Is Northwest, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Northwest has remained a Seller's Market.
Key Takeaway
Northwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northwest, WA
How much do homes in Northwest, WA cost?
Median Sold Price
$350,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Northwest have sold for 1% less than they did a year ago.
Summary: The median home sold price in Northwest was $350,000 in April 2024, down 1% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $229.6K | +24.1% |
| 2 Bedrooms | $273K | $285K | +4.4% |
| 3 Bedrooms | $344K | $340.2K | -1.1% |
| 4 Bedrooms | $376K | $375K | -0.3% |
| 5+ Bedrooms | $399.4K | $415K | +3.9% |
Summary: Northwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.1%, 2 bedroom homes increased by 4.4%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes increased by 3.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Northwest | $353.3K | $350K | -1.0% |
| Boulevard Park | $372K | $349.5K | -6.0% |
Housing Supply in Northwest, WA
How many homes are available in Northwest, WA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 88 | 86 | -2.3% |
Summary: The Northwest real estate market had 86 homes for sale in April 2024, a 2.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 18 | 14 | -22.2% |
| 3 Bedrooms | 32 | 35 | +9.4% |
| 4 Bedrooms | 27 | 29 | +7.4% |
| 5+ Bedrooms | 11 | 8 | -27.3% |
Summary: The Northwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 22.2%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes decreased by 27.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 37 | 30 | -18.9% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in Northwest in April 2024, down by 18.9% month-over-month. Of the 30 sold homes, 33% were sold under asking, 20% were sold at asking, and 47% were sold over asking.
Days on Market for Northwest, WA
How long does it take to sell a home in Northwest, WA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 11 Days | 17 Days | +54.7% |
Summary: Homes in Northwest had an average of 17 days on market in Apr 2024, up by 54.7% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 30 homes were sold in Northwest; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Listings courtesy of Spokane Association of REALTORS® MLS as distributed by MLS GRID.