Spokane, WA Scores 76 on PropertyIQ. Inventory Is Up 30%. Here Is What to Watch.
Spokane scores 76 out of 100. That is above the national median, but the current inventory picture is the key variable investors need to watch.
The Inventory Story
Spokane's for-sale inventory grew 29.6% year-over-year as of February 2026. New listings were up 27% from the prior year. In most markets, that kind of supply increase in 12 months puts downward pressure on prices.
Prices in Spokane have already responded. Home values declined 1.55% year-over-year. At $475,000 median listing price on a $72,836 median income, the market is 59.4% overvalued -- the second-highest overvaluation in this batch.
The score of 76 reflects factors still working in Spokane's favor: homes are moving in 40 days on average, sales volume grew 9.74% year-over-year, and 5-year appreciation is still 25.6%. But the trajectory of inventory growth is a yellow flag.
What Is Still Working
Homes are moving fast. 40 days on market is a competitive pace. Buyers are still transacting.
Sales volume is up. Home sales grew 9.74% year-over-year as of February 2026.
Price per square foot is reasonable. At $234/sqft, Spokane is still cheaper than most Pacific Northwest markets.
Key Market Data (as of February 28, 2026 unless noted)
- PropertyIQ Score: 76/100
- Median home value: $410,748 (Zillow, Jan 31, 2026)
- Median listing price: $475,000 (Realtor.com, Feb 2026)
- Year-over-year price change: -1.6%
- Overvaluation vs. income: +59.4%
- Days on market: 40
- For-sale inventory: 1,411 homes
- Inventory change YoY: +29.6%
- Price cuts: 13.1% of listings
- Rent index: $1,489/mo (Zillow, Dec 2025)
- Unemployment: 4.4% (Nov 2025)
- Median household income: $72,836 (Census, 2023)
- 5-year home value change: +25.6%
- Zillow price forecast: +0.7% (12-month, Dec 2025)
What This Means for Investors
Spokane is a market to watch, not a market to rush. The inventory surge is the key variable. If it stabilizes in the next two to three months, the score will likely hold or improve. If it continues, expect further price softening.
Cash flow investors should note the rent-to-price ratio: $1,489/mo on a $411K value is a gross rent multiplier of approximately 23x -- thin margin territory. The 59.4% overvaluation is also a concern for appreciation underwriting.
Monitor the PropertyIQ Score month-over-month before committing capital.
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