<h3>Spokane Real Estate Market Trends: June 2023 to May 2024</h3>
<p>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 <strong>$216</strong> across the same timeframe.</p>
<h4 class="sc-fff60b4-3 bmIvnq">Here is an overview of the nearby zip codes and current values</h4>
<div class="sc-d1a0c9c3-0 dNcHVF">
<div class="sc-d1a0c9c3-2 bOamMw">
<table class="sc-4b91b296-0 NvpMl">
<thead class="sc-4b91b296-3 QrbDO">
<tr class="sc-4b91b296-1 kcFJPr">
<th class="sc-4b91b296-4 jDLFWw">Zip</th>
<th class="sc-4b91b296-4 jDLFWw">Median Est. Value</th>
<th class="sc-4b91b296-4 jDLFWw">Zip</th>
<th class="sc-4b91b296-4 jDLFWw">Median Est. Value</th>
</tr>
</thead>
<tbody class="sc-4b91b296-2 xbjXs">
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99208/">99208</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 492,500</p>
<p class="sc-4b91b296-7 gkIasT">$ 202/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99203/">99203</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 599,499</p>
<p class="sc-4b91b296-7 gkIasT">$ 238/sqft</p>
</td>
</tr>
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99205/">99205</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 339,000</p>
<p class="sc-4b91b296-7 gkIasT">$ 193/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99216/">99216</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 429,898</p>
<p class="sc-4b91b296-7 gkIasT">$ 218/sqft</p>
</td>
</tr>
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99223/">99223</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 567,293</p>
<p class="sc-4b91b296-7 gkIasT">$ 226/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99217/">99217</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 419,000</p>
<p class="sc-4b91b296-7 gkIasT">$ 234/sqft</p>
</td>
</tr>
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99224/">99224</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 628,500</p>
<p class="sc-4b91b296-7 gkIasT">$ 243/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99204/">99204</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 460,000</p>
<p class="sc-4b91b296-7 gkIasT">$ 201/sqft</p>
</td>
</tr>
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99206/">99206</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 472,500</p>
<p class="sc-4b91b296-7 gkIasT">$ 196/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99201/">99201</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 354,375</p>
<p class="sc-4b91b296-7 gkIasT">$ 217/sqft</p>
</td>
</tr>
<tr class="sc-4b91b296-1 kcFJPr">
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99212/">99212</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 427,483</p>
<p class="sc-4b91b296-7 gkIasT">$ 224/sqft</p>
</td>
<td class="sc-4b91b296-5 eMzjte"><a class="sc-4b91b296-8 bAFlV" href="https://www.realtytrac.com/market-trends/spokane-wa-99218/">99218</a></td>
<td class="sc-4b91b296-5 eMzjte">
<p class="sc-4b91b296-6 hyyJXK">$ 525,000</p>
<p class="sc-4b91b296-7 gkIasT">$ 211/sqft</p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p>The Spokane market did experience fluctuations, particularly noticeable in the <a href="https://www.realtytrac.com/market-trends/spokane-wa/">average sale prices</a> and the corresponding average price per square foot. While property values increased, the average sale price underwent some fluctuations, with a notable dip in February 2024 before rising again in the subsequent months. The average price per square foot for sold properties followed a similar pattern, showing variability though generally trending below the asking price per square foot.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-25716" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/06/Spokane-WA-House-Prices-May-2024.png" alt="" width="1447" height="613" /></p>
<p>The number of properties listed for sale, and the number of sold homes also varied throughout the year. The property listings peaked in October 2023, with <a href="https://www.realtytrac.com/spokane-wa/for-sale/">740 properties on the market</a>, while December 2023 saw the highest number of sales, with 3,089 properties sold. This suggests particular months where buyer activity and market listings were at their most dynamic.</p>
<h3>Comparative Analysis with Nearby Cities in May 2024</h3>
<p>In May 2024, Spokane’s average property value stood at $439,950 with a price per square foot of $216. In contrast, Veradale, a nearby city, displayed higher valuation with an average property value of $769,900 and a lower average price per square foot of $199, indicating larger average property sizes compared to Spokane.</p>
<p>Airway Heights presented a lower average property value at $367,450 but had a higher price per square foot of $270, likely reflective of smaller property sizes or more premium features. Valleyford and Colbert, with average property values of $699,900 and $627,500, respectively, also showed higher prices per square foot compared to Spokane, highlighting a trend where surrounding areas have distinct market characteristics influenced by factors such as property size and local amenities.</p>
<p>Greenacres aligned closely with Veradale in terms of high property values ($769,900) and elevated price per square foot ($256). The variances in these figures highlight different market dynamics and buyer preferences across these locations.</p>


Market Reports

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.

Spokane Homes Record Steady Growth as Regional Markets Show Varied Dynamics Through May 2024 - RealtyTrac

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Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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Manuel Martinez

New York

Houston Housing Market Climbs to $350K Average Amid Upward Trend in April 2023

The Houston real estate market is showing steady growth, with property values and sale prices per square foot demonstrating an upward trend.

Houston Housing Market Climbs to $350K Average Amid Upward Trend in April 2023 - RealtyTrac

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Fort Collins Property Values Climb, Sale Prices Stabilize Amidst 2024 Regional Market Shifts

The Fort Collins real estate market has seen a steady increase in property values and stability in sale prices, indicating a balanced market.

Fort Collins Property Values Climb, Sale Prices Stabilize Amidst 2024 Regional Market Shifts - RealtyTrac

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California

Market Trend Report For Bakersfield, California – March 2024

Stockton Housing Market Comparably Affordable Amid Rising California Prices – January 2024 Report

This blog post discusses the dynamic real estate trends in Bakersfield, noting fluctuations in property values, sale prices, and activity levels. It also highlights differences in nearby cities, showcasing diverse market conditions shaped by localized factors and broader economic trends.

Market Trend Report For Bakersfield, California – March 2024 - RealtyTrac

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Spokane Homes Record Steady Growth as Regional Markets Show Varied Dynamics Through May 2024

$485,000

$489,000

$254,900