Spanaway, WA 98387 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Spanaway, WA—98387

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$497,000

0.5% YoY Growth

Household Income

$101,000

41.8% YoY Growth

Days on Market

10.0% Longer YoY

Home Price Forecast

0.1%

Median Rent

$2,710

1.9% YoY Growth

1-Bed Rent

$1,100

3.4% YoY Growth

2-Bed Rent

$1,970

11.0% YoY Growth

3-Bed Rent

$2,700

3.1% YoY Growth

Home Price Trends — Spanaway, WA

As of Dec '25, the median home price in Spanaway, WA is $497,000, with a year-over-year change of -0.5%. This indicates that home prices in Spanaway, WA are flat. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$497,000	-0.5%
Single Family	$497,000	-0.6%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Spanaway, WA

As of July '25, Rentcast reports the average rent in Spanaway, WA is $2,620, with a year-over-year rent change of 1.9%. Per bedroom, the median rent as of July '25 in Spanaway, WA is 1-bedrooms: $1,150, 2-bedrooms: $1,920, 3-bedrooms: $2,660, 4-bedrooms: $2,900. The most common rental property sizes in Spanaway, WA are 3-bedroom and 2-bedroom, accounting for 42.9% and 30.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,710	$2,620
Studio Rent	N/A	N/A
1 Bed Rent	$1,100	$1,150
2 Bed Rent	$1,970	$1,920
3 Bed Rent	$2,700	$2,660
4 Bed Rent	$3,040	$2,900

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% of Rental Stock

Studio

0.6%

1 Bedroom

5.5%

2 Bedrooms

30.3%

3 Bedrooms

42.9%

4 Bedrooms

16.2%

5+ Bedrooms

4.5%

Property Listings — Spanaway, WA

As of Dec '25, Realtor.com reports that the median days on market for a home in Spanaway, WA is 58. This is a increase of 18.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$546,000	0.0%
Listing Count	155	2.0%
Listings as % of Homes	0.7%	2.0%
Days on Market	75	10.0%

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Demographics — Spanaway, WA

As of the latest ACS Survey released in 2023, Spanaway, WA has a population of 49,900, which has remained stable by 0.1% over the past 5 years. Spanaway, WA is a popular place for families, as children make up 26.6% of the population. The area has a poorly educated workforce, with 17.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	49,900	0.1%
% Under 18	26.6%	-4.0%
% Seniors	10.4%	14.3%
% WFH	8.4%	180.0%
% w/ College Degree	17.4%	16.8%

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As of the latest ACS Survey released in 2023, Spanaway, WA is a predominantly white area, with 52.6% of the population identifying as white. The white population has shrunk by 18.2% in the last 5 years. The second most common race or ethnicity in Spanaway, WA is hispanic, making up 16.2% of the population. Foreign-born residents account for 11.1% of the population in Spanaway, WA, and this percentage has increased by 29.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	52.6%	-18.2%
% Black	11.0%	26.4%
% Hispanic	16.2%	43.4%
% Asian	5.6%	5.7%
% Foreign Born	11.1%	29.1%

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Mortgage and Risk — Spanaway, WA

According to HUD data as of 2023, there were 878 mortgage originations in Spanaway, WA, of which 53.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 43.0% above 90% LTV (very high). This implies large mortgage risk in Spanaway, WA. Investor activity is low, as 2.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	878
% Conventional Loans	53.0%
% Government Loans	47.0%
% Investor Loans	2.0%
% Second Loans	0.0%
% Cash Out Refinance	15.0%

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Rentals and Section 8 — Spanaway, WA

As of 2024, the percent of homes in Spanaway, WA under the Section 8 program is 6.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Spanaway, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.

Section 8 Market Size

Total Units under HUD	295
Total Units Section 8	237
% Rentals under Section 8	6.1%
% Occupied Section 8	85.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$700	$1,100	$1,800
2 Bedroom	$240	$1,970	$2,210
3 Bedroom	$400	$2,700	$3,100
4 Bedroom	$500	$3,040	$3,540

Spanaway, WA—98387

Key Metrics at a Glance

Home Price Trends — Spanaway, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Spanaway, WA

% of Rental Stock

Property Listings — Spanaway, WA

Demographics — Spanaway, WA

Race and Ethnicity

Mortgage and Risk — Spanaway, WA

Mortgages

Rentals and Section 8 — Spanaway, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Spanaway, WA

Home Price to Income Ratio

Spanaway, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Clover Creek, WA

Puyallup, WA

Clover Creek, WA

Parkland

Parkland, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.7
Median Home Price	$497,000
Median Household Income	$101,000

Spanaway, WA—98387

Key Metrics at a Glance

Home Price Trends — Spanaway, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Spanaway, WA

% of Rental Stock

Property Listings — Spanaway, WA

Demographics — Spanaway, WA

Race and Ethnicity

Mortgage and Risk — Spanaway, WA

Mortgages

Rentals and Section 8 — Spanaway, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Spanaway, WA

Home Price to Income Ratio

Spanaway, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Clover Creek, WA

Puyallup, WA

Clover Creek, WA

Parkland

Parkland, WA

Frequently Asked Questions

What is the average home price in Spanaway, WA 98387?

How have home prices in Spanaway, WA 98387 changed over the past year?

What is the home price projection for Spanaway, WA 98387?

What are the demographics of Spanaway, WA 98387?

How long does it take homes to sell in Spanaway, WA 98387?

What is the average rent price in Spanaway, WA 98387?