Spokane homes offer some great opportunities when it comes to real estate in the US. While many markets were suffering huge downturns, the Spokane real estate market stayed insulated to many of the harmful effects of the mortgage meltdown. Though there was some slowing they also recovered faster because the movements in the market were not as large.
One of the things that makes buying a home in Spokane a smart move is that before the real estate bubble, Spokane had home values that were way under the national real estate market. The result of the price increases that were happening around the nation in 2005-7 only caused homes in Spokane to come up to where they should have already been for a city this size. Then when other markets became over-inflated our market was fine.
The housing market still got hit when mortgage companies tightened up due to national real estate problems. This meant the first time home buyers in Spokane couldn't afford to buy and that slowed the market down in Spokane. The attitude in this city is not quite like it is in other cities this size and above. People like things to stay consistent and you can see this in the prices. Real estate growth stayed around 2-4% for some time. After getting up to about 20% during the bubble, they finally mellowed down to previous ranges.
There are a few things people want when it comes to Spokane Homes. People who live here prefer homes with a basement. This is a contrast to Seattle area where much of the new construction is two story homes with no basement because they are faster to build. Ranchers are the most popular styles in Eastern Washington, with 4 level homes being second. As new construction picks up speed that will impact the type of homes that become popular. Lot sizes in the city are roughtly 6000-10000 sqft. Spokane Valley generally has 1/3 to 1/2 acre lots which many people like. With all the golfing, skiing, and outdoor activities nearby you can really extend your enjoyment of living in the city or on the outskirts.
Spokane homes continue to be a good investment because Eastern Washington has all four seasons yet the weather isn't too extreme. Spokane schools rank well nationally and the medical and service industries are thriving. With just under 500,000 people in the area as of 2012, it has many benefits of larger cities without all of the problems. Many people say Spokane is a great place to live and buy a home because of the activities and still low cost of living. As more companies come to Spokane we can expect slow and steady growth in our little piece of heaven in the Northwest.