Is Cheney-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
Since last year, Cheney-Medical Lake has remained a Seller's Market.
Housing Prices in Cheney-Medical Lake, WA
How much do homes in Cheney-Medical Lake, WA cost?
Median Sold Price
$395,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Cheney-Medical Lake was $395,000 in May 2024, down 0.9% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150.5K | $324.9K | +115.9% |
2 Bedrooms | $280K | $282.5K | +0.9% |
3 Bedrooms | $380K | $360K | -5.3% |
4 Bedrooms | $412.5K | $445K | +7.9% |
5+ Bedrooms | $465K | $470K | +1.1% |
Summary: Cheney-Medical Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 115.9%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 1.1%.
Median Sold Price Compared To Nearby Cities
Cheney | $390K | $430K | +10.3% |
Medical Lake | $399.2K | $420K | +5.2% |
Cheney-Medical Lake | $398.7K | $395K | -0.9% |
Housing Supply in Cheney-Medical Lake, WA
How many homes are available in Cheney-Medical Lake, WA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
81 | 101 | +24.7% |
Summary: The Cheney-Medical Lake real estate market had 101 homes for sale in May 2024, a 24.7% 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 | 4 | 3 | -25.0% |
3 Bedrooms | 38 | 42 | +10.5% |
4 Bedrooms | 25 | 36 | +44.0% |
5+ Bedrooms | 14 | 20 | +42.9% |
Summary: The Cheney-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 25%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 44%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 22 | +22.2% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in Cheney-Medical Lake in May 2024, up by 22.2% month-over-month. Of the 22 sold homes, 41% were sold under asking, 27% were sold at asking, and 32% were sold over asking.
Days on Market for Cheney-Medical Lake, WA
How long does it take to sell a home in Cheney-Medical Lake, WA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 24 Days | +85.4% |
Summary: Homes in Cheney-Medical Lake had an average of 24 days on market in May 2024, up by 85.4% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 22 homes were sold in Cheney-Medical Lake; 73% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.