Is Federal Way, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Federal Way has remained a Seller's Market.
Key Takeaway
Federal Way is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Federal Way, WA
How much do homes in Federal Way, WA cost?
Median Sold Price
$568,416
$314/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Federal Way have sold for 3% more than they did a year ago.
Summary: The median home sold price in Federal Way was $568,416 in March 2024, up 3% from last year, and the median price per square foot was $314.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $229.9K | $229K | -0.4% |
| 2 Bedrooms | $319.9K | $320K | 0.0% |
| 3 Bedrooms | $534.7K | $550K | +2.9% |
| 4 Bedrooms | $660K | $677.9K | +2.7% |
| 5+ Bedrooms | $733.2K | $749.9K | +2.3% |
Summary: Federal Way housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.4%, 2 bedroom homes did not change, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 2.3%.
Median Sold Price Compared To Nearby Cities
| Milton | $525K | $600K | +14.3% |
| Federal Way | $552K | $568.4K | +3.0% |
| Federal Way-Auburn | $550K | $555.5K | +1.0% |
| Des Moines | $565K | $568.9K | +0.7% |
| Auburn | $590.1K | $591.6K | 0.3% |
Housing Supply in Federal Way, WA
How many homes are available in Federal Way, WA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 163 | 177 | +8.6% |
Summary: The Federal Way real estate market had 177 homes for sale in March 2024, a 8.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 6 | -25.0% |
| 2 Bedrooms | 29 | 32 | +10.3% |
| 3 Bedrooms | 55 | 61 | +10.9% |
| 4 Bedrooms | 51 | 50 | -2.0% |
| 5+ Bedrooms | 20 | 28 | +40.0% |
Summary: The Federal Way housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 10.9%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 45 | 42 | -6.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Federal Way, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in Federal Way in March 2024, down by 6.7% month-over-month. Of the 42 sold homes, 24% were sold under asking, 19% were sold at asking, and 57% were sold over asking.
Days on Market for Federal Way, WA
How long does it take to sell a home in Federal Way, WA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 24 Days | 26 Days | +11.4% |
Summary: Homes in Federal Way had an average of 26 days on market in Mar 2024, up by 11.4% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Federal Way are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 42 homes were sold in Federal Way; 83% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.