Spokane-Spokane Valley, WA
Executive Summary
Spokane's housing market shows average risk, ranking 169th of 287 metros. The market recently entered Hypersupply. Inventory levels are elevated, warranting monitoring. Inventory accumulating faster than demand — the market is shifting toward buyers.
Spokane experienced a market correction from late 2025 through late 2025. Elevated inventory persists, suggesting the market hasn't fully normalized.
Inventory is elevated (+22% YoY) and days on market are up +3% — supply is building but not yet at stress levels.
Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.
Cycle Phase
Building activity may be outpacing demand absorption
Key Dynamics
Risk is primarily driven by employment and affordability, while permit growth provides the most support.
Top Drivers
Market Signals
Inventory is elevated (+22% YoY) and days on market are up +3% — supply is building but not yet at stress levels.
Liquidity
Valuation
Factor Details
12-month HPI change — higher = overheating
YoY permit change — higher = supply pressure
Permits per 1,000 residents — higher = overbuilding risk
Mortgage payment / income — higher = more burdened
12-month employment change (risk inverted)
Net AGI migration (risk inverted)
National Context
Credit Conditions
Credit Regime
Oversupply with deteriorating transactions and no credit excuse. Supply-driven correction risk is elevated.
Supply Pipeline
Supply Regime
Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.
Local Signals
Metro Permit Activity
Permit Activity
Sharp CoolingRaw signal — not the composite percentile
Relative to 2016–2019 norms for this metro
Sharp building pullback with softening demand. Mixed signals — builders saw weakness early, but demand hasn't fully deteriorated yet.
Employment Concentration
Employment
ModerateInternal Structure
County-level structural analysis.
County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.
Score History
| Month | Score |
|---|---|
| 2025-11 | 54 |
| 2025-10 | 56 |
| 2025-08 | 56 |
| 2025-06 | 56 |
| 2025-03 | 56 |
| 2025-02 | 56 |
| 2024-12 | 50 |
| 2024-10 | 52 |
| 2024-09 | 50 |
| 2024-08 | 48 |
| 2024-06 | 52 |
| 2024-05 | 48 |
| 2024-03 | 45 |
| 2024-02 | 45 |
| 2023-12 | 51 |
| 2023-11 | 48 |
| 2023-09 | 50 |
| 2023-07 | 51 |
| 2023-06 | 52 |
| 2023-04 | 51 |
| 2023-02 | 53 |
| 2022-12 | 54 |
| 2022-10 | 56 |
| 2022-08 | 56 |
| 2022-06 | 58 |
| 2022-03 | 56 |
| 2022-02 | 54 |
| 2021-12 | 54 |
| 2021-11 | 54 |
| 2021-09 | 56 |
| 2021-06 | 58 |
| 2021-03 | 63 |
| 2021-02 | 63 |
| 2020-12 | 66 |
| 2020-09 | 63 |
| 2020-06 | 61 |
| 2020-04 | 56 |
| 2020-02 | 55 |
| 2019-11 | 59 |
| 2019-09 | 58 |
| 2019-08 | 57 |
| 2019-06 | 58 |
| 2019-03 | 60 |
| 2019-01 | 59 |