Spokane appreciation rates and housing market information

Spokane housing market information

With 196,143 people, 88,094 houses or apartments, and a median cost of homes of $201,035, Spokane real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Spokane, accounting for 66.00% of the city's housing units. Other types of housing that are prevalent in Spokane include large apartment complexes or high rise apartments (20.84%), duplexes, homes converted to apartments, or other small apartment buildings (9.26%), row houses and other attached homes (2.11%), and a few mobile homes or trailers (1.77%).

People in Spokane primarily live in small (one, two, or no bedroom) single-family detached homes. Spokane has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Spokane's housing was primarily built during this period, from the '40s through the '60s. A full 38.61% of the city's housing hails from this era. Other housing ages represented in Spokane include homes built between 1939 and earlier (28.99%), and housing constructed from 1970-1994 (26.98%). There's also some housing in Spokane built between 1995 and later (5.42%).

Spokane home appreciation rates

In the last 10 years, Spokane has experienced some of the highest home appreciation rates of any community in the nation. Spokane real estate appreciated 111.52% over the last ten years, which is an average annual home appreciation rate of 11.15%, putting Spokane in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spokane definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Spokane home appreciation rates, at 1.14%, have been at or slightly above the national average. In the latest quarter, Spokane's appreciation rate has been -0.61%, which annualizes to a rate of -2.44%.

Notably, Spokane's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Washington, our data show that Spokane's latest annual appreciation rate is higher than 64% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Spokane differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spokane - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Spokane real estate investment or home purchase decisions.