Housing Prices = Supply + Demand
The Spokane Association of REALTORS® wanted answers.
So we convened some of the top real estate experts in the nation, the region and from here in Spokane, who gave us the answers. Among their findings:
- The Spokane area’s housing supply is severe, with a 94% reduction in available homes for sale since 2010.
- A lack of inventory has escalated the median home price in Spokane County 66.8% since 2015 with a median home increase from $179,000 (2015) to over $300,000 (2020). ($380,000 June 2021)
- From 2010 to 2019 the Spokane Region under built approximately 32,000 housing units to meet demand.
- This has resulted in lost economic opportunity – $6-billion dollars in wages and employment since 2010, $1.1-billion dollars in immediate and ongoing tax revenues.
- A lack of inventory has led to thousands of families renting who cannot find a place to buy.•Vacancies in regional rentals remains at a dangerous level of around .5% (as of June 2021)
- The biggest lack of inventory lies in entry level or workforce housing.
- From personal health to family stress, to student performance in school, to increased levels of homelessness, Spokane’s lack of housing has triggered a severe impact on the health of our citizens –especially among families of color and families with children.
- Spokane has high levels of cost-burdened families spending more of their income on shelter than most similar cities in the state and the US.
We believe Spokane needs more housing at ALL levels. Now. Or else the crisis promises to continue.
READ the Summit report here
Spokane Regional Housing Needs Summit 2021 White Paper