Is Spokane South, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Spokane South was a Seller's Market.
Key Takeaway
Spokane South is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Spokane South, WA
How much do homes in Spokane South, WA cost?
Median Sold Price
$670,000
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spokane South have sold for 1.5% more than they did a year ago.
Summary: The median home sold price in Spokane South was $670,000 in May 2024, up 1.5% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $299K | $387.4K | +29.6% |
| 3 Bedrooms | $547K | $619.9K | +13.3% |
| 4 Bedrooms | $665K | $645K | -3.0% |
| 5+ Bedrooms | $785K | $820K | +4.5% |
Summary: Spokane South 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 29.6%, 3 bedroom homes increased by 13.3%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Spokane | $367K | $394.9K | +7.6% |
| Spokane South | $660K | $670K | +1.5% |
| Cheney-Medical Lake | $398.7K | $395K | -0.9% |
Housing Supply in Spokane South, WA
How many homes are available in Spokane South, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 62 | 82 | +32.3% |
Summary: The Spokane South real estate market had 82 homes for sale in May 2024, a 32.3% 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 | 2 | 5 | +150.0% |
| 3 Bedrooms | 19 | 22 | +15.8% |
| 4 Bedrooms | 20 | 32 | +60.0% |
| 5+ Bedrooms | 21 | 22 | +4.8% |
Summary: The Spokane South 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 150%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 60%, and 5+ bedroom homes increased by 4.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 10 | -9.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spokane South, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Spokane South in May 2024, down by 9.1% month-over-month. Of the 10 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% were sold over asking.
Days on Market for Spokane South, WA
How long does it take to sell a home in Spokane South, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 29 Days | +38.4% |
Summary: Homes in Spokane South had an average of 29 days on market in May 2024, up by 38.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Spokane South are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Spokane South; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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.