Spokane’s Luxury Real Estate Split: Old Money vs. New Money Homes

Not all luxury is created equal in Spokane. While price matters, lifestyle tells the real story. And in Spokane’s high-end market, that story splits in two: one path paved with historic prestige, the other built around modern convenience. So, if you’re shopping at the top of the market, it’s not just about square footage — it’s about deciding which kind of legacy you want to live in.

The Roots of Old Money: Character, History, and Craftsmanship

In neighborhoods like Rockwood, Cannon Hill, and Cliff-Cannon, you’re not just buying a home — you’re stepping into a story. These early-20th-century enclaves were carefully planned with curved streets, basalt stone walls, grand trees, and proximity to iconic parks like Manito. Many of the homes were designed by Spokane’s most notable early architects and still showcase original features: beamed ceilings, tile roofs, custom millwork, and intricate stained glass.

But the charm comes with strings attached. Many of these areas have historic overlay protections, which means even replacing windows or exterior paint colors could require city approval. For some, it’s a burden. For others, it’s a badge of honor — preserving the architectural integrity of a neighborhood that's stood the test of time.

Old Money is Fighting to Stay That Way

In areas like Cannon Hill, neighbors have been organizing to keep the historic district intact and prevent modern infill from altering the scale and style of the neighborhood. Handwritten signs are popping up in yards encouraging residents to vote in favor of historic protections. It’s not about nostalgia — it’s about preserving long-term value by protecting the streetscape.

If you appreciate community character, history, and walkable charm, these areas offer something no new build ever could. But buyers should be ready for the realities: costly renovations, longer timelines, and sourcing specialized contractors who understand century-old systems.

The Rise of New Money: Space, Privacy, and Predictability

On the other side of the spectrum, new luxury neighborhoods like Legacy Ridge, The Ridge at Hangman, River Bluff Estates, and Quail Ridge cater to a different kind of buyer. These homes prioritize open-concept layouts, soaring ceilings, massive garages, panoramic views, and modern finishes that reduce daily upkeep.

Here, the lifestyle is quieter and more controlled. HOAs keep architectural consistency, and infrastructure — from the plumbing to the windows — is up to today’s standards. Many of these neighborhoods sit on the ridgelines surrounding Spokane and offer a sense of separation from city noise while still being within a reasonable drive of downtown or the airport.

The Key Commonality: Protection of Value

Interestingly, both old money and new money properties protect home values — just through different mechanisms. In historic districts, the city preserves consistency through regulation. In luxury subdivisions, HOAs and design standards serve the same function. The result is neighborhoods where character or curb appeal doesn’t get compromised by the house next door.

It’s just a question of which type of structure suits your lifestyle: layered legacy or lock-and-leave simplicity.

What You Get for $1–3M in Spokane

One of Spokane’s unique draws is what $1–3M can actually buy. In places like Seattle or the Bay Area, $1M might get you a 900 sq ft bungalow with no yard. In Spokane, it could land you 4,000+ square feet, a third-acre lot or more, a three-car garage, and sweeping territorial views.

Luxury isn’t just reserved for out-of-reach estates — it’s within grasp for many who’ve sold in higher-cost markets and are now looking for comfort, space, and long-term value.

Need a Field Test? Try This Neighborhood Tour

If you're trying to decide which lifestyle speaks to you, spend a day driving through both. Start in Rockwood or Cliff-Cannon. Cruise along the tree-lined boulevards near Manito Park, then grab a coffee at Rockwood Bakery or Lindaman’s to soak in the historic ambiance. After that, drive up to Legacy Ridge or River Bluff Ranch. Park at one of the trailheads or viewpoints and imagine watching a summer sunset over the Spokane Valley or forested hills.

The feeling is completely different — and that’s the point.

What to Know Before You Buy in Either Market

If you’re leaning historic:

• Pull the historic overlay guidelines before planning any major updates.

• Get pre-inspections on systems like chimneys, foundations, roofs, and masonry.

• Budget realistically — windows and tile roofs aren’t cheap to restore.

If you’re leaning new construction:

• Request the HOA’s architectural guidelines and reserve study.

• Understand what you can’t change, especially regarding landscaping or additions.

• Ensure your insurance reflects full replacement value — including custom finishes.

No matter your pick, Spokane’s luxury housing offers long-term upside. And whether you want a hundred-year-old legacy or the ease of modern design, there’s something here for you.