Federal Way, Washington Real Estate Market Analysis

dynamic.RE

Federal Way, Washington

4 ZIPs in this city:98003 98023 98063 98093

Market Hotness

Hotness Rank

Hotness Score

Supply Score

Demand Score

DOM vs US

-9.9%

Faster

Price vs US

138%

Above avg

Median Listing Price

$599K

Population

102,067

Households

36,538

Median Days on Market

Active Listings

224

New Listings

Housing Market

Pricing

Median Listing Price

$599K-1.5% YoY

Average Listing Price

$654K+2.0% YoY

Price per Sq Ft

$325.429-2.0% YoY

Median Sq Ft

1,811+4.8% YoY

Inventory

Active Listings

224+30.2% YoY

New Listings

82-8.9% YoY

Total Listings

319+15.6% YoY

Buyer Competition

Pending Listings

90-11.8% YoY

Pending Ratio

0.40-32.5% YoY

Median Days on Market

46+13.6% YoY

Price Reduced

26.0%+10.4% YoY

Units & Occupancy

2024 Occupancy

1.0Munits

Occupied941,05493.8%
Vacant62,2306.2%

2024 Tenure

941Koccupied

Owner521,80555.4%
Renter419,24944.6%

Renter Share

44.6%+1.5% YoY

Total Housing Units

1,003,284+1.5% YoY

FY2026 Fair Market Rent — King County

HUD government estimate (40th percentile) — not actual market asking rent.

Studio

$2,074

/month

1 BR

$2,146

/month

2 BR

$2,501

/month

3 BR

$3,272

/month

4 BR

$3,847

/month

FMR Trends — King County

Source: HUD Fair Market Rents

ZIP Profile

U.S. Census ACS characteristics rolled up across the ZIP Code Tabulation Areas in this area, not the parent county.

Population & Age

Total Population

102,067+0.3% YoY

2024 Age Mix

102Kresidents

Under 1823,43623.0%
Adults 18–6463,31762.0%
65 & Over15,31415.0%

Age Composition Over Time2019–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Median Age

37.13-1.3% YoY

Population Under 18

23,436+0.2% YoY

Population 65 & Over

15,314+3.1% YoY

Households & Mobility

Total Households

36,538-1.9% YoY

Household Types

--Not reported for this area (ACS).

Avg Household Size

2.77+2.3% YoY

2024 Residential Mobility

of residents

Same house85.1%
Moved (within US)14.0%
Other0.9%

Veterans

7.0%+0.1% YoY

Income & Poverty

Median Household Income

$90K+4.7% YoY

Per-Capita Income

$41K+3.7% YoY

Mean Household Income

$111K+5.0% YoY

Below Poverty Level

12.4%+1.9% YoY

Commuting

2024 Commute Mode

of workers

Drove alone66.7%
Public transit4.4%
Worked from home13.8%
Other15.1%

Worked From Home

13.8%+11.2% YoY

Mean Commute

31.89-1.1% YoY

Units & Tenure

Total Housing Units

38,318-2.1% YoY

2024 Occupancy

38Kunits

Occupied36,53895.4%
Vacant1,7804.6%

2024 Tenure

37Khouseholds

Owner20,46756.0%
Renter16,07144.0%

Avg Household Size — Owner

2.83+0.7% YoY

Avg Household Size — Renter

2.69+4.4% YoY

County Demographics

Median Age

37.42024

Population

King County Population

2,340,211+1.9% YoY

Households

Total Households

941,054+1.4% YoY

Household Types

--Not reported for this area (ACS).

Avg Household Size

2.390.0% YoY

Age

2024 Age Mix

2.3Mresidents

Under 18445,59419.5%
Adults 18–641,520,67866.5%
65 & Over320,89914.0%

Age Composition Over Time2017–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Population Under 18

445,594-0.3% YoY

Population 65 & Over

320,899+3.1% YoY

Median Age

37.40+0.3% YoY

Mobility & Veterans

2024 Residential Mobility

of residents

Same house83.3%
Moved (within US)15.3%
Other1.4%

Veterans

4.5%-4.3% YoY

County Economy

Income

Median Household Income

$125K+2.1% YoY

Per-Capita Income

$74K+4.3% YoY

Mean Household Income

$177K+3.8% YoY

Poverty

Below Poverty Level

8.6%+2.4% YoY

Transportation to Work

2024 Commute Mode

of workers

Drove alone50.4%
Public transit6.8%
Worked from home29.2%
Other13.6%

Worked From Home

29.2%+11.5% YoY

Mean Commute

27.60-1.8% YoY

Federal Way, Washington

4 ZIPs in this city:98003 98023 98063 98093

Market Hotness

Hotness Rank

Hotness Score

Supply Score

Demand Score

DOM vs US

-9.9%

Faster

Price vs US

138%

Above avg

Median Listing Price

$599K

Population

102,067

Households

36,538

Median Days on Market

Active Listings

224

New Listings

Housing Market

Pricing

Median Listing Price

$599K-1.5% YoY

Average Listing Price

$654K+2.0% YoY

Price per Sq Ft

$325.429-2.0% YoY

Median Sq Ft

1,811+4.8% YoY

Inventory

Active Listings

224+30.2% YoY

New Listings

82-8.9% YoY

Total Listings

319+15.6% YoY

Buyer Competition

Pending Listings

90-11.8% YoY

Pending Ratio

0.40-32.5% YoY

Median Days on Market

46+13.6% YoY

Price Reduced

26.0%+10.4% YoY

Units & Occupancy

2024 Occupancy

1.0Munits

Occupied941,05493.8%
Vacant62,2306.2%

2024 Tenure

941Koccupied

Owner521,80555.4%
Renter419,24944.6%

Renter Share

44.6%+1.5% YoY

Total Housing Units

1,003,284+1.5% YoY

FY2026 Fair Market Rent — King County

HUD government estimate (40th percentile) — not actual market asking rent.

Studio

$2,074

/month

1 BR

$2,146

/month

2 BR

$2,501

/month

3 BR

$3,272

/month

4 BR

$3,847

/month

FMR Trends — King County

Source: HUD Fair Market Rents

ZIP Profile

U.S. Census ACS characteristics rolled up across the ZIP Code Tabulation Areas in this area, not the parent county.

Population & Age

Total Population

102,067+0.3% YoY

2024 Age Mix

102Kresidents

Under 1823,43623.0%
Adults 18–6463,31762.0%
65 & Over15,31415.0%

Age Composition Over Time2019–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Median Age

37.13-1.3% YoY

Population Under 18

23,436+0.2% YoY

Population 65 & Over

15,314+3.1% YoY

Households & Mobility

Total Households

36,538-1.9% YoY

Household Types

--Not reported for this area (ACS).

Avg Household Size

2.77+2.3% YoY

2024 Residential Mobility

of residents

Same house85.1%
Moved (within US)14.0%
Other0.9%

Veterans

7.0%+0.1% YoY

Income & Poverty

Median Household Income

$90K+4.7% YoY

Per-Capita Income

$41K+3.7% YoY

Mean Household Income

$111K+5.0% YoY

Below Poverty Level

12.4%+1.9% YoY

Commuting

2024 Commute Mode

of workers

Drove alone66.7%
Public transit4.4%
Worked from home13.8%
Other15.1%

Worked From Home

13.8%+11.2% YoY

Mean Commute

31.89-1.1% YoY

Units & Tenure

Total Housing Units

38,318-2.1% YoY

2024 Occupancy

38Kunits

Occupied36,53895.4%
Vacant1,7804.6%

2024 Tenure

37Khouseholds

Owner20,46756.0%
Renter16,07144.0%

Avg Household Size — Owner

2.83+0.7% YoY

Avg Household Size — Renter

2.69+4.4% YoY

County Demographics

Median Age

37.42024

Population

King County Population

2,340,211+1.9% YoY

Households

Total Households

941,054+1.4% YoY

Household Types

--Not reported for this area (ACS).

Avg Household Size

2.390.0% YoY

Age

2024 Age Mix

2.3Mresidents

Under 18445,59419.5%
Adults 18–641,520,67866.5%
65 & Over320,89914.0%

Age Composition Over Time2017–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Population Under 18

445,594-0.3% YoY

Population 65 & Over

320,899+3.1% YoY

Median Age

37.40+0.3% YoY

Mobility & Veterans

2024 Residential Mobility

of residents

Same house83.3%
Moved (within US)15.3%
Other1.4%

Veterans

4.5%-4.3% YoY

County Economy

Income

Median Household Income

$125K+2.1% YoY

Per-Capita Income

$74K+4.3% YoY

Mean Household Income

$177K+3.8% YoY

Poverty

Below Poverty Level

8.6%+2.4% YoY

Transportation to Work

2024 Commute Mode

of workers

Drove alone50.4%
Public transit6.8%
Worked from home29.2%
Other13.6%

Worked From Home

29.2%+11.5% YoY

Mean Commute

27.60-1.8% YoY