Spokane Home Prices Are Surging—But the Market Isn’t What It Seems

Spokane’s housing market made headlines in May 2025 when median home prices hit $464,975—the highest level since June 2022. But don’t let the surface numbers fool you. Beneath that record-breaking median lies a market that’s split in two: some homes are flying off the shelf with multiple offers, while others are sitting unsold and collecting dust.

If you're buying or selling right now, understanding this divide could make or break your next move.

A New High, But Not a Frenzy

Prices are up 6.9% year over year and 6.4% just from April to May. That’s a sharp jump, and it's brought Spokane back above the $450,000 median monthly threshold—a level we haven’t consistently seen for nearly three years.

At first glance, that sounds like a solid win for sellers. And in some cases, it is. Well-prepped homes in desirable neighborhoods are seeing two or three offers again. But this isn’t 2021—there’s no frenzy. Homes are selling, but buyers are cautious, selective, and slower to act.

Spokane Inventory Is Back—And That’s Complicating the Picture

The spike in prices comes at the same time inventory is surging. Spokane now has 3,985 active listings, nearly identical to 2019 levels and up nearly 18% from last year. Our months supply of inventory has climbed to 2.7—well above the ultra-low 2021 levels, but still shy of the 6-month threshold that defines a true buyer’s market.

That rise in supply is keeping things from overheating. It’s also putting pressure on sellers who assume rising prices mean they can skip staging or overprice their listing. That’s not working anymore.

Why Some Homes Aren’t Selling

While buyer activity is solid—pending sales are up 19.8% from last May—a significant number of homes are going unsold. As of now, there are 1,364 unsold listings in Spokane, the highest year-to-date number since 2018.

What’s going wrong? A lot of it comes down to poor presentation and overpricing. Homes that haven’t been cleaned, staged, or priced to reflect needed repairs are sitting while better-prepped homes are snapped up in days. And in this environment, sellers don’t get a second chance—once a listing goes stale, price cuts usually follow.

Buyers Are Moving More Deliberately

The average days on market has climbed from 9 to 12. That might not seem like much, but it signals a big shift: buyers aren’t rushing in like they did when rates were 3%. With more homes to choose from and mortgage rates still high, they’re scrutinizing every option.

As a buyer, this slower pace is a win. It gives time to do due diligence, negotiate repairs, and make a solid decision. But don’t confuse that with falling prices. Year-to-date, the median is still up 1.2%—sitting at $430,000 across all closed sales from January through May.

The Wildcard: What Happens Next?

So far in 2025, Spokane has seen 2,592 closed sales, up 2.8% from this time last year. Pending sales are up 6.3%. The market is clearly gaining momentum—but the next few months will be telling.

If more listings continue to hit the market and buyers pull back (say, in late summer), we could see a shift in balance. On the flip side, if interest rates drop, sidelined buyers will re-enter the market fast—and prices could climb even higher.

Advice for Buyers

If you’re planning to stay in a home for five to ten years, this could be a smart window to buy. Rates are high, yes—but they’re keeping competition at bay. Lock in a payment you can afford, and if rates drop later, refinancing is a bonus—not a guarantee.

Waiting for rates to fall sounds tempting, but don’t forget: millions of other buyers are waiting too. If they all jump in when rates drop, home prices could spike again, wiping out any savings.

Advice for Sellers

This is not the time to cut corners. Homes that are priced right and presented well are still getting offers—some even over asking. But if your home isn’t prepped, expect to sit longer and eventually lower your price.

One of the best moves sellers can make right now? Get a pre-inspection and address the biggest issues upfront. It reduces the risk of a failed sale, lowers your holding costs, and keeps the deal on track. It’s a small upfront investment that can prevent bigger losses down the road.

The Bottom Line

Spokane’s housing market is alive and moving, but success depends on strategy. Prices are rising, inventory is building, and buyers are becoming savvier. Whether you're making a move now or planning one for later, being informed—and prepared—is the key to navigating what’s next.

If you want a deeper breakdown of how this affects your specific neighborhood or price point, now’s a great time to dig in. The more clarity you have, the better decisions you'll make.