Spokane, Wash., has a lot to offer someone looking to escape a big coastal city – and the real estate market is showing signs that a lot of people want to live there.
Located on the eastern edge of Washington, east of the Cascades and west of the Coeur d’Alene Mountains, Spokane is known for its outdoor recreation. There are about a dozen golf courses plus many lakes, rivers and trails nearby. The famous Spokane Falls flow right through the heart of the city.
The median sale price in the area was up 17.9% year-over-year in March from $308,012 to $371,874, according to the Spokane Association of Realtors.
Home sales were up 2.3% to 572 in March, according to the Realtors group. Meanwhile, the inventory of just 209 properties was an 11-day supply, down 65% from a year earlier.
For context, the supply in real estate is measured in how long it would take for the homes currently on the market to sell at the current sales pace. According to the National Association of Realtors, six months’ supply generally means moderate price appreciation. Nationally, as listings dropped across much of the country, the record low was 1.9 months’ supply in December.
Spokane and neighboring Spokane Valley also recently ranked No. 5 on The Wall Street Journal/Realtor.com Emerging Housing Market Index. The top city Coeur d’Alene, Idaho, is about 30 minutes away over the state line.
Spokane’s appeals aren’t limited to those who are newly able to work remotely because of the coronavirus pandemic. Fairchild Air Force Base is the largest employer in Spokane County, according to the Washington State Employment Security Department. Other major industries in the area include manufacturing, tourism and research.
Here’s a look at what you can get with $850,000 in Spokane, Wash.:
Pasadena Park - $849,999
This ranch home sits on a property with 100 feet of waterfront and a private dock on the Spokane River.
The 3,398-square-foot home includes three bedrooms and four bathrooms, according to the listing with Khalil Beznaiguia of Windermere Manito.
The custom-built home features wood floors and an open floorplan. The kitchen has cherry cabinets and a large butler’s pantry with prep space.
There are stone fireplaces in the living room and the walkout lower level.
Outside, a covered deck runs the length of the home overlooking the river and dock.
There’s also a wood ship, detached oversized shop and RV parking.
Comstock - $849,900
This Colonial Revival was just updated in 2019.
The 3,394-square-foot home includes four bedrooms and four bathrooms, according to the listing with Mollie Sweat of Coldwell Banker.
The interior features details like wainscoting, a living room fireplace and coved ceilings in the dining room. French doors open to the backyard.
The kitchen has double ovens, a gas range and a breakfast bar. It’s open to a family room addition with six skylights and a wall of built-ins.
The primary suite has radiant heat and a new bathroom with two sinks, a shower and a walk-in closet.
The backyard oasis is lined with tall plants and a fence for privacy around the pool.
Five Mile - $825,000
This home offers mountain views from a sought-after hilltop neighborhood.
The 4,141-square-foot home includes five bedrooms and three bathrooms, according to the listing with Steven Silbar of John L Scott Inc.
Built in 2008, the home features a large kitchen with an island, walk-in pantry and soft-close cabinets. There’s a fireplace and large windows with views in the living room, plus an office or bonus room.
The primary suite has French doors that open to a deck with a hot tub looking out at the mountains.
The full finished basement features radiant heating in the floor.
Out back, there’s a large yard, plus a deck that runs the length of the house with a covered section.