Spokane real estate markets ranked ahead of SeattleDecember 22, 2021
The cities of Spokane and Spokane Valley in Washington state have been ranked No. 3 in Realtor.com’s list of “Top 10 Housing Markets for 2022,” ahead of the Seattle-Tacoma-Bellevue region, which ranked No. 8 on the list.
Spokane and Spokane Valley – the largest suburb of Spokane – ranked behind No. 1 Salt Lake City, Utah and No. 2 Boise, Idaho. According to Realtor.com’s statistics, Spokane has a median home price of $419,803 with a home price change increase of 7.7% and a sales change increase of 12.8%, for a combined sales and price growth of 20.5%.
The Santa Clara, California-based real estate listings website cited several reasons for Spokane’s high ranking, including an abundance of waterfront activities and more sunny weather as compared to Seattle. Spokane was also seen as an attractive destination in terms of easy access to amenities, restaurants, and nightlife in downtown areas like Riverside.
Even with Spokane’s hot housing market, it is still relatively more affordable than other cities in the state, such as Seattle and Tacoma, Realtor.com noted.
The median home prices in the Seattle-Tacoma-Bellevue region is $666,754, Realtor.com reported, with a home price change increase of 7.5% and a sales change increase of 9.6%, for a combined sales and price growth of 17.1%.
Realtor.com described Seattle as having a “higher-than-average cost of living.” It mentioned an influx of Californians and the city being home to big companies such as Amazon, Starbucks, and Expedia.
The website characterized Spokane as an “attractive option” for young families, especially those who are settling down after graduating from universities such as Gonzaga or Whitworth.
Realtor.com also gave kudos to Spokane for its concentration of high-ranked public schools, such as Libby Center and Wilson Elementary.
“People are discovering what those who live in Spokane already know about the quality of life available professionally and personally,” said Brian Coddington, Spokane’s director of communications and marketing, in an email to The Center Square. “The pandemic has highlighted some of those considerations and the opportunities for remote working arrangements make mid-sized cities even more attractive. Our focus is on continuously improving inventory at all market levels to keep entry and move-up happening.”
His assessment is backed up by a recent report put out by the National Association of Realtors that ranked Spokane and Spokane Valley as one of the top 10 markets that showed resilience during the pandemic, with the association expecting the two cities to perform well in a “post-COVID-19 environment.” Spokane is the third most attractive destination for West Coast movers, according to the report, just behind Phoenix, Arizona and Dallas, Texas.
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