Spanaway, WA—98387
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spanaway, WA
As of Oct '25, the median home price in Spanaway, WA is $500,000, 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 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $500,000 | -0.5% |
| Single Family | $500,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $396,000 | -0.5% |
2 Bed | $404,000 | -1.9% |
3 Bed | $478,000 | -1.0% |
4 Bed | $535,000 | -0.2% |
| 5 Bed | $569,000 | -0.2% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Spanaway, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Spanaway, WA is 53. This is a increase of 42.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $544,000 | 0.0% |
Listing Count | 199 | 8.0% |
| Listings as % of Homes | 0.7% | 8.0% |
Days on Market | 53 | 42.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Spanaway, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $500,000 |
| Median Household Income | $101,000 |