Spokane Valley, WA Real Estate Market

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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Spokane Valley, WA Housing Market Trends

With 101,060 people, 40,762 houses or apartments, and a median cost of homes of $286,948, Spokane Valley 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 Valley, accounting for 59.22% of the city's housing units. Other types of housing that are prevalent in Spokane Valley include large apartment complexes or high rise apartments ( 25.46%), row houses and other attached homes ( 5.44%), and a few mobile homes or trailers ( 5.41%).

The most prevalent building size and type in Spokane Valley are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.81% owning and 43.19% renting.

There is a lot of housing in Spokane Valley 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 Spokane Valley built between 1940-1969 ( 25.53%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.16%). There's also some housing in Spokane Valley built before 1939 ( 5.90%).

Spokane Valley Home Appreciation Rates

In the last 10 years, Spokane Valley has experienced some of the highest home appreciation rates of any community in the nation. Spokane Valley real estate appreciated 78.12% over the last ten years, which is an average annual home appreciation rate of 5.94%, putting Spokane Valley in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spokane Valley 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 Spokane Valley that despite a nationwide downturn in the housing market, Spokane Valley real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spokane Valley appreciation rates continue to be some of the highest in America, at 11.87%, which is higher than appreciation rates in 96.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spokane Valley. Spokane Valley appreciation rates in the latest quarter were at 2.44%, which equates to an annual appreciation rate of 10.13%.

Relative to Washington, our data show that Spokane Valley's latest annual appreciation rate is higher than 90% 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 Valley differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spokane Valley - 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 Spokane Valley real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$286,948

Spokane Valley, WA HOME PRICES

> $1,397,000
0.3%
0.3%
$1,048,001 - $1,397,000
0.7%
0.7%
$698,001 - $1,048,000
2.2%
2.2%
$559,001 - $698,000
3.6%
3.6%
$419,001 - $559,000
10.4%
10.4%
$279,001 - $419,000
35.1%
35.1%
$140,001 - $279,000
38.3%
38.3%
$70,001 - $140,000
4.8%
4.8%
$0 - $70,000
4.6%
4.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for WA

Value Relative To Nation

Number Of Homes And Apartments:
40,762

Spokane Valley Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
149.87% 4.40%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,294 / per month

Homeownership Rate

Owners
56.8%
56.8%
Renters
43.2%
43.2%
Vacant
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.2%
19.2%
1970 - 1999
49.4%
49.4%
1940 - 1969
25.5%
25.5%
1939 or Older
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.2%
59.2%
Townhomes
5.4%
5.4%
Small Apt. Buildings
4.4%
4.4%
Apt. Complexes
25.5%
25.5%
Mobile Homes
5.4%
5.4%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.0%
2.0%
1 Bedroom
10.8%
10.8%
2 Bedrooms
30.2%
30.2%
3 Bedrooms
30.9%
30.9%
4 Bedrooms
19.9%
19.9%
5 or more bedrooms
6.2%
6.2%
0.0% 100.0%
% OF HOMES