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Spokane Multifamily Sales: Comparing Q1 2024 and Q1 2025
As we step into the Spokane rental market for 2025, it’s clear the Spokane & Spokane Valley market has experienced some notable shifts compared to the same time last year. Below is a breakdown of the key trends we’ve observed so far as we have compared Spokane County sales data, sourced from the Spokane Association of Realtors.
Q1 2024 vs Q1 2025 Multi-Family Sales Takeaways
Spokane Duplexes: Sales surged from 27 to 40 units. The average cost per unit dropped from $278K to $241K. A slight dip in the list-to-sale ratio (98.6% → 98.4%) suggesting a stronger buyer position during negotiations.
Spokane 3–4 Units: Sales held steady at 10 units sold. There was a slight price increase per unit ($147K → $148K). This segment in Spokane's real estate market has remain unchanged from the same period in 2024.
3. Spokane 5+ Units: Sales grew from 6 to 8 units. The price per unit fell from $150K to $140K. The list-to-sale ratio declined sharply (97.8% → 91.5%), however with limited data, a single purchase of the 8 units skewed this data point significantly.
Spokane Rental Sales Inventory & Activity Trends: Active listings rose slightly (95 → 98), with duplexes seeing the largest increase.
Overall, Q1 2025 indicates a similar market in Spokane rental sales in for the rest of 2025, when compared to 2024. As Washington and the City of Spokane have passed legislation that directly affect the landlord's ability to increase rents, investors may look at more friendly landlord markets to invest in. While the markets were building in multiple interest rate cuts for 2025, the Fed has cooled on their outlook for 2025 and we are expecting rates to stay within the 6-7% range for conforming financing. Those 2 factors will likely limit the Spokane multi family sales market to a somewhat flat 2025.
