Spokane real estate is eastern Washington's largest market and offers a dramatically différent price profile from the Puget Sound. Median home prices hover around $320,000, with single-family homes across popular neighborhoods like South Hill, Spokane Valley, and the North Side listing between $280,000 and $480,000. The South Hill area commands a premium for its views and school access, while more affordable options in East Spokane and near the Gonzaga University corridor attract investors targeting student and workforce housing.
Rental investment and cap rate benchmarks in Spokane
Spokane is a standout market for residential rental investment, with cap rates on single-family homes regularly reaching 6–8% and gross rent multipliers running between 11 and 15. The city's growing healthcare sector — anchored by Providence Health, MultiCare, and the Washington State University médical school — provides stable year-round employment and tenant demand. Spokane County property taxes run approximately 0.90% of assessed value, and the absence of Washington state income tax boosts net income for landlord-operators compared to Oregon or California markets.
Buyers from Seattle or the coast often find Spokane prices shocking in the best way: homes with 1,800–2,200 sq ft and full lots available under $350,000 are common. Multi-family properties — duplexes and small apartment buildings — are available from $400,000 to $700,000, with rental income from $3,500 to $5,500/month across two to four units. Spokane's improving walkability downtown and a new University District development corridor are drawing younger buyers and renters, supporting continued price appreciation in a market that has consistently outperformed national averages since 2018.
