Spanaway, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spanaway, WA Housing Market Trends

With 28,601 people, 11,151 houses or apartments, and a median cost of homes of $345,829, Spanaway real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Spanaway, accounting for 75.86% of the town's housing units. Other types of housing that are prevalent in Spanaway include mobile homes or trailers ( 9.23%), row houses and other attached homes ( 5.68%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spanaway. Owner-occupied housing accounts for 68.19% of Spanaway's homes, and 73.95% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Spanaway built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spanaway built between 2000 and later ( 29.42%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.98%). There's also some housing in Spanaway built before 1939 ( 1.87%).

Spanaway Home Appreciation Rates

In the last 10 years, Spanaway has experienced some of the highest home appreciation rates of any community in the nation. Spanaway real estate appreciated 110.58% over the last ten years, which is an average annual home appreciation rate of 7.73%, putting Spanaway in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spanaway definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Spanaway that despite a nationwide downturn in the housing market, Spanaway real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spanaway appreciation rates continue to be some of the highest in America, at 13.56%, which is higher than appreciation rates in 91.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spanaway. Spanaway appreciation rates in the latest quarter were at 3.93%, which equates to an annual appreciation rate of 16.66%.

Importantly, this makes Spanaway one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Washington, our data show that Spanaway's latest annual appreciation rate is higher than 50% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Spanaway differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spanaway - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Spanaway real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$345,829

Spanaway, WA HOME PRICES

> $1,449,000
0.5%
0.5%
$1,087,001 - $1,449,000
0.2%
0.2%
$725,001 - $1,087,000
2.0%
2.0%
$580,001 - $725,000
2.8%
2.8%
$435,001 - $580,000
19.4%
19.4%
$290,001 - $435,000
44.5%
44.5%
$145,001 - $290,000
22.3%
22.3%
$72,001 - $145,000
2.1%
2.1%
$0 - $72,000
6.2%
6.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for WA

Value Relative To Nation

Number Of Homes And Apartments:
11,151

Spanaway Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
156.71% 4.48%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,967 / per month

Homeownership Rate

Owners
68.2%
68.2%
Renters
31.8%
31.8%
Vacant
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
29.4%
29.4%
1970 - 1999
53.7%
53.7%
1940 - 1969
15.0%
15.0%
1939 or Older
1.9%
1.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.9%
75.9%
Townhomes
5.7%
5.7%
Small Apt. Buildings
5.5%
5.5%
Apt. Complexes
3.8%
3.8%
Mobile Homes
9.2%
9.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.2%
0.2%
1 Bedroom
3.3%
3.3%
2 Bedrooms
18.7%
18.7%
3 Bedrooms
52.2%
52.2%
4 Bedrooms
21.8%
21.8%
5 or more bedrooms
3.9%
3.9%
0.0% 100.0%
% OF HOMES