Lakewood, 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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Lakewood, WA Housing Market Trends

With 61,037 people, 24,725 houses or apartments, and a median cost of homes of $321,952, Lakewood real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Lakewood, accounting for 48.12% of the city's housing units. Other types of housing that are prevalent in Lakewood include large apartment complexes or high rise apartments ( 30.28%), duplexes, homes converted to apartments or other small apartment buildings ( 11.40%), and a few row houses and other attached homes ( 5.15%).

People in Lakewood primarily live in small (one, two or no bedroom) single-family detached homes. Lakewood has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Lakewood 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 Lakewood built between 1940-1969 ( 41.44%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.27%). There's also some housing in Lakewood built before 1939 ( 3.95%).

Lakewood Home Appreciation Rates

In the last 10 years, Lakewood has experienced some of the highest home appreciation rates of any community in the nation. Lakewood real estate appreciated 65.78% over the last ten years, which is an average annual home appreciation rate of 5.19%, putting Lakewood in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lakewood definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Lakewood that despite a nationwide downturn in the housing market, Lakewood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lakewood appreciation rates continue to be some of the highest in America, at 6.69%, which is higher than appreciation rates in 80.90% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lakewood. Lakewood appreciation rates in the latest quarter were at 2.51%, which equates to an annual appreciation rate of 10.44%.

Relative to Washington, our data show that Lakewood's latest annual appreciation rate is lower than 60% 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 Lakewood differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lakewood - 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 Lakewood real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$321,952

Lakewood, WA HOME PRICES

> $1,313,000
1.5%
1.5%
$985,001 - $1,313,000
2.0%
2.0%
$657,001 - $985,000
4.6%
4.6%
$525,001 - $657,000
5.7%
5.7%
$394,001 - $525,000
19.5%
19.5%
$263,001 - $394,000
31.6%
31.6%
$131,001 - $263,000
23.9%
23.9%
$66,001 - $131,000
2.4%
2.4%
$0 - $66,000
8.8%
8.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for WA

Value Relative To Nation

Number Of Homes And Apartments:
24,725

Lakewood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
133.00% 4.11%
6
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,634 / per month

Homeownership Rate

Owners
42.6%
42.6%
Renters
57.4%
57.4%
Vacant
8.3%
8.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.3%
10.3%
1970 - 1999
44.3%
44.3%
1940 - 1969
41.4%
41.4%
1939 or Older
4.0%
4.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
48.1%
48.1%
Townhomes
5.1%
5.1%
Small Apt. Buildings
11.4%
11.4%
Apt. Complexes
30.3%
30.3%
Mobile Homes
5.0%
5.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.9%
2.9%
1 Bedroom
21.5%
21.5%
2 Bedrooms
30.5%
30.5%
3 Bedrooms
30.6%
30.6%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES