Miles away but worlds apart, the Spokane and Coeur d'Alene markets follow different rules (literally ... they're in different states!)
Let's get to know these two markets. In this blog, you'll learn:
Market 'Temperatures' (how competitive?)
You'll find Homes selling over list price more often in Spokane than in Coeur d'Alene.
Currently, Spokane is considered 'very competitive' with most homes selling within 18 days on the market.
Coeur d'Alene, however, is 'somewhat competitive'. Most homes go pending after 25 days on the market.
Property Values Spokane vs Coeur d'Alene
Like any other 'second city' Spokane hosts a spread of property types within a large range of value.
More desirable neighborhoods like Manito, South Perry, and Country Homes are home to multi-million dollar homes. Spokane is also peppered with below-average homes and neighborhoods eager for renovation.
Because of this extreme spread, the median home price in Spokane is significantly less than in Coeur d'Alene.
Coeur d'Alene is known as a resort town and with little space to expand, the values of properties in Cd'A tend to be higher than its neighboring cities.
Coeur d'Alene, ID vs Spokane, WA Median Sale Price
Volume has a lot to do with these numbers. Check out the number of homes sold in Cd'A vs Spokane over the past 5 years.
Coeur d'Alene, ID vs Spokane, WA Number of Homes Sold
Spokane's stats seem to be much more subject to seasonal fluctuations and much more volatile as buyers navigate mortgage rates and other economic drivers like inflation.
People Migrating to and From Spokane and Coeur d'Alene
NOTE: These data are shared within the Inland Northwest Region (Spokane AND Coeur d'Alene.
Most migrants to Spokane/Coeur d'Alene are coming from the western half of Washington State followed by Los Angeles, CA.
Most people leaving Spokane and Coeur d'Alene have fled to the nearby Sandpoint (another resort town an hour north of Coeur d'Alene,) followed by the Southern states of Florida, Arizona, and Texas.
One reason for this migration south may be the harsh winters we experience in this region and the more affordable housing found in these other regions.
The Spokane vs Coeur d'Alene Housing Markets Overall
Both cities have grown rapidly in the last couple of years making both markets competitive.
The Spokane Market is much larger than Coeur d'Alene. You're able to find properties in a wider price range with greater possibilities for accommodating your housing needs within your budget.
Spokane is, however, a large city with all of the accompanied hustle and bustle (and no Lake Coeur d'Alene). If you want wide, open spaces, you'll be looking at homes in a higher price range than the median home price.
Coeur d'Alene is booming and offers opportunities to gain equity in a short period of time. As the city expands up and out, prices remain steep and many buyers aren't able to find what they need within their price range.
NOTE: Many Coeur d'Alene hopefuls are finding themselves settling for surrounding areas such as Post Falls, Rathdrum, and even further north.
If you're interested in what each city is like in terms of amenities, activities, lifestyle, and cost of living, check out this post!