Spanaway, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Spanaway, WA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Spanaway Housing Market Information

With a population of 28,601, 10,444 total housing units (homes and apartments), and a median house value of $286,303, Spanaway real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Spanaway, accounting for 77.01% of the town's housing units. Other types of housing that are prevalent in Spanaway include mobile homes or trailers ( 9.75%), duplexes, homes converted to apartments or other small apartment buildings ( 6.11%), and a few row houses and other attached homes ( 4.25%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spanaway. Owner-occupied housing accounts for 69.44% of Spanaway's homes, and 72.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Spanaway built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spanaway built between 2000 and later ( 28.14%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.85%). There's also some housing in Spanaway built before 1939 ( 2.27%).

Spanaway Home Appreciation Rates

Appreciation rates for homes in Spanaway have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 21.50%, which ranks in the top 40% nationwide. This equates to an annual average Spanaway house appreciation rate of 1.97%.

Appreciation rates are so strong in Spanaway that despite a nationwide downturn in the housing market, Spanaway real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spanaway appreciation rates continue to be some of the highest in America, at 10.77%, which is higher than appreciation rates in 95.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spanaway. Spanaway appreciation rates in the latest quarter were at -0.14%, which equates to an annual appreciation rate of -0.57%.

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

Relative to Washington, our data show that Spanaway's latest annual appreciation rate is higher than 60% 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 town. Individual neighborhoods within Spanaway differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spanaway - 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 2000, to assist you in making the best Spanaway real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$286,303

Spanaway, WA HOME PRICES

Value Range
> $1,395,000 0.6
$1,047,001 - $1,395,000 0.0
$698,001 - $1,047,000 1.2
$558,001 - $698,000 1.5
$419,001 - $558,000 8.6
$279,001 - $419,000 40.2
$140,001 - $279,000 37.5
$70,001 - $140,000 3.4
$0 - $70,000 7.0

Average for WA
High for Nation

Value Relative to Nation Value Relative to State
21.3197080291971 56.1837455830389

Number Of Homes And Apartments:
10,444

Spanaway Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
98.97% 3.64%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,804 / per month

Homeownership Rate

Homeownership
Owners 69.44
Renters 30.56
Vacant 7.25

Housing Market Details

 

Age of Homes

AGE OF Spanaway HOMES
2000 or Newer 28.1
1970 - 1999 53.7
1940 - 1969 15.9
1939 or Older 2.3

Types of Homes

TYPE OF Spanaway HOMES
Single-Family 77.0
Townhomes 4.3
Small Apt. Buildings 6.1
Apt. Complexes 2.9
Mobile Homes 9.8
Other 0.0

Home Size

SIZE OF Spanaway HOMES
No Bedroom 0.41
1 Bedroom 1.74
2 Bedrooms 20.37
3 Bedrooms 54.28
4 Bedrooms 18.30
5 or more bedrooms 4.89