Spokane Real Estate & Home Prices

Life in the natural beauty of Spokane

On the eastern edge of Washington state, surrounded by natural features, the second-largest city in the state, Spokane, claims the motto, “Near Nature, Near Perfect.” This mid-sized city, with over 200,000 residents is roughly the same size as Baton Rouge, Louisiana, or Norfolk, Virginia. With four distinct and diverse seasons, Spokane can see heavy snow in the winter and a few triple-digit days in the summer, but mostly the city is known for two things: being the main city in the Inland Northwest area of the United States and being a magnet for outdoor adventurers. 

Even within the confines of the city, Spokane seems to bring nature in rather than push it away. The city is situated on the Spokane River, with a gorgeous downtown riverfront park. The aptly named Riverfront Park is a 100-acre paradise and a defining characteristic of the city. Here, both the upper and lower Spokane Falls can be seen from a quaint pedestrian bridge at any time of year, though the optimal time would be in the spring as the snow is melting. The 40-mile Centennial Trail cuts through Riverfront Park and is available for hiking, biking, and skating, though most will not attempt to trek the entirety of the trail in one day. 

In the South Hill neighborhood, Manito Park houses an impressive array of botanical gardens including the Nishinomiya Tsutakawa Japanese Garden, Mirror Pond, Gaiser Conservatory, a traditional Rose Garden, and Lilac Garden. Though these are beautiful at any time of year, mid-to-late spring will allow visitors to catch the flowers, particularly the stunning lilacs, in full bloom. Southwest Spokane is home to the 65-acre John A. Finch Arboretum with its quiet nature trails and spectacular fall foliage. 

Outside of the city, just nine miles north of Spokane, Riverside State Park is a magnet for sportsmen in the summer or the winter, with whitewater rafting, fishing, swimming, snowshoeing, and cross-country skiing all available. An hour outside of the city, but worth every bit of the drive, is Mount Spokane State Park, a massive 13,919-acre tract of land with 100 miles of trails. Within the Selkirk Mountains, the tallest peak in the area, Mount Spokane, has opportunities for skiing and snowboarding in the winter, and plenty of camping during the warmer months. South of Spokane, the Rocks of Sharon in the Dishman Hills Conservation Area offers hiking and rock climbing adventures among the massive slabs of granite that dot the landscape. 

Despite all of these attractive distractions, the residents of Spokane have to work somewhere, and the city is a hub for the region. The three largest employers in Spokane are the Fairchild Air 

Force Base, the State of Washington, and Providence Health Care. Spokane has a blossoming aerospace industry and comes in with the fifth-largest aerospace cluster in the nation. As the major city of the Inland Northwest region, health care and health science are also necessary and major industries. Spokane has nine large hospitals that account for 20% of the workforce. Lastly, agribusiness is a major player in the economy. The counties directly surrounding Spokane are the largest and second-largest producers of wheat and barley, respectively. The city has a thriving local food movement, with farm-to-table restaurants and residents interested in buying local goods and produce. 

Notable architecture in Spokane

After a fire largely destroyed the city during the latter half of the 19th century, Spokane had the unique opportunity to start fresh and plan the city anew. As a result, much of the architecture in the city dates from the 1900s onward. Kirtland Cutter, an architect and important figure in the city during the early part of the 20th century, designed the opulent Davenport Hotel in downtown Spokane. Constructed in the Renaissance Revival style with its imposing stone-arched facade, the hotel was the first in Spokane to have a pipe organ, air conditioning, a central vacuum system, housekeeping carts, and accordion ballroom doors. The hotel was restored in the early 2000s and can be viewed in all of its Italianate grandeur today. 

Cutter was also involved in the development of the Chronicle Building, an impressive Gothic-style structure with a distinctive, gargoyle-lined roof. It was originally the home of the local newspaper, the Spokane Daily Chronicle, but when the paper went under in the 1990s, the building was slowly converted into office space, and now the upper levels have gorgeous remodeled apartments. 

In the 1950s, much like the rest of the nation, Spokane was all about the clean, modernist, and sometimes brutal lines of mid-century modern public buildings. A notable example of this is Kenneth Brooks’ Washington Water Power building. Now known as the Avista Corporation Headquarters, the building is on a 28-acre campus and features a largely buff brick and blue-teal glass facade. It is extremely square and industrial in appearance but remains a point of architectural pride for the city. 

Private residences in Spokane tend toward the quaint and historical. In the Manito, Cannon Hill, and Comstock Park neighborhoods, it is common to see charming one-and-a-half-story Craftsman bungalows nestled alongside larger Victorian dwellings with bright colors and wrap around porches. Another popular style is the Tudor Revival, which often features a steeply-pitched roof and overlapping, front-facing gables. These homes often have a brick exterior with some wood accents. Of course, typical American styles like the ranch style with its one-story sprawling layout and built-in garage can be found in Spokane as well. 

No matter the architectural style, Realm’s data analysis found several notable home features that were popular within the Spokane housing market. Fences were the most popular feature, coming up in 1,350 recent real estate listings, while HVAC systems were a close second in 994 listings. Outdoor features like decks (891 listings) and patios (885 listings) were also popular. Wood floors rounded out the top five most popular features in the housing market, with highlights in 844 listings. 

Tips for homeowners in Spokane

Unsurprisingly, with all of Spokane’s historical homes, Realm’s data analysis found that most homes in the area were constructed in 1950. There are a few fundamental things that homeowners may have to contend with when it comes to homes from the middle of the 20th century. 

If the electrical system in the house has not been updated, the home is likely unable to keep up with the demands of modern appliances. The home may also have far fewer outlets per room than the 21st-century homeowner is used to. Ideally, the grid and panel will have been updated at some point in the last seventy years, but it’s certainly worth checking to be sure. 

The furnace and heating system, if original to the home, are wildly inefficient compared with today’s technology, and asbestos was frequently used around heating systems during the mid-20th century. If homeowners are planning to renovate themselves, they should be aware of the possibility of asbestos and take the necessary precautions to protect themselves and their families. The plumbing will likely need some attention if it has not been maintained, since galvanized steel, the common material of the day, will rust over time.

Hopefully, roofing has been replaced at least once or twice on the home since its construction, but even if regular roof maintenance was kept up, it is likely due for another repair or replacement in the coming years, if not immediately. It is also likely that the windows will need some work, since the trims might have aged and warped, leaving them vulnerable to water leakage from the outside and heat out from the inside. Furthermore, unless the glass in the home has been replaced, it is probably plate glass, not the modern safety glass used today. This means if the glass breaks, it is far more likely to shatter into sharp and potentially deadly shards. 

As with any home, the foundation should be closely inspected, but a home that is over seventy years old may have some erosion and drainage issues that need to be addressed to keep the home from developing further structural or foundational defects. Homeowners should pay attention to the property’s grade, or slope, to ensure that it is draining properly so rain and snowfall won’t cause moisture to accumulate and cause problems down the road.

Lastly, home design in the 1950s tended to be very different from the trends of today. The floor plan was quite closed, and rooms, especially bathrooms and closets were much smaller. Even if the home passes inspection, you may want to renovate your new space. Realm’s free dashboard can help to calculate the cost of the renovation and show you the value the remodel may add to your property. 

Luckily, naturally occurring floods and fires don’t seem to be a major threat to homes in the Spokane area. Realm’s data analysis found that 100% of homes were not in a flood zone or a designated perimeter for a wildfire that has occurred in the last five years. 

Frequently asked questions about Spokane real estate

What is the average cost of a home in Spokane?

As of the spring of 2021, the median cost for a home in Spokane was hovering under $342,000. This was an 18% increase over the prior year, as homeowners are seeing an increase in home values all across the country. 

Is Spokane a good place to invest in real estate?

Demand for homes in Spokane is certainly outpacing supply, much like the rest of the country. However, Spokane remains a lucrative and relatively affordable market in an attractive and thriving city. If the pricing makes sense for the potential homeowner’s financial situation, Spokane is a great place to invest. 

Is Spokane a good place to live?

It is a quiet and calm city with a myriad of attractions, and relatively affordable real estate pricing when compared to other parts of the nation. This paired with its good weather and growing job market make Spokane a great place to settle down. 

Is Spokane an expensive place to live? 

Compared to the state’s larger city of Seattle, Spokane is far more affordable. On the whole, the city is not considered an expensive place to live.