Is Spokane, 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, 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
$394,739
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Spokane have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Spokane was $394,739 in April 2024, up 7.1% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $210K | -6.7% |
| 2 Bedrooms | $275.2K | $270.8K | -1.6% |
| 3 Bedrooms | $352.9K | $365.7K | +3.6% |
| 4 Bedrooms | $417.2K | $430.3K | +3.1% |
| 5+ Bedrooms | $556.3K | $563.2K | +1.2% |
Summary: Spokane housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Spokane | $368.4K | $394.7K | +7.1% |
| Spokane South | $662.5K | $699.9K | +5.7% |
| Nine Mile Falls | $587.5K | $605K | +3.0% |
| Spokane Valley | $414.9K | $417.6K | +0.6% |
Housing Supply in Spokane, WA
How many homes are available in Spokane, WA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 935 | 1,156 | +23.6% |
Summary: The Spokane real estate market had 1,156 homes for sale in April 2024, a 23.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 18 | +38.5% |
| 2 Bedrooms | 121 | 136 | +12.4% |
| 3 Bedrooms | 316 | 393 | +24.4% |
| 4 Bedrooms | 296 | 375 | +26.7% |
| 5+ Bedrooms | 189 | 234 | +23.8% |
Summary: The Spokane housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 38.5%, 2 bedroom homes increased by 12.4%, 3 bedroom homes increased by 24.4%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 23.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 257 | 273 | +6.2% |
Asking Price vs. Sold Price
92 Homes Were Sold
Under Asking
89 Homes Were Sold
At Asking
92 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spokane, you may be able to get a good deal. 33.7% of homes here sold below asking price last month.
Summary: A total of 273 homes were sold or pending in Spokane in April 2024, up by 6.2% month-over-month. Of the 273 sold homes, 34% were sold under asking, 33% were sold at asking, and 34% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 24 Days | 24 Days | +2.5% |
Summary: Homes in Spokane had an average of 24 days on market in Apr 2024, up by 2.5% compared to last year.
Breakdown of Home Sale Times
202 Homes Were Sold
Under 30 Days
52 Homes Were Sold
In 30 - 90 Days
19 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 April 2024, 273 homes were sold in Spokane; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 7% 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.