Spokane Homes Record Steady Growth as Regional Markets Show Varied Dynamics Through May 2024
Spokane’s real estate saw a steady upward trend from June 2023 to May 2024 with a 2% increase in property values.
Key Takeaways
- Spokane's average property value reached $439,950 in May 2024, up from $432,340 in June 2023.
- That is an increase of just under 2% year over year.
- Average price per square foot rose from $210 to $216 over the same period.
- Listings peaked at 740 in October 2023, and sales peaked at 3,089 in December 2023.
Spokane Real Estate Market Trends: June 2023 to May 2024
The real estate market in Spokane, Washington, has seen a steady upward trajectory in terms of property values over the last 12 months. In June last year, the average property value was $432,340, then the market saw a gradual rise, reaching a peak average value of $439,950 by May this year. This represents an increase of just under 2% YoY. At the time of writing this report, the average price per square foot has also showed an upward trend, starting at $210 and climbing to $216 across the same timeframe.
Here is an overview of the nearby zip codes and current values
| Zip | Median Est. Value | Zip | Median Est. Value |
|---|---|---|---|
| 99208 |
$ 492,500 $ 202/sqft |
99203 |
$ 599,499 $ 238/sqft |
| 99205 |
$ 339,000 $ 193/sqft |
99216 |
$ 429,898 $ 218/sqft |
| 99223 |
$ 567,293 $ 226/sqft |
99217 |
$ 419,000 $ 234/sqft |
| 99224 |
$ 628,500 $ 243/sqft |
99204 |
$ 460,000 $ 201/sqft |
| 99206 |
$ 472,500 $ 196/sqft |
99201 |
$ 354,375 $ 217/sqft |
| 99212 |
$ 427,483 $ 224/sqft |
99218 |
$ 525,000 $ 211/sqft |
Frequently Asked Questions
What is the average home value in Spokane in May 2024?
$439,950, with an average price per square foot of $216.
How does Spokane compare with nearby cities?
Veradale and Greenacres averaged $769,900, while Airway Heights averaged a lower $367,450 in May 2024.
About the author: Manuel Martinez
RealtyTrac contributor
Manuel Martinez is a contributor to RealtyTrac who writes about local housing markets, home buying and real estate investing. He has written for RealtyTrac since 2013, covering city and state market reports, home buying guides and tips, investment financing and strategies for buying and flipping homes.
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