The median home price in Spokane hit exactly $400,000 in October, remaining basically flat compared to last year. Meanwhile, interest rates remain a hurdle, making seller concessions the biggest tool buyers have right now.
| Spokane, October 2026 | Number | Change |
|---|---|---|
| Median sale price | $400,000 | Flat vs. last year |
| Max seller concessions | Up to 9% | — |
| Mortgage rates | 7.0% – 7.5% | Down slightly from September |
Pricing and Inventory
Spokane’s median home price was $400,000 in October, but we expect it to drop slightly as we head into winter. It actually went down a little bit month-over-month. Typically, over the last two or three years, we sit in the $380,000 to $400,000 range from October through January. So, expect a seasonal slowdown right now. People generally do not want to move between Thanksgiving and Christmas, especially in the snow.
Rate and Economic Context
Mortgage rates are currently sitting between 7% and 7.5%, mostly because the 10-year Treasury note recently jumped to almost 4.9%. It wasn’t that long ago we were at 3.9%. Inflation data just came out, and for the fourth month in a row, it was above expectations at 0.3%. Because of that, a 25-basis-point Fed rate hike is basically baked into December. But here’s some good news. Rates did get better in October compared to September. Plus, our team just moved to CrossCountry Mortgage, the largest retail lender in the US, which gives us new loan products to help you out.
Advice for Sellers
If you are selling your home today, offering price and rate concessions is the best lever you can pull to attract buyers. The market is trying to find out where buyers are ready and willing to purchase. Sometimes, the appraised value is 5% to 10% higher than where buyers are actually at. But here’s the catch. Appraisals are actually easier in a flat or depreciating market because a house that sold 30 days ago might be worth more than a house today. You really just have to focus on your listing’s price and condition. You can also check our Home Valuation page to see where your property stands.
Advice for Buyers
Buyers can negotiate up to 9% in seller concessions right now, depending on their loan type and down payment. This is a huge deal for affordability. For example, on a million-dollar house, you might get $90,000 in concessions. You can use that money for a temporary or permanent rate buy-down. It essentially buys you time until rates start to normalize again. So, housing affordability is tough, but you definitely have options to lower your monthly payment.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started! If you have financing questions, you can reach our CrossCountry Mortgage team directly at 509-747-1300.
More monthly updates: ← September 2026 Spokane market update
Frequently Asked Questions
The median home price in Spokane was $400,000 in October 2026. Historically, prices tend to dip slightly into the $380,000 range during the winter months of November through January due to seasonal slowdowns.
Rates are currently sitting between 7% and 7.5%. They have seen some volatility recently and remain high due to inflation data, but October actually ended with better rates than we saw in September.
Buyers can negotiate up to 9% in seller concessions depending on their loan type and down payment. This money is often used for temporary or permanent rate buy-downs, which significantly lowers the buyer’s monthly mortgage payment.
Local Spot: The Two Seven on the South Hill
We filmed this month’s update at the Two Seven on the South Hill. It is a laid-back alehouse tucked away in the Lincoln Heights shopping center, right near Trader Joe’s. They opened back in 2008 and are a great spot for pub-grub and microbrews that won’t break the bank. Rich and our videographer both had the smash burger with their famous corn pasta, and it was very good. Mike went with the Southwest Taco wrap with corn pasta, which was also excellent. Fun fact: Mike owes Rich a lunch here soon because the 49ers beat the Seahawks again!
Keep Reading
- How to buy a home within the next year: a 12-month plan
- How to choose a mortgage lender in Washington
- September’s Spokane market update
- All our buyer and seller guides
Contact Us
- Contact us: 509-990-SOLD or https://www.spokanehomeguy.com/contact-us
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Who We Are
We are the Spokane Home Guy Group, a real estate team at Keller Williams Realty Spokane. We serve Spokane, Washington, and the Coeur d’Alene / North Idaho area.
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