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 May 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

$484,833

$275/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$19,825(+4.3%)

Key Takeaway

Homes in Spanaway have sold for 4.3% more than they did a year ago.

Summary: The median home sold price in Spanaway was $484,833 in May 2024, up 4.3% from last year, and the median price per square foot was $275.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $550K$359.9K
-34.5%
2 $385K$391K
+1.6%
3 $440K$454.7K
+3.4%
4 $510K$525K
+2.9%
5+ $550K$535K
-2.7%

Summary: Spanaway housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.5%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes decreased by 2.7%.

Median Sold Price Compared To Nearby Cities

Graham
+4.5%
Spanaway
+4.3%
Fort Lewis-DuPont
+2.2%
Graham-Thrift
+1.6%

Housing Supply in Spanaway, WA

How many homes are available in Spanaway, WA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
196210+7.1%

Summary: The Spanaway real estate market had 210 homes for sale in May 2024, a 7.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 32
-33.3%
2 106
-40.0%
3 104119
+14.4%
4 6063
+5.0%
5+ 1920
+5.3%

Summary: The Spanaway housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 5.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6066+10.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

37 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. 56.1% of homes here sold above asking price last month.

Summary: A total of 66 homes were sold or pending in Spanaway in May 2024, up by 10.0% month-over-month. Of the 66 sold homes, 23% were sold under asking, 21% 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

May 2023May 2024CHANGE
49 Days23 Days-52.0%

Summary: Homes in Spanaway had an average of 23 days on market in May 2024, down by 52% compared to last year.

Breakdown of Home Sale Times

57 Homes Were Sold
Under 30 Days

4 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 May 2024, 66 homes were sold in Spanaway; 86% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 8% 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 20 Days Ago

Newest Listings in Spanaway, WA

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