Spokane's housing market was already shifting toward more balanced conditions before the wildfires hit, and now buyers, sellers, and homeowners are watching to see how the fires affect prices, inventory, and insurability in the months ahead. Here's what the current data shows, and what real estate experts are saying about the wildfires' likely impact on the market.
What Do Current Spokane Home Prices Look Like?
Spokane's median home sale price is running in the low to mid $400,000s as of mid 2026, though the exact figure varies depending on the data source and how it's calculated. Based on closed sales reported through the Northwest Multiple Listing Service, the median sold price in Spokane was $400,035 as of July 2026. Other sources report figures ranging from roughly $418,000 to $454,000 depending on whether they're measuring median sold price, average sold price, or active listing price, and whether the data includes the wider metro area or the city alone. The takeaway across nearly every source is the same: prices have been largely flat to slightly softer over the past year, after several years of sharp appreciation.
How Fast Are Homes Selling in Spokane Right Now?
Homes in Spokane are selling in a median of roughly 21 to 36 days depending on the data source, generally slower than the ultra competitive pace of recent years but still reasonably brisk for well priced listings. Inventory has also grown meaningfully, with active listings up close to 29 percent year over year in some reports, giving buyers more options and more negotiating room than they've had in some time. Homes priced well and presented well are still attracting competitive offers, particularly in the most in demand price ranges.
Is This a Buyer's Market or a Seller's Market?
Spokane currently sits in a more balanced position than the strongly seller favored market of recent years, though pricing power still varies significantly by neighborhood and price range. Some reports show around 2 to 3 months of housing supply, and roughly a third of homes still selling above asking price, which points to continued, if more moderate, seller leverage. At the same time, rising inventory and longer time on market in some segments mean buyers are gaining more room to negotiate than they had a year or two ago.
How Are the Wildfires Expected to Affect the Spokane Housing Market?
Real estate economists expect the wildfires to have a limited impact on Spokane's overall housing market long term, even though the effect on individual neighborhoods and households is severe. Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, has noted that Spokane County has more than 200,000 households, so the homes lost represent a small fraction of the total housing stock. He expects a possible short term bump in demand for temporary housing, but not a major longer term shift in the broader market, though some affected households may ultimately choose to relocate elsewhere in the region.
What About Home Insurance? Could That Affect the Market More?
Insurance industry analysts say the bigger long term risk to Spokane's housing market may come through property insurance, not home prices directly. Washington's 2023 wildfire season resulted in roughly 240 million dollars in insurance claims, and the state's insurance market absorbed it. Whether the 2026 wildfires create more lasting pressure on premiums and coverage availability is still unclear, but industry officials have acknowledged it's a real possibility worth watching, especially for homes in wildfire prone areas. This is worth understanding if you're buying, selling, or currently insuring a home anywhere near the affected areas.
What Resources Exist for Homeowners Rebuilding After the Fires?
The REALTORS Relief Foundation has committed a 500,000 dollar disaster relief grant to help residents of Spokane, Stevens, and Lincoln counties affected by the wildfires with housing related costs. This is in addition to the state insurance protections and community resource hub covered in our other recent posts. If you lost a home in the Old Trails, Fairview, or Autumn Lane fires, it's worth asking your agent or local REALTOR association about available disaster relief funds specific to housing costs.
What Does This Mean If You're Buying in Spokane Right Now?
For buyers, more inventory and a more balanced market mean more room to negotiate than in recent years, but due diligence now includes a new layer: understanding a property's wildfire risk score and insurability before making an offer, particularly in areas near the recent fires or other historically fire prone parts of Spokane County.
What Does This Mean If You're Selling in Spokane Right Now?
For sellers, accurate pricing still matters more than ever in a market that's no longer guaranteed to reward an aggressive list price. Homes that are well priced and well presented continue to sell at a healthy pace, but overpricing in the current environment risks longer time on market and price reductions, which some reports show becoming more common over the past year.
We're Here to Help You Navigate This Market
Whether you're weighing a purchase, thinking about listing, or trying to understand how the wildfires might affect your specific neighborhood or price range, Emiley and Zech at Rios and Co Real Estate track this market closely and are glad to talk through what the current data means for your situation.
Frequently Asked Questions
What is the median home price in Spokane right now? Based on NWMLS closed sales data, the median sold price in Spokane was $400,035 as of July 2026. Other sources report figures in the $418,000 to $454,000 range depending on methodology, so it's worth confirming which measure a given report is using.
Are Spokane home prices going up or down in 2026? Most current data shows prices holding roughly flat to slightly softer compared to a year ago, following several years of significant appreciation. Some forecasts anticipate modest price growth later in the year as the market stabilizes.
Will the Spokane wildfires cause home prices to drop? Real estate economists generally expect a limited long term effect on the overall market, since the homes lost represent a small share of the county's total housing stock. The bigger open question is how the fires affect property insurance availability and cost in wildfire prone areas.
Is it currently a buyer's market or a seller's market in Spokane? Spokane is more balanced than it has been in recent years, with rising inventory giving buyers more negotiating room, while continued demand in well priced listings still gives sellers some leverage, particularly in competitive price ranges.
How long does it take to sell a home in Spokane right now? Current data shows a median of roughly 21 to 36 days depending on the source and price range, generally slower than the peak of the seller's market but still a reasonably fast pace for well priced homes.
