$5,047 Closing Credit*
$424,995
1,797 SqFt
4 Beds
•2 Baths
Phillip Greene, Listing Office: D.R. Horton America's Builder
Is Cheney-Medical Lake, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Cheney-Medical Lake was a Seller's Market.
Key Takeaway
Cheney-Medical Lake is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Cheney-Medical Lake, WA
How much do homes in Cheney-Medical Lake, WA cost?
Median Sold Price
$404,950
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$4,950(+1.2%)
Key Takeaway
Homes in Cheney-Medical Lake have sold for 1.2% more than they did a year ago.
Summary: The median home sold price in Cheney-Medical Lake was $404,950 in October 2024, up 1.2% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $324.9K | $242K | -25.5% |
| 2 Bedrooms | $265.2K | $323K | +21.8% |
| 3 Bedrooms | $371K | $376.1K | +1.4% |
| 4 Bedrooms | $422.7K | $438.8K | +3.8% |
| 5+ Bedrooms | $457.4K | $470K | +2.7% |
Summary: Cheney-Medical Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 25.5%, 2 bedroom homes increased by 21.8%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 2.7%.
Median Sold Price Compared To Nearby Cities
| Medical Lake | $409.9K | $465K | +13.4% |
| Cheney-Medical Lake | $400K | $404.9K | +1.2% |
| Cheney | $420K | $420.6K | 0.2% |
Housing Supply in Cheney-Medical Lake, WA
How many homes are available in Cheney-Medical Lake, WA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 100 | 103 | +3.0% |
Summary: The Cheney-Medical Lake real estate market had 103 homes for sale in October 2024, a 3.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 8 | +60.0% |
| 3 Bedrooms | 40 | 42 | +5.0% |
| 4 Bedrooms | 39 | 36 | -7.7% |
| 5+ Bedrooms | 15 | 16 | +6.7% |
Summary: The Cheney-Medical Lake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 60%, 3 bedroom homes increased by 5%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 27 | 15 | -44.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheney-Medical Lake, you could pay more than the asking price. 40% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Cheney-Medical Lake in October 2024, down by 44.4% month-over-month. Of the 15 sold homes, 27% were sold under asking, 33% were sold at asking, and 40% were sold over asking.
Days on Market for Cheney-Medical Lake, WA
How long does it take to sell a home in Cheney-Medical Lake, WA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 27 Days | 35 Days | +26.9% |
Summary: Homes in Cheney-Medical Lake had an average of 35 days on market in Oct 2024, up by 26.9% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cheney-Medical Lake are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 15 homes were sold in Cheney-Medical Lake; 67% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 13% 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.