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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cheney, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cheney, WA Housing Market Trends

With a population of 12,747, 4,893 total housing units (homes and apartments), and a median house value of $393,499, Cheney real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cheney, accounting for 38.60% of the city's housing units. Other types of housing that are prevalent in Cheney include large apartment complexes or high rise apartments ( 34.94%), duplexes, homes converted to apartments or other small apartment buildings ( 17.41%), and a few mobile homes or trailers ( 4.31%).

Cheney is dominated by renter-occupied one, two, or no bedrooms apartments. 68.45% of Cheney's dwellings are rentals.

There is a lot of housing in Cheney built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cheney built between 2000 and later ( 37.98%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.04%). There's also some housing in Cheney built before 1939 ( 3.58%).

Cheney Home Appreciation Rates

Appreciation rates for homes in Cheney have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 107.53%, which ranks in the top 30% nationwide. This equates to an annual average Cheney house appreciation rate of 7.57%.

Over the last year, Cheney appreciation rates have trailed the rest of the nation. In the last twelve months, Cheney's appreciation rate has been -4.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cheney were at -5.65%, which equates to an annual appreciation rate of -20.75%.

Notably, Cheney's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Washington, our data show that Cheney's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington.

Average Home Values

Median Home Value

$393,499

Cheney, WA Home Prices
> $1,237,000
$928,001 - $1,237,000
$619,001 - $928,000
$495,001 - $619,000
$371,001 - $495,000
$247,001 - $371,000
$124,001 - $247,000
$62,001 - $124,000
$0 - $62,000
1.0%
1.0%
1.6%
1.6%
10.6%
10.6%
13.8%
13.8%
18.5%
18.5%
38.6%
38.6%
10.0%
10.0%
0.1%
0.1%
5.9%
5.9%
0% 100.0%
% of Homes
Low

for Washington

High

for nation

Number of Homes And Apartments:

4,893

Cheney Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,516 / per month

Homeownership Rate

Owners
Renters
31.5%
31.5%
68.5%
68.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.4%
5.4%
94.6%
94.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
38.0%
38.0%
38.4%
38.4%
20.0%
20.0%
3.6%
3.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
38.6%
38.6%
4.3%
4.3%
17.4%
17.4%
34.9%
34.9%
4.3%
4.3%
0.4%
0.4%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
9.0%
9.0%
14.3%
14.3%
27.5%
27.5%
28.7%
28.7%
15.8%
15.8%
4.8%
4.8%
0% 100.0%
% of Homes