Cheney, WA 99004 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Cheney, WA—99004

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$413,000

0.2% YoY Growth

Household Income

$62,000

26.3% YoY Growth

Days on Market

14.0% Longer YoY

Home Price Forecast

0.6%

Median Rent

$1,500

5.4% YoY Growth

1-Bed Rent

$950

7.3% YoY Growth

2-Bed Rent

$1,280

1.6% YoY Growth

3-Bed Rent

$1,950

1.1% YoY Growth

Home Price Trends — Cheney, WA

As of Dec '25, the median home price in Cheney, WA is $413,000, with a year-over-year change of -0.2%. This indicates that home prices in Cheney, WA are flat. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$413,000	-0.2%
Single Family	$417,000	0.0%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Cheney, WA

As of July '25, Rentcast reports the average rent in Cheney, WA is $1,590, with a year-over-year rent change of -5.4%. Per bedroom, the median rent as of July '25 in Cheney, WA is studios: $1,110, 1-bedrooms: $983, 2-bedrooms: $1,240, 3-bedrooms: $1,800, 4-bedrooms: $2,060. The most common rental property sizes in Cheney, WA are 2-bedroom and 3-bedroom, accounting for 34.4% and 22.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,500	$1,590
Studio Rent	$1,100	$1,110
1 Bed Rent	$950	$983
2 Bed Rent	$1,280	$1,240
3 Bed Rent	$1,950	$1,800
4 Bed Rent	$2,000	$2,060

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% of Rental Stock

Studio

13.7%

1 Bedroom

17.1%

2 Bedrooms

34.4%

3 Bedrooms

22.1%

4 Bedrooms

10.0%

5+ Bedrooms

2.7%

Property Listings — Cheney, WA

As of Dec '25, Realtor.com reports that the median days on market for a home in Cheney, WA is 58. This is a increase of 22.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$515,000	6.0%
Listing Count	87	20.0%
Listings as % of Homes	0.6%	20.0%
Days on Market	66	14.0%

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Demographics — Cheney, WA

As of the latest ACS Survey released in 2023, Cheney, WA has a population of 22,400, which has increased by 10.0% over the past 5 years. Cheney, WA is a moderately popular place for families, as children make up 18.8% of the population. The area has a moderately educated workforce, with 36.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.8% reporting working from home.

Metric	Latest Census	YoY % Change
Population	22,400	10.0%
% Under 18	18.8%	22.1%
% Seniors	14.3%	24.3%
% WFH	14.8%	190.2%
% w/ College Degree	36.1%	-6.7%

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As of the latest ACS Survey released in 2023, Cheney, WA is a predominantly white area, with 78.9% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Cheney, WA is hispanic, making up 8.3% of the population. Foreign-born residents account for 5.5% of the population in Cheney, WA, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	78.9%	-4.4%
% Black	2.0%	-20.0%
% Hispanic	8.3%	12.2%
% Asian	2.0%	-9.1%
% Foreign Born	5.5%	0.0%

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Mortgage and Risk — Cheney, WA

According to HUD data as of 2023, there were 480 mortgage originations in Cheney, WA, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Cheney, WA. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	480
% Conventional Loans	71.0%
% Government Loans	29.0%
% Investor Loans	1.0%
% Second Loans	1.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Cheney, WA

As of 2024, the percent of homes in Cheney, WA under the Section 8 program is 6.6%. 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. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Cheney, WA, because HUD payments exceed market rent, while 3-bedroom units do not.

Section 8 Market Size

Total Units under HUD	303
Total Units Section 8	283
% Rentals under Section 8	6.6%
% Occupied Section 8	84.4%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$120	$950	$1,070
2 Bedroom	$100	$1,280	$1,380
3 Bedroom	-$40	$1,950	$1,910
4 Bedroom	$240	$2,000	$2,240

Cheney, WA—99004

Key Metrics at a Glance

Home Price Trends — Cheney, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Cheney, WA

% of Rental Stock

Property Listings — Cheney, WA

Demographics — Cheney, WA

Race and Ethnicity

Mortgage and Risk — Cheney, WA

Mortgages

Rentals and Section 8 — Cheney, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Cheney, WA

Home Price to Income Ratio

Cheney, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Medical Lake, WA

Fairchild Air Force Base, WA

Airway Heights, WA

Latah Valley, Spokane, WA

Spangle, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	6.6
Median Home Price	$413,000
Median Household Income	$62,000

Cheney, WA—99004

Key Metrics at a Glance

Home Price Trends — Cheney, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Cheney, WA

% of Rental Stock

Property Listings — Cheney, WA

Demographics — Cheney, WA

Race and Ethnicity

Mortgage and Risk — Cheney, WA

Mortgages

Rentals and Section 8 — Cheney, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Cheney, WA

Home Price to Income Ratio

Cheney, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Medical Lake, WA

Fairchild Air Force Base, WA

Airway Heights, WA

Latah Valley, Spokane, WA

Spangle, WA

Frequently Asked Questions

What is the average home price in Cheney, WA 99004?

How have home prices in Cheney, WA 99004 changed over the past year?

What is the home price projection for Cheney, WA 99004?

What are the demographics of Cheney, WA 99004?

How long does it take homes to sell in Cheney, WA 99004?

What is the average rent price in Cheney, WA 99004?