Washington State is now third in the nation for homes topping $1-million, with three cities in the top ten of fastest growing number of million dollar homes. In fact, 11% of all home sales in Washington State are now over $1-million, more than double the national average. (Source: Today’s Homeowner)
Here’s how Washington’s Cities have changed.
By comparison, Spokane County shows in 2015 there were only 68 Single Family Properties with a market value of $1,000,000 or greater. (Highest $3,336,210) or 0.05%. Today, there are 2,730 Single Family Properties with a market value of $1,000,000 or greater (Highest $4,924,700) or 1.9%. (Source: Tom Konis – Spokane County Assessor)
In Spokane County, there were 29 sales of single family homes on less than an acre between January – June of 2023. That would put us on pace for the Spokane County Assessors Office projection of 58 for the year.
By comparison, you only need to go back to five years ago – when there were only a handful of home sales over $1-million in Spokane County.
Experts have all agreed, in Washington State a severe shortage of homes at all levels has driven up prices, as demand far exceeds supply. Recent studies show Washington as having the lowest number of housing units available per family in the nation. In Spokane, that equates to over 25,000 housing units under-built below the national average.