Is Cheney-Medical Lake, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cheney-Medical Lake has remained a Seller's Market.
Key Takeaway
Cheney-Medical Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cheney-Medical Lake, WA
How much do homes in Cheney-Medical Lake, WA cost?
Median Sold Price
$395,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cheney-Medical Lake have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Cheney-Medical Lake was $395,000 in May 2024, down 0.9% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150.5K | $324.9K | +115.9% |
| 2 Bedrooms | $280K | $282.5K | +0.9% |
| 3 Bedrooms | $380K | $360K | -5.3% |
| 4 Bedrooms | $412.5K | $445K | +7.9% |
| 5+ Bedrooms | $465K | $470K | +1.1% |
Summary: Cheney-Medical Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 115.9%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 1.1%.
Median Sold Price Compared To Nearby Cities
| Cheney | $390K | $430K | +10.3% |
| Medical Lake | $399.2K | $420K | +5.2% |
| Cheney-Medical Lake | $398.7K | $395K | -0.9% |
Housing Supply in Cheney-Medical Lake, WA
How many homes are available in Cheney-Medical Lake, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 | 101 | +24.7% |
Summary: The Cheney-Medical Lake real estate market had 101 homes for sale in May 2024, a 24.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 3 | -25.0% |
| 3 Bedrooms | 38 | 42 | +10.5% |
| 4 Bedrooms | 25 | 36 | +44.0% |
| 5+ Bedrooms | 14 | 20 | +42.9% |
Summary: The Cheney-Medical Lake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 44%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheney-Medical Lake, you may be able to get a good deal. 40.9% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Cheney-Medical Lake in May 2024, up by 22.2% month-over-month. Of the 22 sold homes, 41% were sold under asking, 27% were sold at asking, and 32% were sold over asking.
Days on Market for Cheney-Medical Lake, WA
How long does it take to sell a home in Cheney-Medical Lake, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 24 Days | +85.4% |
Summary: Homes in Cheney-Medical Lake had an average of 24 days on market in May 2024, up by 85.4% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cheney-Medical Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Cheney-Medical Lake; 73% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Listings courtesy of Spokane Association of REALTORS® MLS as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.