Is Spanaway, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Spanaway is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Spanaway has remained a Seller's Market.

Key Takeaway

Spanaway is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Spanaway, WA

How much do homes in Spanaway, WA cost?

Median Sold Price

$491,500

$277/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$27,416(+5.9%)

Key Takeaway

Homes in Spanaway have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in Spanaway was $491,500 in September 2024, up 5.9% from last year, and the median price per square foot was $277.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $427.5K$359.9K
-15.8%
2 $387.5K$420K
+8.4%
3 $440K$460K
+4.5%
4 $502K$549.9K
+9.6%
5+ $545K$535K
-1.8%

Summary: Spanaway housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.8%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes decreased by 1.8%.

Median Sold Price Compared To Nearby Cities

Spanaway
+5.9%
Graham
+5.8%
Graham-Thrift
+4.0%
Fort Lewis-DuPont
+3.6%

Housing Supply in Spanaway, WA

How many homes are available in Spanaway, WA?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
242253+4.5%

Summary: The Spanaway real estate market had 253 homes for sale in September 2024, a 4.5% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 22
0.0%
2 1010
0.0%
3 136140
+2.9%
4 7687
+14.5%
5+ 1814
-22.2%

Summary: The Spanaway housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes decreased by 22.2%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
6948-30.4%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

27 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Spanaway, you could pay more than the asking price. 56.3% of homes here sold above asking price last month.

Summary: A total of 48 homes were sold or pending in Spanaway in September 2024, down by 30.4% month-over-month. Of the 48 sold homes, 27% were sold under asking, 17% were sold at asking, and 56% were sold over asking.

Days on Market for Spanaway, WA

How long does it take to sell a home in Spanaway, WA?

Average Sale Time

Sep 2023Sep 2024CHANGE
28 Days46 Days+63.1%

Summary: Homes in Spanaway had an average of 46 days on market in Sep 2024, up by 63.1% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Spanaway are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 48 homes were sold in Spanaway; 50% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

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