Buying a home is one of the most important investments there is. More than a place to live, home ownership is an asset whose value can increase considerably. Given the current state of the real estate market, housing affordability plays a key role for buyers. As of June 17, 2022, the 30-year fixed mortgage rate was 6.25%. Due to the general rise in mortgage rates, house prices have increased significantly. The typical value of a home in the United States has increased over the past year by +20.9% to $334,141.
Although home prices have been inflating across the United States, there are definitely some areas that are priced higher than others. Location, size, age and condition are all factors that contribute to home value. Whether you choose to put your home buying plans on hold in the hope that the market will cool down or you are looking to buy as soon as possible, it is good to find out about the market in different cities.
Stacker compiled a list of cities with the most expensive homes in Spokane using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of May 2022. Cities with at least three years of historical data were included. The graphs in this story were created automatically using Matplotlib.