Is Spanaway, 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, Spanaway has remained a Seller's Market.
Key Takeaway
Spanaway is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Spanaway, WA
How much do homes in Spanaway, WA cost?
Median Sold Price
$484,833
$275/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spanaway have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Spanaway was $484,833 in May 2024, up 4.3% from last year, and the median price per square foot was $275.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $550K | $359.9K | -34.5% |
| 2 Bedrooms | $385K | $391K | +1.6% |
| 3 Bedrooms | $440K | $454.7K | +3.4% |
| 4 Bedrooms | $510K | $525K | +2.9% |
| 5+ Bedrooms | $550K | $535K | -2.7% |
Summary: Spanaway housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.5%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes decreased by 2.7%.
Median Sold Price Compared To Nearby Cities
| Graham | $518K | $541.3K | +4.5% |
| Spanaway | $465K | $484.8K | +4.3% |
| Fort Lewis-DuPont | $515.1K | $526.2K | +2.2% |
| Graham-Thrift | $529.9K | $538.6K | +1.6% |
Housing Supply in Spanaway, WA
How many homes are available in Spanaway, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 196 | 210 | +7.1% |
Summary: The Spanaway real estate market had 210 homes for sale in May 2024, a 7.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 10 | 6 | -40.0% |
| 3 Bedrooms | 104 | 119 | +14.4% |
| 4 Bedrooms | 60 | 63 | +5.0% |
| 5+ Bedrooms | 19 | 20 | +5.3% |
Summary: The Spanaway housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 5.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 66 | +10.0% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spanaway, you could pay more than the asking price. 56.1% of homes here sold above asking price last month.
Summary: A total of 66 homes were sold or pending in Spanaway in May 2024, up by 10.0% month-over-month. Of the 66 sold homes, 23% were sold under asking, 21% were sold at asking, and 56% were sold over asking.
Days on Market for Spanaway, WA
How long does it take to sell a home in Spanaway, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 49 Days | 23 Days | -52.0% |
Summary: Homes in Spanaway had an average of 23 days on market in May 2024, down by 52% compared to last year.
Breakdown of Home Sale Times
57 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Spanaway are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 66 homes were sold in Spanaway; 86% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service 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.