Federal Way, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Federal Way Neighborhoods Since 2000




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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Federal Way Housing Market Information

With 95,171 people, 34,117 houses or apartments, and a median cost of homes of $338,729, 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 52.39% of the city's housing units. Other types of housing that are prevalent in Federal Way include large apartment complexes or high rise apartments ( 28.24%), duplexes, homes converted to apartments or other small apartment buildings ( 11.78%), and a few mobile homes or trailers ( 4.07%).

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 55.56% owning and 44.44% 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 ( 21.43%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.07%). There's also some housing in Federal Way built before 1939 ( 1.23%).

Federal Way Home Appreciation Rates

Real estate appreciation rates in Federal Way's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.39% during the period.

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 12.11%, which is higher than appreciation rates in 97.58% 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 2.83%, which equates to an annual appreciation rate of 11.81%.

Importantly, this makes Federal Way 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 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:
$338,729

Federal Way, WA HOME PRICES

Value Range
> $1,355,000 0.5
$1,016,001 - $1,355,000 0.6
$677,001 - $1,016,000 4.3
$542,001 - $677,000 5.7
$407,001 - $542,000 16.2
$271,001 - $407,000 40.3
$135,001 - $271,000 21.5
$68,001 - $135,000 4.3
$0 - $68,000 6.7

High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
13.0434782608696 29.4326241134752

Number Of Homes And Apartments:
34,117

Federal Way Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
70.16% 3.13% 6 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,657 / per month

Homeownership Rate

Homeownership
Owners 55.56
Renters 44.44
Vacant 6.56

Housing Market Details

 

Age of Homes

AGE OF Federal Way HOMES
2000 or Newer 8.1
1970 - 1999 69.3
1940 - 1969 21.4
1939 or Older 1.2

Types of Homes

TYPE OF Federal Way HOMES
Single-Family 52.4
Townhomes 3.3
Small Apt. Buildings 11.8
Apt. Complexes 28.2
Mobile Homes 4.1
Other 0.2

Home Size

SIZE OF Federal Way HOMES
No Bedroom 1.96
1 Bedroom 14.44
2 Bedrooms 26.42
3 Bedrooms 32.25
4 Bedrooms 19.57
5 or more bedrooms 5.35