Spokane is among a dozen housing markets nationwide poised for growth as residents flee large coastal metros in search of homes in affordable midsize cities, according to a Zillow report released Tuesday.
Spokane ranked fourth on Zillow’s list of a dozen midsize housing markets to watch, based on its accelerating home-value growth and competition for properties that are attributed, in part, to the area’s proximity to outdoor activities, vibrant downtown and a growing microbrewery and winery scene.
The online real estate database company’s analysis examined a variety of factors when choosing the 12 midsize metros, including recent and forecasted home-value growth, how quickly homes sell, the share of homes sold above list price and month-over-month sales.
Zillow found that homes in Spokane are typically going under contract after seven days and more than 45% of homes are selling above list price.
Boise was named the top midsize market to watch, followed by Huntsville, Alabama, and Ogden, Utah.
The Spokane region has generated attention nationwide as an affordable housing market in recent years.
Realtor.com named Spokane the top market for out-of-area homebuyers in November. Last month, WalletHub.com ranked Spokane Valley eighth out of 300 cities nationwide on its list of the best real estate markets in 2020.
Spokane County’s median home closing price skyrocketed to a record-breaking $317,000 in August, an 18.7% increase over the $267,000 median in August 2019, according to the Spokane Association of Realtors.
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