Spokane, Washington Housing Market Prices
Spokane Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 44% below the Washington median$269,716
-
Median rent 31% below the Washington median$1,207
Housing Market Overview
| Metric | Spokane | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $269,716 | $485,016 | $248,835 |
| Price Trend (Annual %) | 11.3% | 10.9% | 7.5% |
| Median Gross Rent | $1,207 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spokane is about 44% lower than in Washington. Rent is about 31% lower than the Washington average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Spokane, up about 11.3% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Spokane rose about 61.9% between 2015 and 2024, from $746 to $1,207. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Spokane.
Buying the median-priced home in Spokane costs roughly 18.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Spokane. The price-to-rent ratio in Washington is about 23.0.
| Metric | Spokane | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $269,716 | $485,016 | $248,835 |
| Median Household Income | $70,301 | $98,224 | $80,455 |
| Price-to-Income Ratio | 3.8 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spokane rose about 131.4%, while median household income rose about 66.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Spokane | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.5% | 59.1% | 58.5% |
| Rental Rate | 38.1% | 33.6% | 31.2% |
| Vacancy Rate | 5.3% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Spokane has a homeownership rate of 56.5%, lower than the Washington average of 59.1%. Its housing vacancy rate is 5.3%, compared with 7.3% in Washington.
Housing Stock
| Metric | Spokane | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1964 | 1983 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Spokane was built around 1964. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spokane, Washington.
What is the median home price in Spokane, Washington?
The median home price in Spokane, Washington is $269,716, lower than the Washington average of $485,016.
What is the average home price in Spokane, Washington?
The typical home price in Spokane, Washington, reported as the median sale price, is $269,716. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Spokane, Washington?
The median gross rent in Spokane, Washington is $1,207 per month, lower than the Washington average of $1,759.
What was the median gross rent in Spokane in 2020?
In 2020, the median gross rent in Spokane, Washington was $904 per month.
What is the price-to-rent ratio in Spokane, Washington?
The price-to-rent ratio in Spokane, Washington is about 18.6, meaning it would take roughly 18.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Spokane.
Are home prices or rent rising faster in Spokane, Washington?
Both home prices and rent are rising in Spokane, up about 11.3% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spokane, Washington?
56.5% of households in Spokane, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Spokane, Washington?
The housing vacancy rate in Spokane, Washington is 5.3%, lower than the Washington average of 7.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →