Spokane, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Spokane, 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 Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Spokane Housing Market Information

With 217,108 people, 88,683 houses or apartments, and a median cost of homes of $215,939, 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 65.65% of the city's housing units. Other types of housing that are prevalent in Spokane include large apartment complexes or high rise apartments ( 23.18%), duplexes, homes converted to apartments or other small apartment buildings ( 7.04%), and a few row houses and other attached homes ( 2.54%).

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.

There is a lot of housing in Spokane 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 built between 1940-1969 ( 30.66%). A lesser amount of the housing stock also hails from before 1939 ( 27.56%). There's also some housing in Spokane built between 2000 and later ( 10.89%).

Spokane Home Appreciation Rates

Appreciation rates for homes in Spokane have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 23.54%, which ranks in the top 30% nationwide. This equates to an annual average Spokane house appreciation rate of 2.14%.

Appreciation rates are so strong in Spokane that despite a nationwide downturn in the housing market, Spokane real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spokane appreciation rates continue to be some of the highest in America, at 11.50%, which is higher than appreciation rates in 94.79% 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. Spokane appreciation rates in the latest quarter were at 2.12%, which equates to an annual appreciation rate of 8.74%.

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

Relative to Washington, our data show that Spokane's latest annual appreciation rate is higher than 70% 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 2000, to assist you in making the best Spokane real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$215,939

Spokane, WA HOME PRICES

Value Range
> $1,365,000 0.2
$1,024,001 - $1,365,000 0.6
$682,001 - $1,024,000 2.6
$546,001 - $682,000 3.0
$409,001 - $546,000 7.4
$273,001 - $409,000 21.8
$136,001 - $273,000 48.9
$68,001 - $136,000 12.0
$0 - $68,000 3.4

Low for WA
High for Nation

Value Relative to Nation Value Relative to State
33.570802919708 78.0918727915194

Number Of Homes And Apartments:
88,683

Spokane Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
102.84% 3.74%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,121 / per month

Homeownership Rate

Homeownership
Owners 54.68
Renters 45.32
Vacant 8.80

Housing Market Details

 

Age of Homes

AGE OF Spokane HOMES
2000 or Newer 10.9
1970 - 1999 30.9
1940 - 1969 30.7
1939 or Older 27.6

Types of Homes

TYPE OF Spokane HOMES
Single-Family 65.7
Townhomes 2.5
Small Apt. Buildings 7.0
Apt. Complexes 23.2
Mobile Homes 1.6
Other 0.0

Home Size

SIZE OF Spokane HOMES
No Bedroom 3.69
1 Bedroom 13.69
2 Bedrooms 31.47
3 Bedrooms 28.25
4 Bedrooms 17.16
5 or more bedrooms 5.75