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 March 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
$400,000
$209/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since March 2023.
Key Takeaway
The sold price of homes in Cheney-Medical Lake has remained the same since last year.
Summary: The median home sold price in Cheney-Medical Lake was $400,000 in March 2024, the same as last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150.5K | $324.9K | +115.9% |
| 2 Bedrooms | $275K | $260.2K | -5.4% |
| 3 Bedrooms | $377.5K | $369.9K | -2.0% |
| 4 Bedrooms | $430K | $427.6K | -0.6% |
| 5+ Bedrooms | $550K | $465K | -15.5% |
Summary: Cheney-Medical Lake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 115.9%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes decreased by 2%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes decreased by 15.5%.
Median Sold Price Compared To Nearby Cities
| Cheney | $375K | $429.9K | +14.7% |
| Medical Lake | $387K | $415K | +7.2% |
| Cheney-Medical Lake | $400K | $400K | 0.0% |
Housing Supply in Cheney-Medical Lake, WA
How many homes are available in Cheney-Medical Lake, WA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 57 | 64 | +12.3% |
Summary: The Cheney-Medical Lake real estate market had 64 homes for sale in March 2024, a 12.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 7 | 4 | -42.9% |
| 3 Bedrooms | 22 | 23 | +4.5% |
| 4 Bedrooms | 18 | 21 | +16.7% |
| 5+ Bedrooms | 8 | 15 | +87.5% |
Summary: The Cheney-Medical Lake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 42.9%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 87.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 17 | +112.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheney-Medical Lake, you could pay more than the asking price. 41.2% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Cheney-Medical Lake in March 2024, up by 112.5% month-over-month. Of the 17 sold homes, 29% were sold under asking, 29% were sold at asking, and 41% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 71 Days | 12 Days | -82.0% |
Summary: Homes in Cheney-Medical Lake had an average of 12 days on market in Mar 2024, down by 82% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were 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 March 2024, 17 homes were sold in Cheney-Medical Lake; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% 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.