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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
75
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
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

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 TypeMedian Home ValueYoY % Change
All Homes
$497,000-0.5%
Single Family $497,000-0.6%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $386,000
    -0.5%
    2 Bed
    		$398,000-2.2%
    3 Bed
    		$475,000-0.8%
    4 Bed
    		$533,000-0.2%
    5 Bed $566,493-0.1%
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    % of Housing Stock

    Studio
    0.8%
    1 Bedroom
    2.3%
    2 Bedrooms
    11.8%
    3 Bedrooms
    54.2%
    4 Bedrooms
    24.5%
    5+ Bedrooms
    6.4%

    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.

    TypeMedian RentAverage Rent
    Average Rent$2,710$2,620
    Studio Rent N/AN/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.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$546,0000.0%
    Listing Count
    		1552.0%
    Listings as % of Homes0.7%2.0%
    Days on Market
    		7510.0%
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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.

    MetricLatest CensusYoY % Change
    Population
    		49,9000.1%
    % 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

    MetricLatest Census5-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

    MetricZip 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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio4.7
    Median Home Price$497,000
    Median Household Income$101,000

    Spanaway, WA — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions