Top Spokane Neighborhoods for 2024 and What’s Next for 2025

As we approach 2025, buyers and sellers in Spokane are looking for insights into which neighborhoods performed the best in 2024. Whether you're planning to buy early to capitalize on appreciation or time your sale to catch a hot market, understanding these trends can help you make better decisions.

Overview of Spokane’s Real Estate Market in 2024

In 2024, Spokane’s housing market saw an average price increase of 2.4% across the entire MLS. While some neighborhoods experienced modest gains, others stood out with impressive growth. Let’s break down the top-performing areas.

Neighborhood Highlights

1. Colbert

• Price Increase: 3.7% (Average price: $610,000)
• Closed Sales: Up 8.1%
• New Listings: Up 7.1%

Located north of Spokane, Colbert remains a desirable area with a mix of rural properties and family-friendly communities. Its proximity to attractions like Green Bluff and Cat Tales Zoo adds to its appeal.

2. Liberty Lake

• Price Increase: 3.8% (Average price: $550,000)
• Closed Sales: Up 6.6%
• New Listings: Up 0.8%

Liberty Lake continues to shine, especially with ongoing development in North Liberty Lake. Its strong demand and limited inventory make it a sought-after neighborhood for families and outdoor enthusiasts.

3. Medical Lake

• Price Increase: 7.1% (Average price: $445,000)
• Closed Sales: Down 18.6%
• New Listings: Up 29.1%

Despite a major wildfire impacting the area, Medical Lake saw substantial price growth. The increase in listings likely reflects properties affected by the fire, with many owners deciding to sell.

4. Millwood

• Price Increase: 10.8% (Average price: $385,000)
• Closed Sales: Up 7.1%
• New Listings: Up 7.1%

This charming area in Spokane Valley, known for its affordability and small-town feel, saw the highest percentage price increase in 2024. Millwood's growth underscores its appeal to first-time homebuyers.

5. Otis Orchards

• Price Increase: 4.6% (Average price: $591,000)
• Closed Sales: Up 84%
• New Listings: Up 83%

Otis Orchards experienced explosive growth in both sales and listings. As buyers seek more space and affordable options on the outskirts of Spokane, this area is becoming increasingly popular.

Spokane and Spokane Valley

• Spokane: Price increase of 2.6% (Average price: $400,000). While new listings rose 10.5%, sales decreased slightly by 2%.
• Spokane Valley: Price increase of 3.2% (Average price: $440,000). Sales grew by 9.7%, with a 13% rise in new listings.

Note: Spokane Valley remains more expensive than Spokane, contrary to common assumptions.

Looking Ahead to 2025

As Spokane’s housing market evolves, outer areas like Otis Orchards and Medical Lake are becoming hotspots for buyers. These neighborhoods offer larger lots and more affordable pricing, making them attractive options for those willing to move beyond the city center.

With continued demand, limited inventory, and new developments on the horizon, 2025 is shaping up to be another dynamic year in Spokane’s real estate market.

What Neighborhoods Are on Your Radar?

Which Spokane neighborhoods are you most excited about? Whether you’re curious about a specific area or want to explore potential opportunities, drop your questions or suggestions in the comments. Let’s keep the conversation going!