Is Spokane, 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, 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
$392,597
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Spokane have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Spokane was $392,597 in March 2024, up 7.2% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $212K | -5.8% |
| 2 Bedrooms | $277.5K | $273.6K | -1.4% |
| 3 Bedrooms | $353.5K | $367K | +3.8% |
| 4 Bedrooms | $418.2K | $429.9K | +2.8% |
| 5+ Bedrooms | $558.6K | $566.1K | +1.3% |
Summary: Spokane housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.8%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 1.3%.
Median Sold Price Compared To Nearby Cities
| Spokane | $366.1K | $392.5K | +7.2% |
| Nine Mile Falls | $577.5K | $585.5K | +1.4% |
| Spokane Valley | $419.8K | $418K | -0.4% |
| Spokane South | $675.4K | $670K | -0.8% |
Housing Supply in Spokane, WA
How many homes are available in Spokane, WA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 853 | 993 | +16.4% |
Summary: The Spokane real estate market had 993 homes for sale in March 2024, a 16.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 16 | 0.0% |
| 2 Bedrooms | 115 | 131 | +13.9% |
| 3 Bedrooms | 283 | 323 | +14.1% |
| 4 Bedrooms | 282 | 310 | +9.9% |
| 5+ Bedrooms | 157 | 213 | +35.7% |
Summary: The Spokane housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 225 | 232 | +3.1% |
Asking Price vs. Sold Price
80 Homes Were Sold
Under Asking
66 Homes Were Sold
At Asking
86 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spokane, you could pay more than the asking price. 37.1% of homes here sold above asking price last month.
Summary: A total of 232 homes were sold or pending in Spokane in March 2024, up by 3.1% month-over-month. Of the 232 sold homes, 34% were sold under asking, 28% were sold at asking, and 37% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 29 Days | 24 Days | -15.5% |
Summary: Homes in Spokane had an average of 24 days on market in Mar 2024, down by 15.5% compared to last year.
Breakdown of Home Sale Times
174 Homes Were Sold
Under 30 Days
44 Homes Were Sold
In 30 - 90 Days
14 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Spokane are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 232 homes were sold in Spokane; 75% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 6% 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.