Spokane real estate market is heating up with rising prices

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Buyers looking for homes in the Spokane area face an increasingly competitive market.

Sales prices are up, and inventory is down.

The Spokesman-Review reports that buyers have to move quickly, and be prepared to top other offers if they really want the home.

Spokane County’s inventory of homes for sale was down 28 percent in March compared to a year ago. For buyers, that means about 500 fewer homes on the market.

The shrinking inventory is putting pressure on prices. The median sales price was $204,900 in March, a 9.2 percent gain from $187,500 in March 2016.

However, Spokane prices remain affordable compared to the Seattle area, where the median price for home sales hit $700,000 in March.