Spokane, WA Housing Market

Market Overview

Spokane’s PropertyIQ Score of 34 out of 100 points to a relatively weak market position. The score is pulled down by softening home value momentum, including a 3-month change of -2.05% and a 12-month gain of just 3.36%. The median days on market of 52 days and the share of listings with a price cut at 20.0% also signal a market that has cooled compared with stronger conditions where homes sell faster and sellers rarely reduce asking prices. Compared with Washington state benchmarks, Spokane’s median home value of $418,163 is materially below the state median of $591,879, and its rent index of $1,540 is below the state’s $1,760.

At the same time, Spokane’s lower cost structure is paired with lower household incomes. The median household income is $77,488, compared with $98,141 statewide. While the unemployment rate of 4.4% is better than the state average of 5.0%, the income gap means that lower home prices do not automatically translate into stronger affordability relative to the rest of the state. Overall, Spokane shows a moderate-to-weak market position: prices and rents are below state averages, but incomes are lower and recent price momentum is soft.

Key Trends

The most prominent trend is a clear slowdown in home value momentum. The 12-month home value momentum is positive at 3.36%, but the 3-month momentum is negative at -2.05%. That suggests recent price softness is pulling down the longer-run performance. The year-over-year change in median home value is essentially flat at -$2, indicating no meaningful appreciation over the past year.

A second trend is slower selling conditions. The median days on market is 52 days, which is not extreme but does indicate that homes are taking time to sell. In addition, 20.0% of listings have had a price cut. This share of price reductions points to sellers adjusting expectations and buyers having some negotiation room.

A third trend is a relatively high inventory level for the current pace of sales. There are 2,391 homes for sale. Combined with 52 days on market and a 20.0% price cut share, this inventory level suggests supply is not especially tight and is contributing to the cooling price environment.

A fourth trend is relative affordability versus the state. Spokane’s median home value of $418,163 and rent index of $1,540 are both below the Washington state benchmarks of $591,879 and $1,760. However, the median household income of $77,488 is also below the state’s $98,141. This means that while prices and rents are lower in absolute terms, local incomes are lower as well, which can offset some of the affordability advantage.

Who Is This Market For

Spokane at its current PropertyIQ Score of 34/100 may suit budget-conscious first-time buyers and residents earning local wages. The median home value of $418,163 is well below the state average, and with 20.0% of listings showing price cuts and a median days on market of 52 days, first-time buyers may find more time to evaluate homes and negotiate. However, the median household income of $77,488 means affordability is tighter than the lower price alone would suggest.

The rental profile may appeal to buy-and-hold investors. The rent index of $1,540 is below the state average of $1,760, but it still represents a meaningful income stream relative to a median home value of $418,163. Investors who are comfortable with slower price growth and a cooling trend may find opportunities, especially with inventory at 2,391 homes and price cuts giving some room on purchase price. This is less likely to be a market for short-term flippers or investors seeking rapid appreciation, given the negative 3-month home value momentum of -2.05% and flat year-over-year value.

Move-up buyers may also participate, but they should expect their current home to sell more slowly. The 52-day median days on market and 20.0% price cut share mean that selling a home in Spokane may require patience and realistic pricing.

Outlook

The near-term outlook for Spokane is cautious and points toward a relatively soft, buyer-friendly market. The negative 3-month home value momentum of -2.05%, flat year-over-year median home value change of -$2, and 20.0% share of listings with a price cut all suggest that price growth has stalled or slightly reversed. With 2,391 homes for sale and median days on market at 52 days, there is enough supply and slow enough turnover to keep pressure on sellers. The unemployment rate of 4.4% is a stabilizing factor and is better than the state’s 5.0%, but population growth data is not available, so it is difficult to assess whether new household formation or migration is adding demand. Unless new data shows stronger demand, the metrics support an expectation of continued modest price softness and limited appreciation in the immediate future.