Is Spokane, 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, 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
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
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $224.5K | $209.7K | -6.6% |
| 2 Bedrooms | $275K | $271.1K | -1.4% |
| 3 Bedrooms | $350K | $365.9K | +4.6% |
| 4 Bedrooms | $418.7K | $432.5K | +3.3% |
| 5+ Bedrooms | $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 | $367K | $394.9K | +7.6% |
| Spokane Valley | $411K | $418K | +1.7% |
| Spokane South | $660K | $670K | +1.5% |
| Nine Mile Falls | $610.2K | $600K | -1.7% |
Housing Supply in Spokane, WA
How many homes are available in Spokane, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,116 | 1,409 | +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
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 32 | +88.2% |
| 2 Bedrooms | 134 | 179 | +33.6% |
| 3 Bedrooms | 395 | 457 | +15.7% |
| 4 Bedrooms | 369 | 465 | +26.0% |
| 5+ Bedrooms | 201 | 276 | +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 2024 | May 2024 | CHANGE |
|---|---|---|
| 295 | 359 | +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
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 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 19 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
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.
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.