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 Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Federal Way Housing Market Information

With 97,044 people, 34,923 houses or apartments, and a median cost of homes of $386,675, 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 52.31% of the city's housing units. Other types of housing that are prevalent in Federal Way include large apartment complexes or high rise apartments ( 30.66%), duplexes, homes converted to apartments or other small apartment buildings ( 10.14%), and a few mobile homes or trailers ( 3.77%).

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 55.22% owning and 44.78% 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 ( 20.33%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.71%).

Federal Way Home Appreciation Rates

In the last 10 years, Federal Way has experienced some of the highest home appreciation rates of any community in the nation. Federal Way real estate appreciated 56.91% over the last ten years, which is an average annual home appreciation rate of 4.61%, putting Federal Way in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Federal Way definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Federal Way's appreciation rate, at 5.44%, has been at or slightly above the national average. In the latest quarter, Federal Way's appreciation rate has been 0.79%, which annualizes to a rate of 3.18%.

Relative to Washington, our data show that Federal Way's latest annual appreciation rate is lower 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:
$386,675

Federal Way, WA HOME PRICES

Value Range
> $1,307,000 0.7
$980,001 - $1,307,000 1.7
$654,001 - $980,000 6.1
$523,001 - $654,000 14.2
$392,001 - $523,000 26.7
$261,001 - $392,000 29.9
$130,001 - $261,000 13.5
$65,001 - $130,000 2.1
$0 - $65,000 4.9

High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
12.9576642335766 32.8621908127208

Number Of Homes And Apartments:
34,923

Federal Way Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
114.70% 3.85%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,972 / per month

Homeownership Rate

Homeownership
Owners 55.22
Renters 44.78
Vacant 4.07

Housing Market Details

 

Age of Homes

AGE OF Federal Way HOMES
2000 or Newer 10.7
1970 - 1999 68.2
1940 - 1969 20.3
1939 or Older 0.8

Types of Homes

TYPE OF Federal Way HOMES
Single-Family 52.3
Townhomes 3.1
Small Apt. Buildings 10.1
Apt. Complexes 30.7
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Federal Way HOMES
No Bedroom 2.62
1 Bedroom 14.91
2 Bedrooms 25.02
3 Bedrooms 32.89
4 Bedrooms 19.11
5 or more bedrooms 5.46