What is the Spokane housing market doing right now?

The short version: Spokane’s market is balanced right now. As of June 2026, the median asking price in Spokane is $449,000 at $217 per square foot, with 1,884 active listings and roughly 30% of those under contract. That’s steady, functional demand — buyers have genuine selection, and well-priced homes still go pending. It does not look like the bidding-war market of a few years ago, and it does not look like a market in decline either.

What the numbers say, area by area

Here’s the June 2026 snapshot across the metro:

• Spokane: $449,000 median asking price, $217/sq ft, 1,884 active listings, 30% under contract
• Spokane Valley: $465,000 median, $219/sq ft, 451 active listings, 27% under contract
• Cheney: $470,000 median, $233/sq ft, 178 active listings, 18% under contract
• Airway Heights: $394,900 median, $241/sq ft, 39 active listings, 34% under contract

A few things stand out. Pricing is tight across the metro — most areas cluster between $217 and $241 per square foot. Airway Heights is the value play on headline price and has the highest share of homes under contract, which suggests demand is concentrating where the entry point is lowest. Cheney carries more inventory relative to its absorption, so buyers there have more leverage than buyers in Airway Heights right now.

Are Spokane home prices falling?

The data doesn’t support “falling” as a description of this market. With 30% of Spokane’s active inventory under contract, demand is absorbing listings at a healthy clip. What has changed from the peak years is the texture: homes priced right move, homes priced on hope sit. Buyers can negotiate on properties with longer market time, ask for inspection repairs, and shop without writing an offer the same afternoon. Sellers who price to the comps still do fine; sellers who price to 2022 memories collect days on market instead of offers.

We can’t tell you where prices go next — nobody honestly can. What we can tell you is what’s true today, which is what our market reports track month by month with live MLS data rather than national headlines that average Spokane in with Phoenix and Tampa.

What this means if you’re buying or selling

Buyers: 1,884 active listings means you can be selective. Get pre-approved first, then shop with real criteria instead of panic. Context on the broader affordability picture is in our Spokane cost of living breakdown — housing is the line item that drives everything else here.

Sellers: the first two weeks on market matter most. Price against current pendings, not last year’s solds, and presentation earns its keep when buyers have this much to compare against. You can see what you’re competing with in the current listings at any time.

Both sides: the Washington–Idaho line complicates the regional picture. Spokane sits well below the prices across the border in Kootenai County, and some buyers shop both sides — we write contracts in both states every month, so we see how that cross-border demand moves.

If you want a read on your specific neighborhood or a pricing opinion on your house, reach out and we’ll pull the current numbers for you.