Should I Buy a House in Spokane Now or Later?

If you're thinking about buying a home in Spokane, one question is probably on your mind: Should I buy now or wait?

As a Spokane real estate professional with more than 20 years of experience, I understand why buyers are asking this question. Mortgage rates have made monthly payments more expensive than they were a few years ago, home prices aren't exactly cheap, and there's a lot of conversation about whether prices or interest rates could drop significantly if buyers continue to hold off.

But here's the thing I've learned after more than two decades in real estate: trying to perfectly time the housing market is nearly impossible.

Instead, I like to look at three things: interest rates, home prices and the overall health of the local market.

Interest Rates Are a Big Part of the Equation

There's no getting around it: interest rates matter. 

The difference between a 5.5% mortgage and a 7% mortgage can have a significant impact on your monthly payment, even if you're buying the exact same house.

For example, on a $400,000 loan with 20% down, a 30-year fixed mortgage at 5.5% would have a principal-and-interest payment of roughly $1,816 per month. At 7%, that same loan would be about $2,128 per month. That's more than $300 per month for the exact same house.

And today's rates are much closer to the higher end of that example. The 30-year fixed mortgage rate has been hovering around the upper-6% range recently, with rates moving higher again in September.

This is why many buyers are tempted to wait, BUT waiting for lower rates and waiting for lower home prices are two completely different bets.

If mortgage rates eventually come down, you may have the opportunity to refinance a mortgage you took out today. But if you wait for home prices to fall substantially and they don't, you could simply end up paying more for the same house later.

That's why I encourage buyers to focus first on whether the payment works for their budget today.

What Are Spokane Home Prices Doing?

We're not seeing a market where prices are skyrocketing like they did during the pandemic. We're also not seeing evidence of a widespread collapse in Spokane home values.

In fact, several current market measurements show relatively flat year-over-year changes.

Zillow's latest Spokane data shows a typical home value of approximately $396,000, with values down just 0.3% over the previous year.

Redfin's data for the three months ending August 2026 shows a median Spokane sale price of about $375,000, down 1.7% from the same period last year.

Realtor.com is showing more inventory and some downward movement in median list prices as buyers gain additional choices. In August, Spokane & Spokane Valley had approximately 2,391 active listings, up 8.2% year over year, while the median list price was $490,000, down 2% from the prior year.

To me, those numbers look much more like a market that is adjusting and becoming more balanced than one that is falling apart.

So… Should You Buy Now or Wait?

The answer depends much more on your situation than on trying to predict the exact bottom of the market.

If you're financially ready to buy, plan to stay in the home for several years, have a comfortable emergency fund and can afford the payment without stretching your budget too far, buying now makes sense.

You don't need to wait for the "perfect" interest rate.

On the other hand, if buying today would leave you financially uncomfortable, there's nothing wrong with waiting. A house should fit your budget, not the other way around.

If you need another year to build your down payment, improve your credit, pay off debt or increase your emergency savings, waiting may be the right move.

Don't Forget About Negotiating Power

There's another factor buyers have today that didn't exist to the same degree during the ultra-competitive market of 2020 and 2021:

Options!

With more homes available and properties taking longer to sell in many segments, buyers can be more selective. That can mean negotiating on price, asking for seller-paid closing costs, requesting repairs, negotiating inspection items or looking at mortgage-rate buydown options.

Realtor.com reported that Spokane's median days on market reached 52 days in August, up 18.2% year over year. That doesn't mean every seller will negotiate, and desirable homes can still move quickly. But buyers generally have more room to evaluate their options than they did a few years ago.

The Biggest Mistake May Be Waiting for the "Perfect" Market

I've been in real estate for more than 20 years, and one thing I've seen repeatedly is that buyers can spend years waiting for the perfect combination of low prices and low interest rates.

Sometimes that combination comes along. Sometimes it doesn't.

And even if rates drop later, there's no guarantee that home prices will be lower at the same time.

In fact, lower rates can bring more buyers back into the market. If demand increases faster than inventory, that can create additional competition and put upward pressure on prices.

My Advice to Spokane Buyers

If you're considering buying a home in Spokane, I'd look at these five questions:

1. Can I comfortably afford the payment today?
Don't base your decision on the hope that rates will fall later.

2. How long do I plan to own the home?
The longer your expected timeline, the less important short-term market fluctuations generally become.

3. Do I have money set aside for emergencies and homeownership expenses?
The down payment isn't the only cash you'll need.

4. Am I finding homes that actually fit my needs and budget?
If the right house isn't available, waiting can make sense.

5. Am I financially ready, or am I trying to force it?
There's a big difference.

The Bottom Line

I don't believe buyers should sit on the sidelines waiting for a Spokane housing crash that the current data simply isn't showing. I think buyers should expect a more normal market where pricing matters, negotiations matter and sellers need to compete for buyers.

Right now, Spokane appears to be in a balanced market. Prices are relatively steady, inventory has increased, buyers have more choices, and higher mortgage rates are keeping affordability front and center.

If you are financially ready and find the right home at a price you can comfortably afford, you don't need to wait for the market to become perfect. And if you're not ready yet, don't feel pressured to buy simply because someone tells you that you have to. The best time to buy is ultimately when the right home, the right financial situation and the right long-term plan line up for you.

If you're trying to figure out what that looks like in the Spokane market, we'd be happy to sit down with you, look at the numbers and help you understand what today's market actually means for your specific situation.