What Are Home Prices Doing in Spokane, Washington and Are They Expected to Go Up or Down

Spokane's housing market has remained active through 2026, with median home prices holding in the mid-to-upper $300,000 range across much of the city. That figure shifts depending on the neighborhood and property type, with areas closer to downtown Spokane and the South Hill corridor often commanding higher prices, while more affordable options tend to appear in the Valley and North Spokane.

Median Price Snapshot

Prices have climbed steadily since 2020 and have not reversed in any meaningful way. As of August 2026, the Spokane market is showing modest year-over-year appreciation rather than the dramatic spikes seen a few years back. Single-family homes in established neighborhoods like Manito, Comstock, and Audubon tend to sit in the $380,000 to $500,000 range, while entry-level homes in areas like Hillyard or parts of the East Side can still be found below $300,000.

Condos and townhomes near the Kendall Yards development and the Monroe Street corridor have also seen consistent demand, with prices reflecting the walkability and proximity to the Spokane River Centennial Trail and downtown amenities.

How Inventory Is Shaping Prices

Inventory has been one of the biggest factors keeping prices elevated. The number of homes available for sale in Spokane County remains below what would be considered a balanced market, which generally requires around five to six months of supply. Right now, supply is running closer to two to three months in many price brackets, which keeps upward pressure on prices even as buyer demand has moderated somewhat from its peak.

According to recent reporting, the broader Washington state housing market has seen a notable drop in available inventory, which has reinforced price floors in markets like Spokane. You can read more about those statewide dynamics in this Washington housing market inventory and price cut analysis from HousingWire.

2. What Is Driving Prices in Spokane's Market

Understanding what is pushing Spokane prices in a particular direction requires looking at both local and regional forces. The city is not operating in a vacuum, and several converging factors have kept demand relatively firm even as mortgage rates have stayed elevated.

Demand From Outside the Region

Spokane has continued to attract buyers relocating from higher-cost West Coast markets. Seattle, the Bay Area, and Portland buyers who can work remotely have found that Spokane offers considerably more square footage and lot size per dollar. A home that might list for $700,000 in a Seattle suburb can often be replicated in Spokane for half that price, and that gap has not disappeared. Proximity to outdoor recreation at spots like Mount Spokane State Park, Liberty Lake, and the surrounding Selkirk Mountains is an additional draw for people making the move.

The National Association of Realtors identified Spokane as one of the markets worth watching in 2026 for this very reason. Their 10 Home Buying Hot Spots to Watch in 2026 report highlights how relative affordability and quality of life factors have kept certain mid-sized markets in demand even as the national market has cooled.

New Construction and Its Limits

New construction has picked up in areas like Spokane Valley, Liberty Lake, and some northern Spokane subdivisions, but it has not been enough to meaningfully close the supply gap. Builder costs, lot availability, and permitting timelines have all slowed the pace of new inventory reaching the market. Most new builds in the Spokane area are coming in at $400,000 and above, which does little to relieve pressure in the entry-level segment below $300,000.

3. Are Spokane Home Prices Expected to Go Up or Down

This is the core question most buyers and sellers are wrestling with right now. What are home prices doing in Spokane, Washington and are they expected to go up or down over the next six to twelve months? The honest answer is that the data points to continued modest appreciation rather than a sharp correction, though there are conditions that could slow that growth.

The Case for Continued Appreciation

Low inventory, steady in-migration, and a local economy anchored by Washington State University's medical school campus, Providence Health, MultiCare, and a growing logistics and manufacturing base all support prices holding or inching upward. Spokane does not have the speculative froth that some larger markets experienced, which means the floor under prices is more structural than sentiment-driven.

Analysts who follow the Spokane market closely have pointed to these fundamentals as reasons to expect a healthy, if not explosive, price environment through the rest of 2026 and into 2027. The city's relative affordability compared to coastal Washington markets continues to act as a buffer against the kind of demand destruction that has hit higher-priced metros harder.

Where Softening Could Occur

Rate sensitivity remains the biggest wildcard. If mortgage rates stay elevated or climb further, some buyers will stay on the sidelines, and sellers who need to move may have to price more competitively. The upper price tiers in Spokane, particularly homes above $550,000, have already seen longer days on market and more frequent price reductions than the entry and mid-level segments. That pattern could spread downward if affordability continues to be stretched.

A meaningful increase in new construction or a wave of motivated sellers could also shift the balance, but neither scenario appears imminent based on current conditions in August 2026.

4. What This Means If You Are Buying or Selling in Spokane

Market data is only useful when it translates into a concrete plan. Whether you are buying your first home near the South Perry District or selling a larger property on the South Hill, the current conditions call for a clear-eyed strategy rather than guesswork.

Advice for Buyers

Get pre-approved before you start touring homes. In a market where well-priced listings in the $280,000 to $380,000 range still move quickly, being ready to write an offer is not optional. Focus your search on what you can genuinely afford at today's rates rather than betting on a rate drop that may or may not materialize. If you find a home that meets your needs and pencils out financially, waiting for a price correction that may not come could cost you more than it saves.

Pay attention to days on market for any listing you are considering. Homes sitting longer than 30 days in Spokane's current market often have room for negotiation on price or seller concessions toward closing costs, which can meaningfully offset your out-of-pocket expenses.

Advice for Sellers

Pricing accurately from the start matters more right now than it did two years ago. Buyers in Spokane are more informed and more rate-conscious than they were during the peak frenzy, and overpriced listings are sitting longer and sometimes selling for less than they would have if they had been priced correctly on day one. A comparative market analysis based on genuinely comparable recent sales in your specific neighborhood is the most reliable starting point.

Presentation still matters. Homes that are clean, well-maintained, and photographed professionally continue to attract more showings and stronger offers in Spokane's market. Small investments in curb appeal, fresh paint, and decluttering routinely pay off in both sale price and time on market.