Redmond, 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 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 about Scout's Real Estate Data

Redmond Housing Market Information

With 71,929 people, 25,358 houses or apartments, and a median cost of homes of $871,625, Redmond house prices are not only among the most expensive in Washington, Redmond real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Redmond, accounting for 40.48% of the city's housing units. Other types of housing that are prevalent in Redmond include single-family detached homes ( 40.46%), row houses and other attached homes ( 9.88%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.84%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

People in Redmond primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Redmond has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Redmond 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 Redmond built between 2000 and later ( 28.31%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.36%).

Redmond Home Appreciation Rates

In the last 10 years, Redmond has experienced some of the highest home appreciation rates of any community in the nation. Redmond real estate appreciated 102.02% over the last ten years, which is an average annual home appreciation rate of 7.29%, putting Redmond in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Redmond 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, Redmond's appreciation rate, at 4.36%, has been at or slightly above the national average. In the latest quarter, Redmond's appreciation rate has been 2.15%, which annualizes to a rate of 8.86%.

Importantly, this makes Redmond 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 Redmond's latest annual appreciation rate is lower than 80% 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 Redmond differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Redmond - 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 Redmond real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$871,625

Redmond, WA HOME PRICES

> $1,353,000
11.6%
11.6%
$1,015,001 - $1,353,000
24.5%
24.5%
$676,001 - $1,015,000
32.6%
32.6%
$541,001 - $676,000
13.0%
13.0%
$406,001 - $541,000
7.3%
7.3%
$270,001 - $406,000
5.5%
5.5%
$135,001 - $270,000
3.0%
3.0%
$68,001 - $135,000
0.8%
0.8%
$0 - $68,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for WA

Value Relative To Nation

Number Of Homes And Apartments:
25,358

Redmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
198.26% 5.41%
10
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$3,087 / per month

Homeownership Rate

Owners
50.1%
50.1%
Renters
49.9%
49.9%
Vacant
6.5%
6.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
28.3%
28.3%
1970 - 1999
58.8%
58.8%
1940 - 1969
12.4%
12.4%
1939 or Older
0.6%
0.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
40.5%
40.5%
Townhomes
9.9%
9.9%
Small Apt. Buildings
6.8%
6.8%
Apt. Complexes
40.5%
40.5%
Mobile Homes
2.3%
2.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.3%
5.3%
1 Bedroom
16.7%
16.7%
2 Bedrooms
29.2%
29.2%
3 Bedrooms
23.5%
23.5%
4 Bedrooms
20.3%
20.3%
5 or more bedrooms
5.0%
5.0%
0.0% 100.0%
% OF HOMES