricing and staging are essential to stand out in segments with flat price growth.

Key Insights to Consider

Affordability: Spokane County's lower median home prices provide better opportunities for entry-level buyers, while Kootenai County appeals to luxury and second-home buyers.
New Construction: Kootenai County leads in new builds, offering modern homes in developing areas, whereas Spokane has more resale homes.
Market Dynamics: Spokane's faster pace and appreciating prices benefit sellers, while Kootenai's slower price growth demands careful planning for competitive listings.

Which Market Is Right for You?

If you're buying, selling, or investing, knowing the nuances of each market is crucial. Whether you're drawn to Spokane County's affordability or Kootenai County's luxury appeal, I'm here to help you navigate the trends and opportunities heading into 2025.

Let's connect to discuss your real estate goals and create a strategy tailored to your needs! ?