Washington Terrace, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Washington Terrace, UT Real Estate Data


Washington Terrace Housing Market Information

With 9,157 people, 3,521 houses or apartments, and a median cost of homes of $182,429, Washington Terrace real estate values are some of the lowest in Utah, although compared to real estate around the nation, Washington Terrace homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Washington Terrace, accounting for 56.78% of the city's housing units. Other types of housing that are prevalent in Washington Terrace include large apartment complexes or high rise apartments ( 17.65%), duplexes, homes converted to apartments or other small apartment buildings ( 16.86%), and a few row houses and other attached homes ( 8.70%).

The most prevalent building size and type in Washington Terrace are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.26% owning and 39.74% renting.

There is a lot of housing in Washington Terrace 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 Washington Terrace built between 1940-1969 ( 40.97%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.35%). There's also some housing in Washington Terrace built before 1939 ( 1.08%).

Washington Terrace Home Appreciation Rates

Appreciation rates for homes in Washington Terrace have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 15.26%, which ranks in the top 30% nationwide. This equates to an annual average Washington Terrace house appreciation rate of 1.43%.

Appreciation rates are so strong in Washington Terrace that despite a nationwide downturn in the housing market, Washington Terrace real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Washington Terrace appreciation rates continue to be some of the highest in America, at 7.82%, which is higher than appreciation rates in 90.48% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Washington Terrace. Washington Terrace appreciation rates in the latest quarter were at 3.04%, which equates to an annual appreciation rate of 12.73%.

Importantly, this makes Washington Terrace one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Utah, our data show that Washington Terrace's latest annual appreciation rate is higher than 60% of the other cities and towns in Utah.

Average Home Values

 

Median Home Value:
$182,429

Washington Terrace, UT HOME PRICES

Value Range
> $1,193,000 0.0
$894,001 - $1,193,000 0.0
$597,001 - $894,000 1.2
$477,001 - $597,000 0.8
$358,001 - $477,000 2.3
$239,001 - $358,000 14.8
$119,001 - $239,000 70.8
$60,001 - $119,000 7.8
$0 - $60,000 2.3

Very Low for UT
High for Nation

Value Relative to Nation Value Relative to State
38.5020788194648 83.8926174496644

Number Of Homes And Apartments:
3,521

Rent & Ownership

 

Average Market Rent:
$947 / per month

Homeownership Rate

Homeownership
Owners 60.26
Renters 39.74
Vacant 4.84

Housing Market Details

 

Age of Homes

AGE OF Washington Terrace HOMES
2000 or Newer 14.4
1970 - 1999 43.6
1940 - 1969 41.0
1939 or Older 1.1

Types of Homes

TYPE OF Washington Terrace HOMES
Single-Family 56.8
Townhomes 8.7
Small Apt. Buildings 16.9
Apt. Complexes 17.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Washington Terrace HOMES
No Bedroom 1.16
1 Bedroom 6.14
2 Bedrooms 32.84
3 Bedrooms 25.81
4 Bedrooms 24.84
5 or more bedrooms 9.22

Washington Terrace Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
38.98% 1.96% 3 4
* 10 is highest

Popular Neighborhoods in Washington Terrace

Zip Codes in Washington Terrace, UT