Is Cheney-Medical Lake, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cheney-Medical Lake is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Cheney-Medical Lake has remained a Seller's Market.

Key Takeaway

Cheney-Medical Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Cheney-Medical Lake, WA

How much do homes in Cheney-Medical Lake, WA cost?

Median Sold Price

$395,500

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$4,500(-1.1%)

Key Takeaway

Homes in Cheney-Medical Lake have sold for 1.1% less than they did a year ago.

Summary: The median home sold price in Cheney-Medical Lake was $395,500 in April 2024, down 1.1% from last year, and the median price per square foot was $209.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $150.5K$324.9K
+115.9%
2 $271.2K$264K
-2.7%
3 $377.5K$361.1K
-4.3%
4 $426K$434.5K
+2.0%
5+ $521K$475K
-8.8%

Summary: Cheney-Medical Lake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 115.9%, 2 bedroom homes decreased by 2.7%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 2%, and 5+ bedroom homes decreased by 8.8%.

Median Sold Price Compared To Nearby Cities

Cheney
+11.6%
Medical Lake
0.5%
Cheney-Medical Lake
-1.1%

Housing Supply in Cheney-Medical Lake, WA

How many homes are available in Cheney-Medical Lake, WA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
6581+24.6%

Summary: The Cheney-Medical Lake real estate market had 81 homes for sale in April 2024, a 24.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 54
-20.0%
3 2434
+41.7%
4 2124
+14.3%
5+ 1519
+26.7%

Summary: The Cheney-Medical Lake housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 41.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 26.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2018-10.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cheney-Medical Lake, expect to pay close to the asking price. 44.4% of homes here sold near the asking price last month.

Summary: A total of 18 homes were sold or pending in Cheney-Medical Lake in April 2024, down by 10.0% month-over-month. Of the 18 sold homes, 28% were sold under asking, 44% were sold at asking, and 28% 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

Apr 2023Apr 2024CHANGE
31 Days19 Days-39.6%

Summary: Homes in Cheney-Medical Lake had an average of 19 days on market in Apr 2024, down by 39.6% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Cheney-Medical Lake are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 18 homes were sold in Cheney-Medical Lake; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 14 Days Ago

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