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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spanaway Housing Market Information

With 28,601 people, 10,780 houses or apartments, and a median cost of homes of $314,583, 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 76.71% of the town's housing units. Other types of housing that are prevalent in Spanaway include mobile homes or trailers ( 10.41%), row houses and other attached homes ( 5.49%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.42%).

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 70.13% of Spanaway's homes, and 74.71% 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 ( 29.56%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.84%). There's also some housing in Spanaway built before 1939 ( 1.84%).

Spanaway Home Appreciation Rates

In the last 10 years, Spanaway has experienced some of the highest home appreciation rates of any community in the nation. Spanaway real estate appreciated 61.36% over the last ten years, which is an average annual home appreciation rate of 4.90%, putting Spanaway in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spanaway definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 5.60%, which is higher than appreciation rates in 82.14% 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 2.24%, which equates to an annual appreciation rate of 9.28%.

Importantly, this makes Spanaway one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

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:
$314,583

Spanaway, WA HOME PRICES

Value Range
> $1,397,000 0.7
$1,048,001 - $1,397,000 0.2
$699,001 - $1,048,000 1.8
$559,001 - $699,000 2.3
$419,001 - $559,000 14.2
$279,001 - $419,000 42.0
$140,001 - $279,000 29.8
$70,001 - $140,000 2.6
$0 - $70,000 6.5

Average for WA
High for Nation

Value Relative to Nation Value Relative to State
20.0058394160584 56.1837455830389

Number Of Homes And Apartments:
10,780

Spanaway Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
121.30% 3.90%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,055 / per month

Homeownership Rate

Homeownership
Owners 70.13
Renters 29.87
Vacant 6.52

Housing Market Details

 

Age of Homes

AGE OF Spanaway HOMES
2000 or Newer 29.6
1970 - 1999 52.8
1940 - 1969 15.8
1939 or Older 1.8

Types of Homes

TYPE OF Spanaway HOMES
Single-Family 76.7
Townhomes 5.5
Small Apt. Buildings 4.4
Apt. Complexes 3.0
Mobile Homes 10.4
Other 0.0

Home Size

SIZE OF Spanaway HOMES
No Bedroom 0.22
1 Bedroom 2.22
2 Bedrooms 18.24
3 Bedrooms 52.97
4 Bedrooms 21.75
5 or more bedrooms 4.60