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.
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
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
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
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.