Is Federal Way, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Federal Way is a seller's market

Buyer's
Market

Difference Since February 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

$560,000

$313/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$1,616(+0.3%)

Key Takeaway

The sold price of homes in Federal Way has remained the same since last year.

Summary: The median home sold price in Federal Way was $560,000 in February 2024, up 0.3% from last year, and the median price per square foot was $313.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $229.9K$229K
-0.4%
2 $315K$320K
+1.6%
3 $537.4K$549K
+2.1%
4 $665K$669K
+0.6%
5+ $725K$749.9K
+3.4%

Summary: Federal Way housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.4%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 3.4%.

Median Sold Price Compared To Nearby Cities

Milton
+13.9%
Federal Way
0.3%
Federal Way-Auburn
0%
Auburn
-0.6%
Des Moines
-0.7%

Housing Supply in Federal Way, WA

How many homes are available in Federal Way, WA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
144158+9.7%

Summary: The Federal Way real estate market had 158 homes for sale in February 2024, a 9.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 77
0.0%
2 2829
+3.6%
3 5054
+8.0%
4 4449
+11.4%
5+ 1519
+26.7%

Summary: The Federal Way housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 26.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4943-12.2%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Federal Way, expect to pay close to the asking price. 46.5% of homes here sold near the asking price last month.

Summary: A total of 43 homes were sold or pending in Federal Way in February 2024, down by 12.2% month-over-month. Of the 43 sold homes, 23% were sold under asking, 47% were sold at asking, and 30% 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

Feb 2023Feb 2024CHANGE
55 Days37 Days-31.9%

Summary: Homes in Federal Way had an average of 37 days on market in Feb 2024, down by 31.9% compared to last year.

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Federal Way are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 43 homes were sold in Federal Way; 58% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 2 Days Ago

Newest Listings in Federal Way, WA

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