Federal Way, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Federal Way, WA Real Estate Data

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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Federal Way Housing Market Information

With a population of 96,757, 34,447 total housing units (homes and apartments), and a median house value of $392,874, real estate costs in Federal Way are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.

Single-family detached homes are the single most common housing type in Federal Way, accounting for 53.17% of the city's housing units. Other types of housing that are prevalent in Federal Way include large apartment complexes or high rise apartments ( 28.73%), duplexes, homes converted to apartments or other small apartment buildings ( 10.83%), and a few mobile homes or trailers ( 4.02%).

The most prevalent building size and type in Federal Way are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.88% owning and 44.12% renting.

There is a lot of housing in Federal Way 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 Federal Way built between 1940-1969 ( 20.57%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.75%). There's also some housing in Federal Way built before 1939 ( 1.15%).

Federal Way Home Appreciation Rates

Appreciation rates for homes in Federal Way have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 27.71%, which ranks in the top 30% nationwide. This equates to an annual average Federal Way house appreciation rate of 2.48%.

Appreciation rates are so strong in Federal Way that despite a nationwide downturn in the housing market, Federal Way real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Federal Way appreciation rates continue to be some of the highest in America, at 12.19%, which is higher than appreciation rates in 97.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Federal Way. Federal Way appreciation rates in the latest quarter were at 5.12%, which equates to an annual appreciation rate of 22.13%.

Importantly, NeighborhoodScout’s exclusive research found that Federal Way's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Washington, our data show that Federal Way's latest annual appreciation rate is higher than 70% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Federal Way differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Federal Way - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Federal Way real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$392,874

Federal Way, WA HOME PRICES

Value Range
> $1,571,000 0.4
$1,179,001 - $1,571,000 0.8
$786,001 - $1,179,000 4.4
$628,001 - $786,000 8.2
$471,001 - $628,000 18.9
$314,001 - $471,000 36.6
$157,001 - $314,000 20.5
$78,001 - $157,000 3.4
$0 - $78,000 6.7

High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
11.8890510948905 29.3286219081272

Number Of Homes And Apartments:
34,447

Federal Way Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
109.78% 4.03%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,023 / per month

Homeownership Rate

Homeownership
Owners 55.88
Renters 44.12
Vacant 5.39

Housing Market Details

 

Age of Homes

AGE OF Federal Way HOMES
2000 or Newer 8.8
1970 - 1999 69.5
1940 - 1969 20.6
1939 or Older 1.1

Types of Homes

TYPE OF Federal Way HOMES
Single-Family 53.2
Townhomes 3.1
Small Apt. Buildings 10.8
Apt. Complexes 28.7
Mobile Homes 4.0
Other 0.2

Home Size

SIZE OF Federal Way HOMES
No Bedroom 1.93
1 Bedroom 14.32
2 Bedrooms 26.05
3 Bedrooms 32.61
4 Bedrooms 20.19
5 or more bedrooms 4.90