With 32,842 people, 12,806 houses or apartments, and a median cost of homes of $380,164, real estate costs in University Place 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 University Place, accounting for 58.56% of the city's housing units. Other types of housing that are prevalent in University Place include large apartment complexes or high rise apartments ( 23.62%), duplexes, homes converted to apartments or other small apartment buildings ( 10.65%), and a few row houses and other attached homes ( 6.33%).
The most prevalent building size and type in University Place are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.89% owning and 45.11% renting.
There is a lot of housing in University Place 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 University Place built between 1940-1969 ( 25.68%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.85%). There's also some housing in University Place built before 1939 ( 3.29%).
Real estate appreciation rates in University Place's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.16% during the period.
Appreciation rates are so strong in University Place that despite a nationwide downturn in the housing market, University Place real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, University Place appreciation rates continue to be some of the highest in America, at 10.91%, which is higher than appreciation rates in 98.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in University Place. University Place appreciation rates in the latest quarter were at 4.49%, which equates to an annual appreciation rate of 19.19%.
Importantly, NeighborhoodScout’s exclusive research found that University Place's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Washington, our data show that University Place's latest annual appreciation rate is higher 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 University Place differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in University Place - 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 University Place real estate investment or home purchase decisions.
|$982,001 - $1,310,000||0.9|
|$655,001 - $982,000||5.6|
|$524,001 - $655,000||8.6|
|$393,001 - $524,000||25.7|
|$262,001 - $393,000||41.1|
|$131,001 - $262,000||12.9|
|$66,001 - $131,000||0.4|
|$0 - $66,000||4.1|
|Value Relative to Nation||Value Relative to State|
|AGE OF University Place HOMES|
|2000 or Newer||10.9|
|1970 - 1999||60.2|
|1940 - 1969||25.7|
|1939 or Older||3.3|
|TYPE OF University Place HOMES|
|Small Apt. Buildings||10.6|
|SIZE OF University Place HOMES|
|5 or more bedrooms||4.52|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
2000 Q1 - 2016 Q3
|* 10 is highest|