Spokane's housing market is making headlines in June 2025 as both prices and inventory surge to multi-year highs. The median home price hit $464,975 in May, a 6.9% jump from last year and the highest since mid-2022. While sellers are celebrating rising home values, buyers are finding more options as active listings climb to nearly 4,000—levels not seen since before the pandemic.

Market Overview

Spokane's housing market is experiencing a notable upswing in both prices and inventory. In May 2025, the median home price surged to $464,975, representing a 6.9% year-over-year increase and the highest level since mid-2022.
Inventory is climbing rapidly. Active listings have reached 3,985, which is nearly identical to 2019 levels and up 17.7% from last year. There were 1,629 homes for sale in May, a 20.7% increase from April 2025.
While some homes are receiving multiple offers (typically two or three, not the bidding wars of 2021), others are sitting on the market longer, and price reductions are becoming more common. Buyers are increasingly selective, and sellers must price and prepare their homes strategically.

Key Market Stats

$464,975

Median Home Price

3,985

Active Listings

2.7

Months of Supply

Key Trends and Notable Developments

Pending sales are up 19.8% year-over-year, indicating strong buyer activity even as inventory grows.
The market is described as competitive but not chaotic. The average home sells in about 12–18 days, with hot properties moving in as little as 4–5 days.
Distressed listings (foreclosures, short sales) are rising, though still a small fraction of the market—up 41% from 2023, but only 0.2% of total listings.

Downtown Transformation

Downtown Spokane is seeing major shifts, with empty office buildings losing millions in value and several high-profile conversions planned. Notably, the historic Peyton Building is being converted into 96 apartments, and another historic building is set for a 97-unit multifamily conversion. These projects are seen as potential catalysts for revitalizing downtown and addressing housing demand.

What This Means for You

For Sellers

• Home values are at 3-year highs
• Strategic pricing is more important than ever
• Professional preparation can help you stand out
• Multiple offers are still possible on well-priced homes

For Buyers

• More inventory means more choices
• You can be more selective
• Price reductions are becoming common
• Act quickly on hot properties

Market Summary

With inventory up nearly 18% year-over-year and pending sales also rising, Spokane's real estate landscape is dynamic and evolving. The market is competitive but shifting, rewarding strategic sellers and giving buyers more choices than in recent years. As summer heats up, all eyes are on whether this momentum will continue—and how the city's ambitious redevelopment projects will reshape the market for years to come.

Spokane Housing Market Surges, Downtown Sees Major Conversions