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Spokane's Housing Market Surges 25% in Early 2024

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  Published in House and Home on Friday, November 21st 2025 at 18:12 GMT by KIRO-TV

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Spokane Metro’s Real‑Estate Boom: A Snapshot of the Fastest‑Growing Home Prices in the U.S.

A recent feature on KIRO‑7 News – “Cities with the Fastest‑Growing Home Prices: Spokane Metro Area” – dives deep into the housing‑market surge that has turned the Inland Northwest into one of the most sought‑after places to buy a home in 2024. Drawing on data from Zillow, the National Association of Realtors, and local real‑estate firms, the article paints a picture of a market that is outpacing national averages, reshaping the region’s economy, and raising questions about affordability, infrastructure, and future growth.

1. The Numbers That Matter

According to the article, Spokane’s median home price in early 2024 stood at $385,000, a jump of nearly 25% from the same period in 2023. This surge places Spokane among the top 15 cities in the U.S. with the highest percentage growth in home prices over the past year. In contrast, the national median price rose by only 7% during the same timeframe.

• Spokane County: Median price $390k
• Spokane Valley: Median price $310k
• Northeast Spokane (Spokane Valley, Liberty Lake, and Post Falls): Median price $280k

The article notes that the median price for single‑family homes climbed by 28% in Spokane County, while condominiums and townhomes saw a 20% rise. Even the most affordable neighborhoods—such as the neighborhoods around the University of Washington and the old “Parker” area—have seen price gains that outstrip those of many major metropolitan markets.

2. What’s Driving the Boom?

The piece identifies several key factors that have coalesced to create the current housing frenzy in Spokane:

1. Remote Work and Migration
   The lingering pandemic‑induced shift toward remote work has made high‑cost cities like Seattle and San Francisco less attractive to many professionals. Spokane, with its lower cost of living and proximity to major tech hubs (approximately 4–5 hours by car), has become a “work‑from‑home” magnet. This is highlighted by a recent relocation survey by the Spokane Regional Chamber of Commerce, which found that 32% of new residents moved to the area specifically for remote work opportunities.

2. Inventory Crunch
   The article cites data showing that Spokane’s housing inventory—houses on the market at any given time—has fallen by 15% over the past 18 months. The Zillow “Home‑Inventory Index” for the region shows a dip from 5.3 months in January 2023 to 3.8 months in March 2024, indicating a severe shortage of homes relative to demand.

3. Affordability Relative to the Pacific Northwest
   While Spokane’s median price is higher than in many smaller cities, it remains a fraction of the cost in neighboring Washington cities. For example, the median home price in Seattle is roughly $870k. Spokane’s price point—especially when adjusted for local income levels—makes it an attractive alternative for families and retirees.

4. Local Economic Growth
   The Spokane area is witnessing a diversification of its economy beyond traditional manufacturing. Tech startups, healthcare expansion, and an increasing number of regional data centers have injected new capital into the market. The article links to a local business news piece on the growth of Spokane’s “Tech Corridor,” underscoring the interplay between job creation and housing demand.

3. The Impact on the Community

While home‑price growth brings prosperity for many, the article also presents a balanced view of its social ramifications:

• Affordability Stress for Low‑Income Families
  The article highlights that Spokane’s median household income is about $68,000, meaning the median home price now represents over 5.5 times that income—an affordability metric that some experts say signals the market is becoming “highly stressed.” Local advocacy groups are calling for more affordable housing initiatives, including inclusionary zoning and incentives for developers to build low‑to‑moderate‑income units.

• Transportation and Infrastructure Strain
  Rapid population growth has increased traffic on major arterials such as I‑90 and US‑395. A link to the Washington State Department of Transportation’s 2023 report points to projected congestion costs that could surpass $200 million over the next decade unless significant upgrades are made.

• Educational System Pressure
  Spokane’s public schools are seeing higher enrollment numbers, especially in schools serving the growing “North Spokane” region. The article includes a link to the Spokane Public Schools budget, which indicates a projected need for $30 million in new classroom space by 2027.

• Neighborhood Gentrification
  The surge in property values has led to a wave of gentrification in historically working‑class neighborhoods. The article cites a study from Whitworth University that tracks demographic shifts in neighborhoods like “Duncan Park” and “West Central,” where median rents have jumped by 45% over the past 18 months.

4. Looking Ahead: Predictions and Strategies

The KIRO‑7 feature concludes by offering a forward‑looking perspective. Experts interviewed for the piece predict that while the current rate of price growth will likely moderate, Spokane’s real‑estate market will continue to be a top performer relative to other Pacific Northwest cities. Key points include:

• Sustained Demand from Remote Workers – As remote work becomes mainstream, demand for affordable housing outside metro centers will persist.
• Potential Supply‑Side Relief – Local government initiatives to streamline permitting and build larger multifamily complexes could ease the inventory crunch.
• Climate Resilience and Sustainability – Rising awareness of climate change impacts may drive new developments to prioritize green building and water‑efficient designs.

The article points readers to a city‑wide plan released by the Spokane City Council that outlines a “Sustainable Growth Framework” aimed at balancing housing supply, affordability, and environmental stewardship.

Bottom Line

Spokane’s housing market is a microcosm of broader trends reshaping the American West. While the city enjoys the benefits of rising property values and increased investment, it also faces challenges typical of fast‑growing regions: affordability, infrastructure strain, and social equity. The KIRO‑7 article provides a comprehensive snapshot of where Spokane stands today and where it might be headed, making it a valuable read for homebuyers, investors, policymakers, and anyone interested in the dynamics of urban growth.