Is Medical Lake, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Medical Lake was a Seller's Market.
Key Takeaway
Medical Lake is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Medical Lake, WA
How much do homes in Medical Lake, WA cost?
Median Sold Price
$420,000
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Medical Lake have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Medical Lake was $420,000 in May 2024, up 5.2% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $216K | $297.4K | +37.7% |
| 2 Bedrooms | $282.2K | $300K | +6.3% |
| 3 Bedrooms | $377.5K | $367.1K | -2.7% |
| 4 Bedrooms | $409.9K | $410.4K | 0.1% |
| 5+ Bedrooms | $470K | $557.8K | +18.7% |
Summary: Medical Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.7%, 2 bedroom homes increased by 6.3%, 3 bedroom homes decreased by 2.7%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes increased by 18.7%.
Median Sold Price Compared To Nearby Cities
| Medical Lake | $399.2K | $420K | +5.2% |
| Cheney-Medical Lake | $398.7K | $395K | -0.9% |
Housing Supply in Medical Lake, WA
How many homes are available in Medical Lake, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 33 | +26.9% |
Summary: The Medical Lake real estate market had 33 homes for sale in May 2024, a 26.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 6 | 12 | +100.0% |
Summary: The Medical Lake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 4 | -42.9% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Medical Lake, expect to pay close to the asking price. 75% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Medical Lake in May 2024, down by 42.9% month-over-month. Of the 4 sold homes, 0% were sold under asking, 75% were sold at asking, and 25% were sold over asking.
Days on Market for Medical Lake, WA
How long does it take to sell a home in Medical Lake, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 10 Days | 36 Days | +252.2% |
Summary: Homes in Medical Lake had an average of 36 days on market in May 2024, up by 252.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Medical Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Medical Lake; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of Spokane Association of REALTORS® MLS as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.