Spokane Home Prices: $395K, Up 0.1% — 11 ZIPs Analyzed (2026)
Can you still afford a house in Spokane? $395,233. That’s the typical home value as of February 2026, and it’s barely budged — up just 0.1% from a year ago. For a mid-size Washington city, that price puts Spokane well below Seattle but above many inland markets.
Quick answer: The average home price in Spokane, WA is $395,233 as of February 2026, up 0.1% year over year according to Zillow.
Current Home Prices in Spokane
Spokane’s housing market is flat. A 0.1% annual increase means the typical homeowner gained about $400 in equity over the past year — barely enough to notice.
| Metric | Value |
|---|---|
| Median Home Value | $395,233 |
| Year-over-Year Change | +0.1% |
| Lowest ZIP Value | $273,121 |
| Highest ZIP Value | $511,429 |
| Number of ZIPs Tracked | 11 |
| Data as of | February 2026 |
The $238,308 gap between the cheapest and most expensive ZIP codes tells a bigger story than the city-wide median. Where you buy in Spokane matters far more than when you buy — at least right now.
Prices peaked in March 2025 at $394,851, then drifted lower through the summer before climbing back. February 2026’s $395,233 sits just above that prior high. The market isn’t crashing, but it isn’t running away from buyers either.
For context, the Spokane-Spokane Valley metro has tracked this same sideways pattern. Buyers who waited a year paid roughly the same price.
Spokane Home Prices by Neighborhood
All 11 tracked ZIP codes show significant variation. The most expensive area costs nearly double the cheapest.
| ZIP Code | Median Home Value | Median Rent |
|---|---|---|
| 99224 | $511,429 | $1,547 |
| 99223 | $486,246 | $1,740 |
| 99203 | $476,773 | $1,997 |
| 99218 | $458,112 | $1,827 |
| 99208 | $451,655 | $1,817 |
| 99204 | $380,748 | $1,132 |
| 99217 | $370,093 | $1,566 |
| 99201 | $319,564 | $1,196 |
| 99205 | $314,318 | $1,370 |
| 99202 | $305,504 | $1,565 |
| 99207 | $273,121 | $1,371 |
Most Expensive ZIPs
99224 leads at $511,429 — 29% above the city median — yet carries a relatively modest rent of $1,547, suggesting owner-occupied homes dominate. 99223 follows at $486,246 with rents of $1,740. 99203 rounds out the top three at $476,773 and has the highest rents in the city at $1,997/month.
Most Affordable ZIPs
99207 is the entry point at $273,121, a full 31% below the city median, with rents at $1,371. 99202 comes in at $305,504 with notably higher rents of $1,565 — a tighter gap between owning and renting. 99205 at $314,318 offers the middle ground among affordable options, with rents at $1,370.
Rent vs Buy in Spokane
The average rent across Spokane’s 11 tracked ZIPs is approximately $1,557/month.
To buy the median $395,233 home with 20% down, you’d finance about $316,186. At a 6.5% mortgage rate over 30 years, the principal and interest payment alone runs roughly $1,999/month. Add property taxes and insurance, and total monthly housing costs likely land between $2,400 and $2,600.
| Scenario | Monthly Cost |
|---|---|
| Average Rent (city-wide) | ~$1,557 |
| Mortgage P&I (20% down, 6.5%) | ~$1,999 |
| Estimated Total Ownership Cost | ~$2,400–$2,600 |
Renting saves you roughly $850–$1,050 per month compared to buying. That math shifts in the affordable ZIPs. In 99207, a 20% down mortgage on a $273,121 home puts P&I around $1,382/month — close to the $1,371 rent in that ZIP. That’s one of the few areas where buying and renting cost nearly the same.
The most expensive ZIP, 99203 by rent, charges $1,997/month — almost identical to a mortgage payment on the city median. Renters in that neighborhood are paying nearly what owners pay elsewhere.
Population Growth and Migration
Spokane’s population reached 230,609 in 2024. Growth has been slow — just 0.6% over four years.
| Year | Population |
|---|---|
| 2020 | 229,205 |
| 2021 | 230,542 |
| 2022 | 230,777 |
| 2023 | 230,193 |
| 2024 | 230,609 |
The city actually lost residents between 2022 and 2023, dropping by 584 people, before recovering slightly in 2024. That dip-and-recovery pattern mirrors the housing price trend.
Compared to other Washington cities, Spokane’s growth is the slowest:
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Seattle | 780,995 | +5.5% |
| Spokane Valley | 108,267 | +4.5% |
| Vancouver | 198,992 | +4.0% |
| Tacoma | 228,202 | +3.8% |
| Everett | 113,011 | +1.9% |
| Spokane | 230,609 | +0.6% |
Spokane Valley — right next door — grew at 4.5%. That suggests people are choosing the metro area but not necessarily the city itself. Slow population growth keeps a lid on housing demand, which helps explain why prices have flatlined.
Spokane Housing Market Trends
Here’s the month-by-month picture for the past year:
| Month | Avg Home Value | Low | High |
|---|---|---|---|
| Mar 2025 | $394,851 | $274,709 | $512,633 |
| Apr 2025 | $393,682 | $273,772 | $510,858 |
| May 2025 | $392,478 | $273,019 | $509,041 |
| Jun 2025 | $391,438 | $272,307 | $507,518 |
| Jul 2025 | $390,822 | $271,984 | $506,059 |
| Aug 2025 | $390,492 | $271,663 | $505,111 |
| Sep 2025 | $390,849 | $271,808 | $505,282 |
| Oct 2025 | $391,622 | $272,062 | $506,638 |
| Nov 2025 | $392,976 | $272,541 | $508,658 |
| Dec 2025 | $394,471 | $273,183 | $510,678 |
| Jan 2026 | $395,304 | $273,320 | $511,664 |
| Feb 2026 | $395,233 | $273,121 | $511,429 |
The pattern is clear. Prices slid from March through August 2025, losing about $4,359 (1.1%) over five months. Then they reversed course, climbing steadily from September through January. February broke the streak with a tiny $71 dip.
The trough-to-peak swing was modest — about $4,812. This isn’t a volatile market. Both the floor (low ZIP) and ceiling (high ZIP) moved in lockstep, meaning the correction and recovery were market-wide, not concentrated in one area.
Is Spokane a Good Place to Buy in 2026?
The data points to a balanced market. Prices aren’t rising fast enough to create urgency, and they aren’t falling enough to reward waiting.
Buyers hold the upper hand right now. A 0.1% annual increase means sellers can’t rely on appreciation to justify high asking prices. If you can find a home in the $273K–$315K range in ZIPs 99207, 99202, or 99205, your monthly costs will rival rent payments.
The downside: equity growth is nearly zero. You’re buying for stability and fixed housing costs, not for quick appreciation. If you need a home to gain value within two years, Spokane’s data doesn’t support that bet right now.
For long-term buyers who plan to stay five or more years, the flat market reduces the risk of buying at a peak. You’re unlikely to be underwater a year from now.
Spokane Housing Market Outlook for 2026-2027
The six-month trend from August 2025 through January 2026 showed consistent monthly gains averaging about $800/month. February’s slight dip ($71) may signal a pause rather than a reversal.
If the current pace continues, Spokane home values could edge toward $398,000–$400,000 by mid-2026. But the ceiling has been firm — the March 2025 average of $394,851 took nine months to surpass, and even then only by a thin margin.
The 3-month trend suggests price momentum is fading. December, January, and February gains were $1,495, $833, and -$71 respectively — a decelerating pattern. A spring buying season could push prices up, but based on the available data, any gains through 2026 are likely to stay under 2%.
Similar Markets in WA
If you’re considering Spokane, these other Washington markets are worth comparing:
- Seattle — The state’s most expensive major market, but also the fastest-growing city in the comparison.
- Everett — North of Seattle with nearly double Spokane’s population growth rate.
- Vancouver — On the Oregon border with 4.0% population growth and no state income tax.
- Yakima — Central Washington, likely more affordable than Spokane for buyers seeking lower price points.
- Kennewick — Tri-Cities area, another eastern Washington option with a different economic base.
Frequently Asked Questions
What is the average home price in Spokane?
The average home price in Spokane is $395,233 as of February 2026. That figure represents the typical home value across 11 ZIP codes, where prices range from $273,121 in ZIP 99207 to $511,429 in ZIP 99224.
Are home prices going up or down in Spokane?
Prices are essentially flat — up 0.1% year over year. They dipped about 1.1% from March to August 2025, then recovered through January 2026. The market has been moving sideways for a full year.
Is it cheaper to rent or buy in Spokane?
Renting is cheaper in most neighborhoods. The average rent across Spokane is roughly $1,557/month, while a mortgage on the median home (20% down, 6.5% rate) costs about $1,999/month before taxes and insurance. The gap narrows in affordable ZIPs like 99207, where rent and mortgage costs nearly match.
What is the most affordable neighborhood in Spokane?
ZIP code 99207 has the lowest median home value at $273,121, which is 31% below the city-wide median. Rents there run $1,371/month. ZIPs 99202 ($305,504) and 99205 ($314,318) are the next most affordable options.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.