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  4. /Cheney, WA - 99004

Cheney, WA—99004

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$427,000
0.6% YoY Growth
Household Income
$62,000
26.3% YoY Growth
Days on Market
38
14.0% Longer YoY
Home Price Forecast
-0.5%
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
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Cheney, WA

As of May '26, the median home price in Cheney, WA is $427,000, with a year-over-year change of -0.6%. This indicates that home prices in Cheney, WA are flat. According to Zillow, the 1-year price projection is -0.5%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$427,000-0.6%
Single Family $430,000-0.7%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$340,0000.6%
    3 Bed
    		$411,000-1.0%
    4 Bed
    		$468,000-0.8%
    5 Bed $518,6360.1%
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    % of Housing Stock

    Studio
    5.8%
    1 Bedroom
    8.5%
    2 Bedrooms
    24.9%
    3 Bedrooms
    35.4%
    4 Bedrooms
    18.8%
    5+ Bedrooms
    6.5%

    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.

    TypeMedian RentAverage 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 May '26, Realtor.com reports that the median days on market for a home in Cheney, WA is 38. This is a increase of 14.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$510,0001.0%
    Listing Count
    		12753.0%
    Listings as % of Homes0.6%53.0%
    Days on Market
    		3814.0%
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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.

    MetricLatest CensusYoY % Change
    Population
    		22,40010.0%
    % Under 18
    		18.8%22.1%
    % Seniors
    		14.3%24.3%
    % WFH
    		14.8%190.2%
    % w/ College Degree
    		36.1%-6.7%
    Loading chart...

    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

    MetricLatest Census5-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

    MetricZip 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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio6.9
    Median Home Price$427,000
    Median Household Income$62,000

    Cheney, WA — ZIP Code Boundary Map

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    Frequently Asked Questions