“What is the average home price in Spokane?“
When it comes to buying or selling a home in Spokane, Washington, understanding the current average home prices is crucial. The real estate market is a dynamic ecosystem that can be influenced by various factors, including neighborhood, house size, and unique features. In this article, we’ll dive into the current market trends, explore how average home prices vary by neighborhood, and discuss how house size and features can impact these prices.
Current Market Trends:
Overall Average Home Price: According to Zillow, the average home value in Spokane, WA is $386,490, reflecting a 2.4% decrease over the past year. Redfin’s data suggests a median sale price of $376,000, down 1.1% since last year.
Price Per Square Foot: The median sale price per square foot stands at $205, indicating a stagnant 0.0% change since the previous year. This figure highlights the stability in property values on a per-square-foot basis.
Market Stability: Despite the slight decreases in average and median prices, Spokane’s real estate market remains relatively stable. The city’s affordability compared to other major metropolitan areas continues to attract buyers.
Variation by Neighborhood:
South Hill: Known for its historic charm and tree-lined streets, South Hill boasts higher average home prices compared to the city’s overall average. Prices here can exceed $450,000, thanks to its proximity to downtown and desirable amenities.
North Spokane: This area offers a mix of established and newer neighborhoods. Average home prices in North Spokane tend to be more affordable, with many homes falling in the $300,000 to $350,000 range.
Liberty Lake: Located just east of Spokane, Liberty Lake is an upscale community with a median home price that can surpass $500,000. Its picturesque setting and outdoor recreational opportunities contribute to its higher price range.
Downtown Spokane: The heart of the city offers diverse housing options. While condos and apartments are prevalent, historic homes in Browne’s Addition can command prices over $500,000.
Influence of House Size and Features:
House Size: Larger homes generally come with higher price tags. A spacious, five-bedroom family home in Spokane may be priced well above the city’s average, while smaller one or two-bedroom properties can be found below the median.
Unique Features: Special features such as a pool, scenic views, a well-maintained garden, or a recently renovated kitchen can significantly influence the price of a property. Buyers are often willing to pay a premium for these amenities.
Age and Condition: Older homes with historical significance can command higher prices if well-preserved. On the other hand, homes in need of significant repairs or renovations may be priced lower to accommodate potential renovation costs.
Navigating Spokane’s real estate market involves considering various factors, including neighborhood, house size, and unique features. While the city’s overall average home price has seen a slight decline recently, the market remains stable and attractive to buyers. Understanding the nuances of Spokane’s neighborhoods and the impact of house size and features will help both buyers and sellers make informed decisions in this diverse and vibrant real estate landscape.