Spokane, WA Housing Market Report

The Spokane real estate market as of December 2025 is characterized by a transition toward a more balanced environment, though it currently leans slightly in favor of buyers compared to previous years. With active inventory surging by 16.9% year-over-year to 1,881 units, prospective homeowners have significantly more options than they did during the post-pandemic boom. The median home value stands at $383,289, reflecting a marginal annual decline of 0.22%. However, the market has shown consistent month-over-month growth since July 2025, suggesting that prices have found a floor and are beginning a modest recovery.

Price trends over the last six months indicate a steady upward trajectory, rising from $379,483 in July to the current $383,289 in December. This incremental growth, coupled with a sale-to-list ratio of exactly 1, suggests that while buyers have more leverage to negotiate, properties are still being valued accurately and selling for their asking prices. The increase in days on market to 76 days indicates a slower pace of transactions, giving buyers the luxury of time to conduct thorough inspections and due diligence that was often skipped in faster cycles.

Looking ahead, the Spokane-Spokane Valley metro area remains an attractive alternative to the more expensive coastal markets in Washington. For sellers, the key to success in 2026 will be realistic pricing and property presentation, as the increased inventory means more competition for eyeballs. For buyers, the combination of rising rents—up 1.76% to $1,480—and stabilizing home prices makes a compelling case for transitioning from leasing to ownership. While the rapid appreciation of the early 2020s has cooled, the steady monthly gains seen in late 2025 point toward a healthy, sustainable growth pattern for the coming year.