$115,000
0.20 Acres
Land
Bonnie White, Listing Office: Gladhart Realty, Inc.
Is 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
Since last year, Medical Lake has remained a Seller's Market.
Key Takeaway
Medical Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Medical Lake, WA
How much do homes in Medical Lake, WA cost?
Median Sold Price
$465,000
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$55,050(+13.4%)
Key Takeaway
Homes in Medical Lake have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in Medical Lake was $465,000 in October 2024, up 13.4% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $297.4K | $242K | -18.6% |
| 2 Bedrooms | $297K | $275K | -7.4% |
| 3 Bedrooms | $386K | $392.5K | +1.7% |
| 4 Bedrooms | $400.9K | $439.6K | +9.6% |
| 5+ Bedrooms | $477.5K | $530K | +11.0% |
Summary: Medical Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.6%, 2 bedroom homes decreased by 7.4%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 11%.
Median Sold Price Compared To Nearby Cities
| Medical Lake | $409.9K | $465K | +13.4% |
| Cheney-Medical Lake | $400K | $404.9K | +1.2% |
Housing Supply in Medical Lake, WA
How many homes are available in Medical Lake, WA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 48 | 52 | +8.3% |
Summary: The Medical Lake real estate market had 52 homes for sale in October 2024, a 8.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 5 | +25.0% |
| 3 Bedrooms | 17 | 21 | +23.5% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 11 | 10 | -9.1% |
Summary: The 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 25%, 3 bedroom homes increased by 23.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 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 12 homes were sold or pending in Medical Lake in October 2024, up by 71.4% month-over-month. Of the 12 sold homes, 50% were sold under asking, 8% were sold at asking, and 42% were sold over asking.
Days on Market for Medical Lake, WA
How long does it take to sell a home in Medical Lake, WA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 28 Days | +8.9% |
Summary: Homes in Medical Lake had an average of 28 days on market in Oct 2024, up by 8.9% compared to last year.
Breakdown of Home Sale Times
8 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 Medical Lake are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 12 homes were sold in Medical Lake; 67% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% 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.