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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 222,081 people, 89,626 houses or apartments, and a median cost of homes of $236,022, 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 65.43% of the city's housing units. Other types of housing that are prevalent in Spokane include large apartment complexes or high rise apartments ( 23.16%), duplexes, homes converted to apartments or other small apartment buildings ( 7.18%), and a few row houses and other attached homes ( 2.63%).
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 31.20% of the city's housing hails from this era. Other housing ages represented in Spokane include homes built between 1970-1999 ( 30.81%) and housing constructed before 1939 ( 26.68%). There's also some housing in Spokane built between 2000 and later ( 11.30%).
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 57.09% over the last ten years, which is an average annual home appreciation rate of 4.62%, putting Spokane in the top 20% 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.
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 6.76%, which is higher than appreciation rates in 93.09% 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 2.78%, which equates to an annual appreciation rate of 11.57%.
Importantly, NeighborhoodScout’s exclusive research found that Spokane's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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.
|$1,086,001 - $1,449,000||0.9|
|$724,001 - $1,086,000||2.5|
|$579,001 - $724,000||3.0|
|$434,001 - $579,000||7.3|
|$290,001 - $434,000||20.1|
|$145,001 - $290,000||50.3|
|$72,001 - $145,000||12.6|
|$0 - $72,000||3.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2020 Q3
|* 10 is highest|
|AGE OF Spokane HOMES|
|2000 or Newer||11.3|
|1970 - 1999||30.8|
|1940 - 1969||31.2|
|1939 or Older||26.7|
|TYPE OF Spokane HOMES|
|Small Apt. Buildings||7.2|
|SIZE OF Spokane HOMES|
|5 or more bedrooms||5.86|