What Can $500,000 Get You in Spokane, WA?

If you're in the market for a home in Spokane and have a budget of $500,000, you might be wondering what that can actually buy you. Spokane’s housing market offers a variety of options, from historic homes on the South Hill to new construction in the Spokane Valley. Let’s take a look at what $500,000 can get you across different neighborhoods.

What $500,000 Buys in Spokane County

For this analysis, we’re looking at:

• Single-family homes priced between $475,000 - $525,000
• At least 3 bedrooms and 2 bathrooms
• Active listings (not pending sales)
• Locations across Spokane County

This price range is just above Spokane’s median home price and often offers upgraded finishes, larger lot sizes, and access to desirable neighborhoods.

South Hill: Historic Charm & Established Neighborhoods

The South Hill is one of Spokane’s most sought-after neighborhoods, known for its tree-lined streets, historic homes, and proximity to parks and restaurants.

• Lower South Hill: You’ll find updated but smaller homes, like a 3-bed, 2-bath, 1,800 sq. ft. home from 1949 priced around $475,000.
• Lincoln Heights: A more suburban area with homes built in the 1990s and 2000s, often split-levels around 2,000 sq. ft. for just over $500,000.
• Moran Prairie: Larger homes, around 2,500 sq. ft., 5-bed, 3-bath, built in the 1970s and 1980s. These homes may need updates but offer bigger yards.

Spokane Valley: Spacious Homes & New Construction

Spokane Valley offers larger homes for the price and has several new construction options.

• Latah Valley: Homes from Lennar and other builders provide modern features, new appliances, and community amenities.
• South Valley: A hotspot for 5-bed, 3-bath homes, often 2,300+ sq. ft. with large lots. A 1990s tri-level home with a three-car garage can be found for around $500,000.

North Spokane & Indian Trail: Room to Grow

The north side of Spokane offers a mix of older established neighborhoods and newer developments.

• Balboa Neighborhood: Offers 4-5 bedroom homes, often with 2,000+ sq. ft., with quick access to shopping and schools.
• Indian Trail: A mix of resale homes and newer builds, including 3-bed, 2-bath new construction homes in planned communities.

New Construction: Customization & Incentives

If you prefer a brand-new home, Spokane has several developments offering new construction homes at this price point.

• Eagle Ridge (South Spokane)
• Five Mile (North Spokane)
• Airway Heights (West Spokane)
• Spokane Valley (Lennar, Hayden Homes, and more)
  💡 Many builders offer interest rate buy-downs, which could lower your monthly payment significantly.

Understanding Your Mortgage & Payment

A $500,000 home with 10% down ($50,000) at a 6.9% interest rate will have an estimated monthly payment of ~$3,500 (including taxes and insurance).
If you increase your down payment to 20% ($100,000), your payment drops to around $3,150/month.

Final Thoughts: Choosing the Right Neighborhood

Where you buy depends on your lifestyle, commute, and home preferences.

• Want a historic home with character? → South Hill
• Need a newer home with a big yard? → Spokane Valley or North Spokane
• Looking for brand-new construction? → Latah Valley, Airway Heights, Indian Trail

Thinking about buying in Spokane? My team specializes in helping buyers find the right home. Schedule a call today to get a personalized map of neighborhoods that fit your needs!