Mill Creek, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mill Creek, WA Real Estate Data


Mill Creek Housing Market Information

With a population of 20,043, 7,723 total housing units (homes and apartments), and a median house value of $501,734, Mill Creek house prices are not only among the most expensive in Washington, Mill Creek real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Mill Creek, accounting for 53.98% of the city's housing units. Other types of housing that are prevalent in Mill Creek include large apartment complexes or high rise apartments ( 33.96%), row houses and other attached homes ( 7.78%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.49%).

The most prevalent building size and type in Mill Creek are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.70% owning and 38.30% renting.

There is a lot of housing in Mill Creek 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 Mill Creek built between 2000 and later ( 28.11%). A lesser amount of the housing stock also hails from between 1940-1969 ( 3.07%).

Mill Creek Home Appreciation Rates

Appreciation rates for homes in Mill Creek have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.70%, which ranks in the top 40% nationwide. This equates to an annual average Mill Creek house appreciation rate of 0.74%.

Appreciation rates are so strong in Mill Creek that despite a nationwide downturn in the housing market, Mill Creek real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mill Creek appreciation rates continue to be some of the highest in America, at 11.39%, which is higher than appreciation rates in 95.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mill Creek. Mill Creek appreciation rates in the latest quarter were at 1.57%, which equates to an annual appreciation rate of 6.41%.

Importantly, this makes Mill Creek 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 Mill Creek'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 Mill Creek differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mill Creek - 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 Mill Creek real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$501,734

Mill Creek, WA HOME PRICES

Value Range
> $1,338,000 0.1
$1,004,001 - $1,338,000 2.3
$669,001 - $1,004,000 17.2
$535,001 - $669,000 20.8
$401,001 - $535,000 30.6
$267,001 - $401,000 18.0
$134,001 - $267,000 5.8
$67,001 - $134,000 1.1
$0 - $67,000 3.6

Very High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
5.754131020743 9.9290780141844

Number Of Homes And Apartments:
7,723

Rent & Ownership

 

Average Market Rent:
$2,078 / per month

Homeownership Rate

Homeownership
Owners 61.70
Renters 38.30
Vacant 4.45

Housing Market Details

 

Age of Homes

AGE OF Mill Creek HOMES
2000 or Newer 28.1
1970 - 1999 68.3
1940 - 1969 3.1
1939 or Older 0.5

Types of Homes

TYPE OF Mill Creek HOMES
Single-Family 54.0
Townhomes 7.8
Small Apt. Buildings 3.5
Apt. Complexes 34.0
Mobile Homes 0.6
Other 0.2

Home Size

SIZE OF Mill Creek HOMES
No Bedroom 1.98
1 Bedroom 12.25
2 Bedrooms 24.45
3 Bedrooms 33.59
4 Bedrooms 23.48
5 or more bedrooms 4.26

Mill Creek Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
76.33% 3.34% 7 9
* 10 is highest