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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Spokane is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Spokane, WA

How much do homes in Spokane, WA cost?

Median Sold Price

$394,925

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$27,913(+7.6%)

Key Takeaway

Homes in Spokane have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in Spokane was $394,925 in May 2024, up 7.6% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $224.5K$209.7K
-6.6%
2 $275K$271.1K
-1.4%
3 $350K$365.9K
+4.6%
4 $418.7K$432.5K
+3.3%
5+ $556.2K$569.8K
+2.4%

Summary: Spokane housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.6%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 2.4%.

Median Sold Price Compared To Nearby Cities

Spokane
+7.6%
Spokane Valley
+1.7%
Spokane South
+1.5%
Nine Mile Falls
-1.7%

Housing Supply in Spokane, WA

How many homes are available in Spokane, WA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,1161,409+26.3%

Summary: The Spokane real estate market had 1,409 homes for sale in May 2024, a 26.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1732
+88.2%
2 134179
+33.6%
3 395457
+15.7%
4 369465
+26.0%
5+ 201276
+37.3%

Summary: The Spokane housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 88.2%, 2 bedroom homes increased by 33.6%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 26%, and 5+ bedroom homes increased by 37.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
295359+21.7%

Asking Price vs. Sold Price

96 Homes Were Sold
Under Asking

111 Homes Were Sold
At Asking

149 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Spokane, you could pay more than the asking price. 41.9% of homes here sold above asking price last month.

Summary: A total of 359 homes were sold or pending in Spokane in May 2024, up by 21.7% month-over-month. Of the 356 sold homes, 27% were sold under asking, 31% were sold at asking, and 42% were sold over asking.

Days on Market for Spokane, WA

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

Average Sale Time

May 2023May 2024CHANGE
18 Days19 Days+3.7%

Summary: Homes in Spokane had an average of 19 days on market in May 2024, up by 3.7% compared to last year.

Breakdown of Home Sale Times

291 Homes Were Sold
Under 30 Days

49 Homes Were Sold
In 30 - 90 Days

16 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 359 homes were sold in Spokane; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% 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 23 Days Ago

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