Spokane, WA Housing Market
AI-powered market intelligence for the Spokane-Spokane Valley, WA metro area.
PropertyIQ Scores
Spokane, WA Market Analysis
Market Overview
Spokane’s PropertyIQ Score of 39 out of 100 places the market in a softer range compared with a neutral or higher-scoring environment. The score is shaped most by home value momentum, median days on market, and the share of listings with price cuts. Twelve-month home value momentum is positive at 5.01%, but three-month momentum is negative at -0.73%, signaling that recent price strength has faded. At the same time, homes are sitting for a median of 47 days, and 24.4% of listings have had a price cut, which points to a market where sellers are adjusting to weaker buyer urgency.
Compared with Washington state averages, Spokane is more affordable in absolute terms but also has lower incomes. The median home value is $424,976, well below the state average of $601,545. The rent index is $1,552, compared with $1,682 statewide. However, the median household income is $72,836, also below the state average of $94,952. The unemployment rate is 4.4%, better than the state average of 5.2%, which suggests some underlying labor market stability despite the softer housing readings.
Overall, Spokane presents as a moderate-to-soft market. It is not showing sharp declines, but the negative three-month momentum, flat year-over-year change, and elevated price-cut activity indicate that buyer leverage has increased. The market’s relative affordability is a counterbalance, but the income gap with the rest of the state means affordability is not as strong as the lower median home value alone might suggest.
Key Trends
One clear trend is cooling price momentum. The 12-month home value momentum of 5.01% shows that values rose over the past year, but the three-month momentum of -0.73% shows that recent months have reversed some of that strength. The year-over-year home value change is down $4, essentially flat, reinforcing that annual appreciation has stalled. This pattern suggests a market transitioning from growth to a more neutral or slightly negative pricing environment.
A second trend is rising seller competition and longer selling times. There are 2,378 homes for sale, and the median days on market is 47. More tellingly, 24.4% of listings have had a price cut. That is one of the top drivers of the PropertyIQ Score and indicates that many sellers are reducing asking prices to attract buyers. When nearly one in four listings has a price reduction, it typically signals that demand is not absorbing supply quickly enough at original list prices.
A third trend centers on affordability. Spokane’s median home value of $424,976 is significantly lower than the state average of $601,545, and its rent index of $1,552 is also below the state average of $1,682. This creates a lower-cost entry point compared with larger Washington metros. However, because the median household income of $72,836 trails the state average of $94,952, local buyers may not feel as much affordability relief as the price gap implies. The market is cheaper in absolute terms, but the local income base is also lower.
A fourth trend is labor market resilience. Spokane’s unemployment rate of 4.4% is below the state average of 5.2%. That relative strength may help support housing demand, but population growth data is not available, so it is difficult to determine whether household formation is expanding enough to absorb inventory. Without that demographic data, the full demand picture remains incomplete.
Who Is This Market For
Spokane may appeal most to budget-conscious buyers and first-time buyers looking for a lower entry price than the Washington state average. The median home value of $424,976 is substantially below the statewide median of $601,545, which can make ownership more accessible for households with moderate incomes. At the same time, the lower median household income of $72,836 means buyers should be realistic about monthly affordability, even with a lower purchase price.
Buy-and-hold rental investors may find the rent index of $1,552 relative to the median home value of $424,976 worth evaluating. The lower price point can reduce upfront capital requirements compared with higher-cost Washington markets. However, investor demand should be considered carefully because the three-month home value momentum is negative and 24.4% of listings have had price cuts, which may limit near-term appreciation. The missing population growth data also makes it harder to project future rental demand.
Move-up buyers and sellers may face a more challenging environment. With a median of 47 days on market and nearly a quarter of listings reducing price, sellers need to be prepared for longer timelines and possible concessions. Buyers who need to sell an existing home before purchasing may encounter slower conditions than they would in a stronger market. Overall, this is a market better suited to patient buyers, value-oriented owner-occupants, and long-term rental investors rather than those seeking rapid price gains.
Outlook
The data points to a cautiously soft near-term outlook for Spokane. Negative three-month home value momentum of -0.73%, a 24.4% share of listings with price cuts, and a median of 47 days on market all suggest that buyer leverage is likely to continue in the short term. With 2,378 homes for sale, supply appears ample enough to keep upward price pressure limited. However, the 12-month home value momentum of 5.01% and an unemployment rate of 4.4%, which is below the state average, may help prevent a sharper downturn. Because population growth data is not available, longer-term demand trends cannot be fully assessed. Based strictly on the provided metrics, the near-term picture favors a cooling, buyer-leaning market rather than a rapid decline or a return to strong appreciation.
AI-generated analysis based on current market data. Last updated August 18, 2026.
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Spokane, WA market data
Spokane, WA Housing Market Overview
Spokane, WA's median home value is $425K, up 5.0% over the past year. Homes here sell in a median 47 days. Its PropertyIQ Score of 39 sits below the state average of 50, marking a market positioned to lag its state over the next three years.
The Spokane, WA metropolitan area represents a distinct segment of WA's housing landscape. The PropertyIQ Score combines price momentum — how Zillow home values have trended over the past 3 and 12 months — with market-flow signals from Realtor.com that track how fast homes sell and how often sellers cut prices. The result is a single measure of how this market is positioned to outperform or lag its state over the next three years.
Pacific Coast housing markets feature the nation's highest price points alongside strong wage growth from technology, entertainment, and trade sectors. Supply constraints from geographic barriers and regulatory environments create persistent affordability challenges but also strong long-term appreciation potential. Within the Pacific, Spokane, WA's PropertyIQ Score of 39 runs below the Pacific norm.
Washington state's housing market is heavily influenced by Seattle's tech economy, with Amazon, Microsoft, and Boeing employment driving both price appreciation and demand volatility as hiring cycles fluctuate.
For the Spokane, WA market, PropertyIQ calculates a single score each month from four inputs: twelve-month Zillow home-value momentum, three-month Zillow home-value momentum, median days on market from Realtor.com, and the Realtor.com price-reduced share. The score is computed nationally across all metros and calibrated so 50 equals the state average. Across the validation history, metro markets in the top score band have outperformed their state by roughly 1.7 percentage points more per year than bottom-band markets. Momentum here has been positive, with home values up 5.0% over the past year.
Explore the interactive map to see how Spokane, WA compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Spokane, WA metro area
ZIP codes in the Spokane, WA metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Spokane, WA a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Spokane, WA currently scores 39, a weak-momentum reading that leaves it positioned to lag its state over the next three years. For buyers, cooling demand usually brings more inventory, longer sale times, and real leverage to negotiate on price. Backing that up, the median home value here is $425K, up 5.0% over the past year. So whether Spokane, WA is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Spokane, WA?
Spokane, WA's PropertyIQ Score is 39, indicating weak momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 39 places Spokane, WA below its state benchmark.
Are home prices in Spokane, WA rising or falling?
Home prices in Spokane, WA are rising. Over the past year, the median home value increased 5.0%, reaching $425K. Over the latest three months, values slipped 0.7%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Spokane, WA's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Spokane, WA?
In Spokane, WA, homes sell in a median of 47 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 24% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Spokane, WA market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.