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Spokane among 4 metro areas 'primed for growth' over next decade, report says

Seattle-based real estate company Redfin also lists Spokane as the most competitive housing market in the country.

Editor's note: Above video is a report on how Spokane and Coeur d'Alene housing markets changed in 2019

SPOKANE, Wash. — Spokane residents know that the housing market is booming and a new report says the growth in our city won't end any time soon. 

The report from Seattle-based real estate company Redfin named Spokane one of four metro areas "primed for growth" over the next decade.

Spokane joins Las Vegas, Charlotte and Orlando in the list of metros expected to grow based in part on cheap land and growing incomes. 

The real estate markets were selected based on these criteria: the average share of land value is less than 30%, home price growth is more than 4%, home sales growth are greater than 4%, and percent of searches from outside the metro are at least 40 percent. 

Redfin analyzed 78 metro areas across the United States.  

Redfin lists Spokane as the most competitive housing market in the country, in part due to interest from out of-town home buyers.

Seventy-three percent of Redfin searches for homes in Spokane come from home buyers located outside of the metro area, according to the report. 

Redfin also cites Spokane's cheap land and inexpensive home-building as reasons for attracting new residents. 

RELATED: Spokane area named top market for out-of-town home buyers in 2019

Land comprises 42% of the value of Seattle homes, while land comprises only 23% of the value of homes in Spokane, according to the report. 

As most of us know, Spokane's home prices are also much cheaper than the Seattle metro. Redfin says home buyers can purchase an existing home with a median price of $255,000 or a new home with a median price of $350,000.

Though homes are relatively inexpensive in Spokane, a recent KREM report found that the median price for a house in both Spokane and Coeur d'Alene increased by 10% in 2019.

That means, in theory, if a house sold for $200,000 in 2018, that same house would have sold for $220,000 in 2019. 

RELATED: How did housing markets in Spokane, Coeur d'Alene change in 2019?