Home Values in Spokane, Washington — 2026 Market Report
Updated March 2026 | Seller's Market | +3% YoY
The median home value in Spokane, Washington is $345,000 as of March 2026, which is below the national median of $400,000. Home values in Spokane have increased by 3% over the past year and 15.9% over the last five years. With a population of 228,989 and a median household income of $47,882, the price-to-income ratio stands at 7.2x, making Spokane affordable for the average household.
Spokane Housing Market Conditions
| Metric | Spokane | National Avg |
|---|---|---|
| Median Home Value | $345,000 | $400,000 |
| YoY Appreciation | +3% | +3.8% |
| 5-Year Appreciation | +15.9% | +22.4% |
| Price per Sq Ft | $188 | $222 |
| Days on Market | 49 days | 45 days |
| Months of Supply | 2.8 | 3.5 |
| List-to-Sale Ratio | 97.6% | 98.5% |
| Monthly Homes Sold | 97 | — |
| Foreclosure Rate | 0.33% | 0.3% |
Home Value Trends in Spokane
A homeowner who purchased at the median price of $297,670 five years ago in Spokane would have gained approximately $47,330 in equity, representing a 15.9% return on investment. Over the past year alone, the typical homeowner gained $10,049 in home equity.
Affordability in Spokane, WA
With a median household income of $47,882 and a median home price of $345,000, the price-to-income ratio in Spokane is 7.2x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,981 compared to estimated monthly ownership costs of $1,906 gives a rent-vs-buy ratio of 0.96. In Spokane, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Spokane
The effective property tax rate in Washington is 0.93%. On a home valued at $345,000, the estimated annual property tax bill is $3,209, or approximately $267/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Spokane is 95.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Spokane, WA?
The median home value in Spokane, Washington is $345,000 as of March 2026. Home values have changed +3% over the past year, with a 5-year appreciation of 15.9%.
Is Spokane a buyer's or seller's market?
Spokane is currently a seller's market with 2.8 months of housing supply. Homes spend an average of 49 days on market, and the list-to-sale price ratio is 97.6%. Low inventory gives sellers an advantage.
Are home values going up in Spokane?
Yes, home values in Spokane have increased by 3% over the past year. The 5-year appreciation rate is 15.9%, meaning a home worth $297,670 five years ago is now worth $345,000.
Is it better to rent or buy in Spokane?
The average monthly rent in Spokane is $1,981, while estimated monthly homeownership costs are approximately $1,906. The price-to-rent ratio is 14.5. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Spokane, Washington is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.