Spokane Valley’s median sale price ticked up 4.1 % year-over-year to $425,000, but the rate of growth is cooling from the double-digit surges of 2021-22. Active listings rose 18 % this quarter, giving buyers a bit more breathing room, yet sub-$400 k inventory remains under a month’s supply.

• Fast movers: Homes priced $350 k-$450 k in North Pines, South Valley, and Liberty Lake sell in 9-12 days, often with 2-4 offers.
• New construction hotspots: Barker Road corridor—where builders like Hayden Homes and Copper Basin are releasing 2-3 spec homes per week starting at $535 k.
• Value play: Older split-levels east of Evergreen Road still close at $275-$310 per square foot, roughly 8 % below the county average.

Interest rates hovering near 7 % have pushed the average Valley mortgage payment to $2,680, so NMHL is seeing demand for 3-2-1 temporary buydowns that cut the first-year rate by a full percentage point, saving buyers about $250 monthly.

First-time buyers earning the Spokane County median household income of $70,200 should target neighborhoods where entry prices stay under $400 k and commute times stay reasonable.

Greenacres – South of I-90 and east of Harvard, you’ll find 1,200-sq-ft ramblers built in the 1970s trading at $340-$380 k. Walkability to the Spokane River and the new Valley Mall redevelopment keeps resale demand steady. NMHL closed 23 FHA loans here last year; average down payment was $13,200.

South Valley – Between 32nd Ave and 40th Ave, inventory moves slower because many homes need cosmetic updates, but that means less competition. A $350 k purchase with NMHL’s FHA 203(k) can roll $30 k of flooring, paint, and appliances into one loan at today’s low fixed rate.

Orchard Center – Condo and town-home stock built post-2010 clusters around University and Sprague. Prices start at $300 k for a two-bed; HOA handles exterior maintenance, perfect for first responders working 24-hour shifts. WSHFC’s Home Advantage paired with NMHL’s $2,500 lender credit covers most closing costs.

Washingtonians enjoy no state income tax, but property taxes land on the higher end nationally. Spokane Valley sits inside Tax Code Area 4500 where the aggregate 2024 rate is $15.38 per $1,000 of assessed value.

• On a $425 k market-value home, expect an annual tax bill near $6,530—about $545 monthly.
• The county assesses at 100 % of market value, so your purchase price becomes the baseline; appeals are possible within 30 days of assessment.
• Seniors 61+ with <$45 k household income can freeze valuations under Washington’s Property Tax Relief Program.

Homeowner’s insurance runs $900-$1,100 yearly, but wildfire smoke from 2021 pushed some carriers to raise deductibles east of Barker. NMHL’s insurance-shopping portal compares six regional underwriters so our borrowers avoid surprise $2,500 wind/hail deductibles at closing.

With Fairchild Air Force Base 12 miles west, Spokane Valley has one of the highest per-capita VA purchase rates in Eastern Washington—27 % of NMHL 2023 production. VA loans here offer zero-down up to county loan limit $766,550, no monthly PMI, and competitively low rates often 0.375 % below conventional.

Spokane County’s Veterans Relief Fund will reimburse up to $500 of the VA funding fee for veterans rated 10 %-50 % service-connected disability. NMHL streamlines the disability paperwork so many borrowers see the entire 1.25 % funding fee waived, saving roughly $4,700 on a $375 k loan.

Reservists and National Guard members stationed at Geiger can qualify with 90 days of active orders; we simply document your points statement and last year’s NGB Form 22. If you already used your VA entitlement on a previous home, our VA One-Time Restoration program lets you reuse the benefit on a Spokane Valley upgrade once the prior property is sold.

Spokane Valley’s small-business economy—craft breweries on Sullivan, retail corridors along Sprague—means plenty of entrepreneurs can’t show traditional income. NMHL offers two non-QM paths:

Bank-Statement Advantage – Use 12 or 24 months of business bank statements; we apply a 50 % expense factor and qualify you at the resulting monthly income. Credit scores as low as 620 accepted at 15 % down; 10 % down available at 700+. No tax returns, no 4506-T.

DSCR Investor Loans – Buying a rental in University District or Otis Orchards? Qualify using the property’s cash flow at a 1.0x ratio. Put 20 % down and rates start 1 %-pt above conventional; close in an LLC to protect your personal balance sheet.

Both programs close in 21-25 days—crucial when competing against cash-heavy Spokane investors. Last quarter we funded a $485 k refinance on Argonne for a self-employed roofer who banks with STCU; we qualified him at $11,200 monthly gross deposits and closed in 19 days.

Washington Housing Finance Commission (WSHFC) programs layer nicely with Spokane Valley’s moderate purchase prices, turning a $375 k condo into a $7,000 out-of-pocket deal.

• Home Advantage – 80 % AMI: Up to $15 k 0 % second mortgage, forgiven after five years. Rate today is 6.375 % vs 6.875 % conventional.
• Opportunity: Households earning ≤60 % AMI can receive $25 k in down-payment plus closing-cost assistance at 3 % simple interest, deferred until sale or refinance.
• Spokane County HOME: An additional 3 % of purchase price (max $10 k) for buyers under 80 % AMI; can combine with WSHFC.

NMHL layers a $2,500 lender credit for any borrower using WSHFC products, covering the appraisal, credit report, and processing fee. On a recent $360 k Greenacres purchase, a first-grade teacher combined WSHFC’s $15 k second, county HOME’s $10 k, and our lender credit, bringing cash-to-close to $6,800 on a 3.5 % down FHA.