Cheney, WA—99004
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cheney, WA
As of Oct '25, the median home price in Cheney, WA is $417,000, 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 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $417,000 | -0.2% |
| Single Family | $420,000 | -0.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $323,000 | 0.6% |
3 Bed | $403,000 | -0.2% |
4 Bed | $460,000 | -0.6% |
| 5 Bed | $508,000 | -0.4% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Cheney, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Cheney, WA is 57. This is a increase of 24.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $539,000 | -3.0% |
Listing Count | 99 | 36.0% |
| Listings as % of Homes | 0.6% | 36.0% |
Days on Market | 57 | 24.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Cheney, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.7 |
| Median Home Price | $417,000 |
| Median Household Income | $62,000 |