Redmond WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 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

Redmond Housing Market Information

With a population of 67,678, 25,358 total housing units (homes and apartments), and a median house value of $844,779, 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%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 92.77% over the last ten years, which is an average annual home appreciation rate of 6.78%, 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.

Over the last year, Redmond appreciation rates have trailed the rest of the nation. In the last twelve months, Redmond's appreciation rate has been 2.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Redmond were at 0.79%, which equates to an annual appreciation rate of 3.18%.

Relative to Washington, our data show that Redmond's latest annual appreciation rate is lower than 90% 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

 

Median Home Value:
$844,779

Redmond, WA HOME PRICES

Value Range
> $1,312,000 11.6
$983,001 - $1,312,000 24.5
$656,001 - $983,000 32.6
$525,001 - $656,000 13.0
$393,001 - $525,000 7.3
$262,001 - $393,000 5.5
$131,001 - $262,000 3.0
$65,001 - $131,000 0.8
$0 - $65,000 1.7

Very High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
2.00875912408759 2.82685512367491

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:
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
189.08% 5.38%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,972 / per month

Homeownership Rate

Homeownership
Owners 50.12
Renters 49.88
Vacant 6.49

Housing Market Details

 

Age of Homes

AGE OF Redmond HOMES
2000 or Newer 28.3
1970 - 1999 58.8
1940 - 1969 12.4
1939 or Older 0.6

Types of Homes

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

Home Size

SIZE OF Redmond HOMES
No Bedroom 5.32
1 Bedroom 16.69
2 Bedrooms 29.18
3 Bedrooms 23.52
4 Bedrooms 20.29
5 or more bedrooms 4.99