Is Cheney, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cheney has remained a Seller's Market.
Key Takeaway
Cheney is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cheney, WA
How much do homes in Cheney, WA cost?
Median Sold Price
$430,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cheney have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Cheney was $430,000 in May 2024, up 10.3% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $308K | +12.0% |
| 3 Bedrooms | $384.9K | $382.4K | -0.6% |
| 4 Bedrooms | $405K | $459.9K | +13.6% |
| 5+ Bedrooms | $431.2K | $475K | +10.1% |
Summary: Cheney housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 10.1%.
Median Sold Price Compared To Nearby Cities
| Cheney | $390K | $430K | +10.3% |
| Cheney-Medical Lake | $398.7K | $395K | -0.9% |
Housing Supply in Cheney, WA
How many homes are available in Cheney, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 72 | 99 | +37.5% |
Summary: The Cheney real estate market had 99 homes for sale in May 2024, a 37.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 4 | 5 | +25.0% |
| 3 Bedrooms | 32 | 39 | +21.9% |
| 4 Bedrooms | 23 | 38 | +65.2% |
| 5+ Bedrooms | 13 | 16 | +23.1% |
Summary: The Cheney housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 21.9%, 4 bedroom homes increased by 65.2%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 18 | +28.6% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheney, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Cheney in May 2024, up by 28.6% month-over-month. Of the 18 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% were sold over asking.
Days on Market for Cheney, WA
How long does it take to sell a home in Cheney, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 21 Days | +63.9% |
Summary: Homes in Cheney had an average of 21 days on market in May 2024, up by 63.9% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cheney are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 18 homes were sold in Cheney; 78% of homes were sold within 30 days, 17% 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.