Have Spokane Home Prices Permanently Stalled?

If you bought a home in Spokane in 2022 or 2023, you might be asking this very question—and for good reason. Median prices haven’t moved much since the peak of the pandemic market. For the past three years, Spokane has seen virtually zero appreciation. But 2025 is showing early signs of change.

Let’s break down the data, what it means for homeowners and buyers, and whether this holding pattern might finally be lifting.

Spokane’s Flatline: Three Years, No Equity

Looking at Spokane’s year-to-date median sales prices:

• 2022: $423,000

• 2023: $405,000

• 2024: $425,000

• 2025 (so far): $425,000

That’s three consecutive years without meaningful appreciation. And it’s not just a stat on a graph—this is impacting real people. Sellers who bought in 2022 or 2023 are finding themselves with little equity, and in some cases, are walking away from closings without recovering their full down payment. Some are even bringing funds to the table.

They’re not distressed—just moving for jobs or life changes—but renting their homes isn’t a cash-flow solution either.

Is a Turnaround Coming?

May 2025 may finally be breaking the pattern. Here’s the weekly average home price so far:

• Week 1: $455,000

• Week 2: $460,000

• Week 3: $480,000

April’s median price also ticked up 1.1% year-over-year—a modest but welcome shift. It’s too early to call it a comeback, but buyer activity is picking up, especially on well-prepared and correctly priced homes. The full May data will provide a clearer picture, but momentum appears to be building.

Is This a Buyer’s Market?

Not quite. Spokane is currently sitting at 2.5 months of inventory, up significantly from the 2020–2021 frenzy (which hovered around two weeks). But even with this increase, it’s still considered a soft seller’s market or neutral territory.

Buyers have more breathing room. But clean, well-priced homes are still moving quickly—and in some cases, with multiple offers. A recent South Hill listing in the mid-$500K range went pending in under a week with three offers and an over-asking contract.

What the Inventory Shift Means

Here’s where the numbers get interesting:

• New listings in 2025: 3,561

• New listings in 2024 (YTD): 3,159

• Increase: 12.7%

• New pendings: up only 3.7%

So more homes are hitting the market, but buyer demand isn’t keeping pace. That 9% gap suggests that sellers are showing up faster than buyers. Whether it’s due to interest rates, affordability fatigue, or overall uncertainty, it’s slowing appreciation and creating more opportunities for buyers—if they know where to look.

Should You Buy Now or Wait?

Here’s the honest answer: If you’re planning to stay for fewer than five years, now may not be the time.
Equity gains are far from guaranteed in the short term. But if you’re planning to be in your next home for 7–10 years or more, owning is still one of the strongest paths to long-term wealth.

Short-term market timing isn’t the game anymore. It’s about buying the right home at the right payment for your budget—and holding it through the cycles. The past three years have made it clear that fast appreciation can’t be counted on.

So… Have Prices Really Stalled?

The market isn’t crashing—but it’s not climbing quickly either. Spokane is in a slow correction phase. Appreciation is happening, but it’s cautious and uneven. Some price bands are moving, others aren’t. The strongest gains are happening on updated homes in the $400K–$600K range, especially when staged and marketed well.

The next 60 to 90 days will be key indicators for where this market heads in the second half of the year.

Final Thoughts

Whether you're buying, selling, or just sitting tight, one thing is clear: this is a strategy-first market. Decisions should be driven by data, goals, and long-term planning—not headlines or hope.

Want help understanding where you stand? Book a strategy call using the link below, or download the free Spokane Buyer’s Guide to see what’s realistic right now in today’s market.

And if you want to stay in the loop as Spokane’s 2025 housing story unfolds, make sure to subscribe for more updates like this one.