Spokane Home Values: Trends Over The Years & What It Means
- Nick Briggs
- May 7
- 6 min read
If you’ve been watching the Spokane housing market over the years, you already know one thing: Spokane real estate looks dramatically different today than it did a decade ago.
From rising home prices and shrinking inventory to record-low days on market and major shifts in buyer competition, the Spokane home values trend tells the story of one of the biggest housing transformations our area has ever experienced.
As a Spokane real estate agent, I believe understanding these long-term trends helps homeowners make smarter decisions about when to sell, how to price, and what to expect from today’s market. This article breaks down how Spokane home values have changed from 2012 through 2026 using historical Spokane County housing data averages. These are not current live monthly stats — they are yearly averages that show how the market evolved over time.
Spokane Home Values Trend: 2012 vs. 2026
The numbers alone show just how much Spokane real estate has changed over the past 15 years.
Median Sold Price
2012: $169,000
2020: $315,000
2021: $390,000
2025: $439,000
2026 YTD Average: $425,000
Average Sold Price
2012: $192,000
2016: $230,000
2019: $305,000
2021: $436,000
2022: $486,000
2025: $494,000
Average Price Per Square Foot
2012: $80/SF
2017: $108/SF
2020: $151/SF
2022: $216/SF
2025: $218/SF
Over the long term, Spokane home values trend data shows one clear pattern: Spokane real estate has appreciated substantially over time, even with occasional market slowdowns and stabilization periods.
What Spokane Real Estate Looked Like in 2012
Back in 2012, Spokane was a completely different housing market.
Inventory was high, homes took much longer to sell, and buyers had significantly more negotiating power.
2012 Spokane Housing Market Stats
Average Days on Market: 87
Homes For Sale: 2,373
Median Sold Price: $169,000
Average Sold Price: $192,000
Sold-to-Original-List-Price Ratio: 94%
At the time, Spokane was still recovering from the effects of the housing crash and recession years. Sellers often had to reduce prices, offer concessions, and wait months for offers.
Compared to today’s Spokane housing market, the difference is massive.
2015–2018: The Beginning of Spokane’s Rapid Growth
Between 2015 and 2018, Spokane began seeing major population growth, stronger demand, and accelerating appreciation.
What Changed During These Years?
Inventory started shrinking rapidly
More out-of-area buyers entered the market
Home prices accelerated
Days on market dropped quickly
Buyers began competing more aggressively
Key Market Changes:
1) Average Days on Market
2015: 66 days
2018: 41 days
2) Median Sold Price
2015: $190,000
2018: $245,000
3) Average Price Per Square Foot
2015: $92/SF
2018: $121/SF
This was the period where many Spokane homeowners started seeing major equity growth for the first time in years.
2020–2021: Spokane’s Historic Seller Market
The biggest shift in Spokane home values trend history happened during 2020 and 2021.
Low interest rates, migration into Spokane, remote work flexibility, and historically low inventory created one of the most competitive housing markets Spokane had ever seen.
2021 Spokane Housing Market Stats
Average Days on Market: 13
Homes For Sale: 289
Median Sold Price: $390,000
Average Sold Price: $436,000
Sold-to-Original-List-Price Ratio: 102%
Homes were often receiving:
Multiple offers
Escalation clauses
Waived contingencies
Over-asking-price offers
This was the peak of Spokane’s seller-dominated market.
Inventory dropped from 2,373 homes available in 2012 to only 289 homes available in 2021.
That supply collapse played a massive role in Spokane’s rapid price appreciation.
2022–2024: Stabilization and Interest Rate Adjustment
When interest rates increased in 2022, Spokane’s housing market began shifting away from the extreme frenzy environment.
But despite national headlines, Spokane home values did not collapse.
Instead, the market entered a stabilization phase.
What Changed?
Buyers became more payment-sensitive
Inventory increased
Homes took longer to sell
Appreciation slowed
Buyers regained some negotiating power
Average Days on Market
2021: 13 days
2022: 18 days
2023: 28 days
2024: 30 days
Median Sold Price
2022: $435,000
2023: $425,000
2024: $435,000
This is important because it shows Spokane real estate did not experience a major long-term decline. Instead, values stabilized after years of unusually aggressive growth.
Spokane Home Values Trend in 2026
The Spokane housing market in 2026 is very different from both the 2021 frenzy and the slower 2012 market.
Today’s market is more balanced — but still relatively strong overall.
2026 Spokane Housing Market Averages
Median Sold Price: $425,000
Average Sold Price: $471,000
Average Price Per Square Foot: $214
Average Days on Market: 44
Homes For Sale: 1,559
These figures are based on year-to-date averages through April 2026 and are not live current monthly market stats.
What This Means
The Spokane market is no longer experiencing:
Explosive appreciation
Instant sales
Massive bidding wars on every home
But it also is not experiencing:
Major value declines
Oversupply
Distressed market conditions
Instead, Spokane is in a more normalized housing market where:
Pricing strategy matters more
Presentation matters more
Buyers have more options
Well-priced homes still sell successfully
How Much Have Spokane Home Values Increased?
One of the biggest takeaways from the Spokane home values trend is just how much equity many homeowners have gained.
Since 2012:
Median sold prices increased from $169,000 to $425,000
Average sold prices increased from $192,000 to $471,000
Price per square foot increased from $80/SF to $214/SF
That means many Spokane homeowners who purchased years ago are now sitting on substantial equity gains.
What This Means for Spokane Sellers
Selling a home in Spokane today requires a different strategy than it did during the peak frenzy years.
Today’s buyers:
Compare homes more carefully
Negotiate more often
Have more inventory choices
Expect homes to be priced correctly
That means successful sellers focus on:
Strategic pricing
Professional marketing
Strong presentation
Local market expertise
This is where working with a Spokane Realtor who understands historical market trends can make a major difference.
Why Spokane Housing Trends Matter Locally
National headlines often don’t reflect what’s actually happening in Spokane real estate.
Spokane’s market has historically behaved differently than many larger metro areas because of:
Relative affordability
Population growth
Limited inventory
Regional migration trends
Lifestyle demand
That’s why local market knowledge matters when deciding:
When to sell
How to price
Which updates matter most
How to position your home competitively
Final Thoughts on the Spokane Home Values Trend
The Spokane housing market has changed dramatically over the last 15 years.
We’ve gone from:
High inventory
Slow-moving listings
Lower home values
…to:
Much higher prices
Faster sales
Strong long-term appreciation
More competitive market conditions
While today’s market is more balanced than the peak 2021 frenzy, Spokane home values remain historically strong overall.
The biggest mistake homeowners can make is assuming today’s market works the same way it did during peak seller-market years. Pricing, preparation, and strategy matter more now than they have in several years.
If you want help understanding what these Spokane housing trends mean for your specific home, reach out anytime. As a Spokane real estate agent, I help homeowners use real market data to make smarter selling decisions.
FAQs About Spokane Home Values Trend
Are Spokane home values still increasing in 2026?
Spokane home values have largely stabilized after years of rapid appreciation. Prices remain historically strong overall, with moderate fluctuations rather than major declines.
How much have Spokane home prices increased since 2012?
Median sold prices increased from $169,000 in 2012 to approximately $425,000 in 2026 year-to-date averages.
Is Spokane still a seller’s market?
Spokane remains more seller-leaning than buyer-leaning overall, although inventory has improved substantially compared to the extreme 2021 market conditions.
Why are Spokane homes taking longer to sell now?
Higher interest rates and increased inventory have slowed buyer urgency compared to peak years. However, well-priced homes are still selling successfully.
What year was Spokane’s hottest housing market?
Based on inventory, days on market, and sold-to-list-price ratios, 2021 was likely Spokane’s most competitive seller market in recent history.
📌 Related Blog: Spokane Housing Market Forecast
About Me
My name is Nick Briggs
Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.
