Spokane Valley, Washington Housing Market Prices
Spokane Valley 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.
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Median home price 35% below the Washington median$313,333
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Median rent 24% below the Washington median$1,336
Housing Market Overview
| Metric | Spokane Valley | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $313,333 | $485,016 | $248,835 |
| Price Trend (Annual %) | 8.8% | 10.9% | 7.5% |
| Median Gross Rent | $1,336 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 6.4% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spokane Valley is about 35% lower than in Washington. Rent is about 24% 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 Valley, up about 8.8% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Spokane Valley rose about 69.5% between 2015 and 2024, from $788 to $1,336. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Spokane Valley.
Buying the median-priced home in Spokane Valley costs roughly 19.5 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 Valley. The price-to-rent ratio in Washington is about 23.0.
| Metric | Spokane Valley | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $313,333 | $485,016 | $248,835 |
| Median Household Income | $73,861 | $98,224 | $80,455 |
| Price-to-Income Ratio | 4.2 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spokane Valley rose about 107.2%, while median household income rose about 58.6% 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 Valley | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.8% | 59.1% | 58.5% |
| Rental Rate | 40.3% | 33.6% | 31.2% |
| Vacancy Rate | 5.9% | 7.3% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Spokane Valley has a homeownership rate of 53.8%, lower than the Washington average of 59.1%. Its housing vacancy rate is 5.9%, compared with 7.3% in Washington.
Housing Stock
| Metric | Spokane Valley | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1981 | 1983 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Spokane Valley was built around 1981. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spokane Valley, Washington.
What is the median home price in Spokane Valley, Washington?
The median home price in Spokane Valley, Washington is $313,333, lower than the Washington average of $485,016.
What is the average home price in Spokane Valley, Washington?
The typical home price in Spokane Valley, Washington, reported as the median sale price, is $313,333. 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 Valley, Washington?
The median gross rent in Spokane Valley, Washington is $1,336 per month, lower than the Washington average of $1,759.
What was the median gross rent in Spokane Valley in 2020?
In 2020, the median gross rent in Spokane Valley, Washington was $961 per month.
What is the price-to-rent ratio in Spokane Valley, Washington?
The price-to-rent ratio in Spokane Valley, Washington is about 19.5, meaning it would take roughly 19.5 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 Valley.
Are home prices or rent rising faster in Spokane Valley, Washington?
Both home prices and rent are rising in Spokane Valley, up about 8.8% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spokane Valley, Washington?
53.8% of households in Spokane Valley, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Spokane Valley, Washington?
The housing vacancy rate in Spokane Valley, Washington is 5.9%, lower than the Washington average of 7.3%.
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