$78,900
0.42 Acres
Land
Chelsey Graves, Listing Office: Coldwell Banker Tomlinson
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 November 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
$405,046
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,046(+1.3%)
Key Takeaway
Homes in Cheney-Medical Lake have sold for 1.3% more than they did a year ago.
Summary: The median home sold price in Cheney-Medical Lake was $405,046 in November 2024, up 1.3% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $328.7K | $237.5K | -27.7% |
| 2 Bedrooms | $263K | $323K | +22.8% |
| 3 Bedrooms | $380K | $380K | 0.0% |
| 4 Bedrooms | $422.7K | $444.4K | +5.1% |
| 5+ Bedrooms | $460K | $470K | +2.2% |
Summary: Cheney-Medical Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 27.7%, 2 bedroom homes increased by 22.8%, 3 bedroom homes did not change, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Medical Lake | $416K | $445K | +7.0% |
| Cheney-Medical Lake | $400K | $405K | +1.3% |
| Cheney | $422.7K | $424.3K | 0.4% |
Housing Supply in Cheney-Medical Lake, WA
How many homes are available in Cheney-Medical Lake, WA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 88 | 94 | +6.8% |
Summary: The Cheney-Medical Lake real estate market had 94 homes for sale in November 2024, a 6.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 34 | 37 | +8.8% |
| 4 Bedrooms | 31 | 31 | 0.0% |
| 5+ Bedrooms | 14 | 15 | +7.1% |
Summary: The Cheney-Medical Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 8.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 7.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 15 | 14 | -6.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cheney-Medical Lake, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Cheney-Medical Lake in November 2024, down by 6.7% month-over-month. Of the 14 sold homes, 50% were sold under asking, 14% were sold at asking, and 36% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 30 Days | 37 Days | +22.0% |
Summary: Homes in Cheney-Medical Lake had an average of 37 days on market in Nov 2024, up by 22% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was 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 November 2024, 14 homes were sold in Cheney-Medical Lake; 64% of homes were sold within 30 days, 29% 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.