Property Makler
Advanced analytics for residential real estate investing

Spokane-Spokane Valley, WA housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	2022	2023	2024	YTD
Median Listing Price per Square Feet	$221	$226	$228	$229	0.9%	2.3%	0.9%	0.4%
Active Listing Count	966	1,113	1,339	2,172	101.7%	15.2%	20.3%	62.2%
Median Days on Market	57	56	65	52	-20.8%	-1.8%	16.1%	-20%
Share of listings with price increase	1.1%	0.9%	0.9%	0.6%
Share of listings with price decrease	14.7%	16.2%	16.4%	18.5%

* last available value

Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

The Spokane-Spokane Valley Metropolitan Statistical Area (MSA) includes Spokane County and Stevens County in Washington state, with a total population of approximately 600,292 as of 2023.
Principal cities are Spokane (over 200,000 inhabitants) and Spokane Valley (around 108,267 in 2025 projection).
Key smaller communities include Airway Heights, Cheney, Fairwood, Liberty Lake (50,000-199,999 range), and others like Mead, Medical Lake, Deer Park (5,000-49,999 range).
Geographic regions span urban core in Spokane, suburban areas in Spokane Valley and Liberty Lake to the east, and rural northern areas in Stevens County like Chewelah and Colville.
MSA covers 4,241.3 square miles with a density of 141.5 people per square mile.

Area	City/Town	Population	Density	Income (high/low/...)	Quality of Schools (GreatSchools rating range)	Crime Level	Property Tax (%)	Comments
Urban Core	Spokane	~230,000	High urban	Median	4-8	Moderate-high	~1.0%	Economic hub, diverse neighborhoods
Eastern Suburbs	Spokane Valley	108,267 (2025)	Moderate	Median $70,722 household	5-9	Moderate	~0.95%	Growing at 0.56% annually, 85% White
Eastern Suburbs	Liberty Lake	~12,000	Moderate-high	High	7-10	Low	~0.9%	Affluent, family-oriented
Western Suburbs	Airway Heights	~10,000	Moderate	Low-median	3-7	Moderate	~1.0%	Near Airway Heights casino
Southwest	Cheney	~12,000	Low-moderate	Low	6-9	Low	~0.95%	Home to Eastern Washington University
North Rural	Deer Park	~4,500	Low	Low-median	4-7	Low	~1.0%	Rural, agricultural
Far North	Chewelah	~2,500	Low	Low	3-6	Low	~0.95%	Stevens County, remote

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No local personal income tax in any area; Washington state has no income tax.
Property taxes average 0.95-1.0% across Spokane County based on assessed values.
Density estimates derived from MSA average of 141.5/sq mi, adjusted for urban/suburban/rural.
Income levels: Spokane Valley per capita $46,212; MSA median household around $65,000-$75,000.
School ratings from GreatSchools typical ranges; higher in suburbs like Liberty Lake.
Crime lower in suburbs and rural areas vs. urban Spokane.

MSA median household income approximately $70,000-$75,000, with Spokane Valley at $70,722-$74,787.
Per capita income in Spokane Valley $46,212; poverty rate 12.92%.
MSA labor force over 60,000 in Spokane Valley alone; regional unemployment low at ~4%.
Education: About 30% bachelor's degree or higher in MSA; higher in suburbs (e.g., Liberty Lake 40%).
Median age 37.6-38.8 years; 50.3% male, 49.7% female.
Racial makeup: 86% White, 8% multiracial, 2% Hispanic, smaller Asian/Black/Native groups.
Age distribution: 22% under 18, 59% 18-64, 19% 65+.

Healthcare and social assistance largest employer, ~15% of jobs.
Retail trade and education services significant, driven by universities like Gonzaga and EWU.
Manufacturing, including aerospace (Boeing suppliers), and logistics due to central location.
Government and military (Fairchild AFB) provide stable employment.
Tourism and recreation from nearby rivers, lakes, and skiing in four-state region.
Professional services growing; agriculture in rural Stevens County.
MSA serves 2.5 million in four-state inland Northwest hub.

Zoning moderately open in suburbs like Spokane Valley, allowing single-family and multifamily growth.
Regulatory strictness medium; Spokane County permits process 3-6 months for residential.
Construction workforce costs rising 5-7% annually due to labor shortages post-pandemic.
New permits up 10% yearly in eastern suburbs; land availability higher east of Spokane.
Impact fees ~$10,000-$20,000 per unit, lower than coastal WA cities.
Supply constrained in urban core by older zoning; rural Stevens more flexible but infrastructure lags.
Builder activity focuses on 2000-4000 sq ft homes, median price $400,000-$450,000.

Net migration in: +5,000-7,000 annually, from California/West Coast seeking affordability.
Growing industries: Healthcare (hospitals expanding), tech/logistics (Amazon warehouses).
Remote work influx post-2020 boosted suburbs; Liberty Lake sees 2% pop growth/year.
Declining: Some manufacturing slowdowns, but offset by service sector.
Population growth 2.5% 2020-2023; projections to 605,000 by 2024.
Family migration for schools and outdoor lifestyle; low cost vs. Seattle (50% cheaper).
Idaho border pull (Coeur d'Alene metro 185,000) spills demand into east side.

Inventory low at 2-3 months supply; median days on market 20-30.
Prices up 8-10% yearly, median home $430,000; affordability strain for median income.
Interest rates 6-7% slowing sales volume 15% from 2022 peak.
Water rights issues in east suburbs limit large developments.
Aging housing stock in core Spokane needs updates; insurance costs rising wildfire risks north.
Labor shortages delay builds; material costs +20% since 2020.
Gentrification pressures in urban areas displacing lower-income renters.

Area	Appreciation Potential	Risk	Key Drivers
Eastern Suburbs (Liberty Lake, Spokane Valley)	High	Low	Migration in, job growth, school quality, new construction
Urban Core (Spokane)	Medium	Medium	Downtown revitalization, rentals strong, crime concerns
Southwest (Cheney)	Medium-high	Low-medium	University demand, affordable entry, steady appreciation
North Rural (Deer Park, Chewelah)	Low-medium	High	Remote work appeal, low prices, infrastructure limits
Western Suburbs (Airway Heights)	Medium	Medium-high	AFB stability, gaming revenue, mixed demographics

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