Spokane, 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, WA Housing Market Trends

With a population of 222,081, 91,328 total housing units (homes and apartments), and a median house value of $245,069, 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 64.46% of the city's housing units. Other types of housing that are prevalent in Spokane include large apartment complexes or high rise apartments ( 23.67%), duplexes, homes converted to apartments or other small apartment buildings ( 7.60%), and a few row houses and other attached homes ( 2.76%).

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 ( 30.62%). A lesser amount of the housing stock also hails from before 1939 ( 26.56%). There's also some housing in Spokane built between 2000 and later ( 12.06%).

Spokane Home Appreciation Rates

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 81.43% over the last ten years, which is an average annual home appreciation rate of 6.14%, putting Spokane in the top 10% 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 11.72%, which is higher than appreciation rates in 96.19% 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 2.44%, which equates to an annual appreciation rate of 10.10%.

Relative to Washington, our data show that Spokane'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 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:
$245,069

Spokane, WA HOME PRICES

> $1,405,000
0.6%
0.6%
$1,053,001 - $1,405,000
1.0%
1.0%
$702,001 - $1,053,000
3.1%
3.1%
$562,001 - $702,000
3.6%
3.6%
$421,001 - $562,000
8.9%
8.9%
$281,001 - $421,000
23.0%
23.0%
$140,001 - $281,000
47.3%
47.3%
$70,001 - $140,000
9.8%
9.8%
$0 - $70,000
2.7%
2.7%
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:
91,328

Spokane 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
153.16% 4.47%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,346 / per month

Homeownership Rate

Owners
53.4%
53.4%
Renters
46.6%
46.6%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.1%
12.1%
1970 - 1999
30.8%
30.8%
1940 - 1969
30.6%
30.6%
1939 or Older
26.6%
26.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.5%
64.5%
Townhomes
2.8%
2.8%
Small Apt. Buildings
7.6%
7.6%
Apt. Complexes
23.7%
23.7%
Mobile Homes
1.5%
1.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
13.9%
13.9%
2 Bedrooms
31.5%
31.5%
3 Bedrooms
27.9%
27.9%
4 Bedrooms
17.0%
17.0%
5 or more bedrooms
6.1%
6.1%
0.0% 100.0%
% OF HOMES