The Cheapest and Most Expensive Housing Markets in Washington

Special Report

Published: April 4, 2024 12:50 pm

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some cities in Washington state are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Washington is worth $473,400. But across the 51 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $250,000 to over $1.6 million.

In any local market, home prices are often a reflection of what residents can afford. In Washington, many of the least expensive cities for homebuyers are not high-income areas. Of the 51 Washington cities with available data from the ACS, 30 have a median home value that is less than the statewide median. In all but five of these places, the typical household earns less than the statewide median household income of $90,325. Similarly, most of Washington’s more expensive housing markets have higher earning populations.

These are the cheapest and most expensive housing markets in Washington.

51. Yakima

Median home value: $243,300
Homes worth over $1 million: 0.8%
Homeownership rate: 53.1%
Median household income: $55,734
Total population: 96,764

50. Moses Lake

Median home value: $245,000
Homes worth over $1 million: 0.2%
Homeownership rate: 57.7%
Median household income: $66,218
Total population: 25,155

49. Spokane

Median home value: $286,900
Homes worth over $1 million: 1.4%
Homeownership rate: 57.5%
Median household income: $63,316
Total population: 227,922

48. Longview

Median home value: $307,100
Homes worth over $1 million: 0.6%
Homeownership rate: 52.7%
Median household income: $57,920
Total population: 37,722

47. Spokane Valley

Median home value: $307,700
Homes worth over $1 million: 0.6%
Homeownership rate: 57.7%
Median household income: $66,483
Total population: 103,761

46. Pasco

Median home value: $309,200
Homes worth over $1 million: 0.6%
Homeownership rate: 68.9%
Median household income: $75,316
Total population: 77,274

45. Walla Walla

Median home value: $314,500
Homes worth over $1 million: 2.0%
Homeownership rate: 60.4%
Median household income: $58,179
Total population: 33,842

44. Kennewick

Median home value: $318,400
Homes worth over $1 million: 1.0%
Homeownership rate: 62.9%
Median household income: $70,429
Total population: 83,823

43. Parkland

Median home value: $341,100
Homes worth over $1 million: 0.6%
Homeownership rate: 53.1%
Median household income: $66,162
Total population: 39,398

42. Wenatchee

Median home value: $352,200
Homes worth over $1 million: 2.2%
Homeownership rate: 54.4%
Median household income: $66,143
Total population: 35,365

41. Spanaway

Median home value: $360,400
Homes worth over $1 million: 0.6%
Homeownership rate: 72.6%
Median household income: $91,346
Total population: 34,015

40. Richland

Median home value: $365,800
Homes worth over $1 million: 1.2%
Homeownership rate: 64.6%
Median household income: $89,283
Total population: 60,867

39. Bremerton

Median home value: $369,700
Homes worth over $1 million: 0.9%
Homeownership rate: 46.6%
Median household income: $68,556
Total population: 43,983

38. Lacey

For Sale Real Estate Sign in Front of New House.

Median home value: $378,700
Homes worth over $1 million: 0.7%
Homeownership rate: 57.9%
Median household income: $79,874
Total population: 56,263

37. Pullman

Median home value: $379,000
Homes worth over $1 million: 1.4%
Homeownership rate: 29.2%
Median household income: $41,479
Total population: 31,972

36. Mount Vernon

Median home value: $385,200
Homes worth over $1 million: 0.7%
Homeownership rate: 63.7%
Median household income: $69,227
Total population: 35,120

35. Orchards

Median home value: $387,800
Homes worth over $1 million: 0.8%
Homeownership rate: 67.2%
Median household income: $88,199
Total population: 29,214

34. Vancouver

Median home value: $403,400
Homes worth over $1 million: 2.0%
Homeownership rate: 50.9%
Median household income: $73,626
Total population: 190,700

33. Lakewood

Median home value: $406,500
Homes worth over $1 million: 4.5%
Homeownership rate: 43.6%
Median household income: $65,531
Total population: 63,142

32. Olympia

Median home value: $409,700
Homes worth over $1 million: 1.4%
Homeownership rate: 48.3%
Median household income: $73,851
Total population: 55,151

31. Tacoma

Median home value: $415,300
Homes worth over $1 million: 3.1%
Homeownership rate: 56.8%
Median household income: $79,085
Total population: 219,234

30. Tumwater

Picnic shed at Tumwater Historic Park 01 by Joe Mabel

Picnic shed at Tumwater Historic Park 01 (CC BY-SA 3.0) by Joe Mabel

Median home value: $421,900
Homes worth over $1 million: 0.4%
Homeownership rate: 59.4%
Median household income: $84,177
Total population: 25,617

29. Graham

Median home value: $427,600
Homes worth over $1 million: 1.7%
Homeownership rate: 82.5%
Median household income: $110,024
Total population: 34,778

28. South Hill

South Hill Community Park sign by Steven Pavlov

South Hill Community Park sign (CC BY-SA 4.0) by Steven Pavlov

Median home value: $442,400
Homes worth over $1 million: 1.2%
Homeownership rate: 71.7%
Median household income: $103,707
Total population: 67,835

27. SeaTac

Median home value: $448,200
Homes worth over $1 million: 3.1%
Homeownership rate: 46.9%
Median household income: $79,433
Total population: 30,927

26. Federal Way

Median home value: $454,300
Homes worth over $1 million: 3.4%
Homeownership rate: 55.4%
Median household income: $80,360
Total population: 99,614

25. Marysville

Median home value: $456,600
Homes worth over $1 million: 1.2%
Homeownership rate: 70.7%
Median household income: $98,288
Total population: 70,847

24. Auburn

Median home value: $460,100
Homes worth over $1 million: 1.3%
Homeownership rate: 60.5%
Median household income: $87,406
Total population: 85,623

23. Puyallup

Median home value: $467,000
Homes worth over $1 million: 2.0%
Homeownership rate: 51.3%
Median household income: $90,592
Total population: 42,610

22. Everett

Median home value: $471,200
Homes worth over $1 million: 3.6%
Homeownership rate: 48.5%
Median household income: $77,806
Total population: 110,847

21. Kent

Median home value: $478,400
Homes worth over $1 million: 1.6%
Homeownership rate: 55.8%
Median household income: $86,966
Total population: 135,169

20. Des Moines

Median home value: $483,200
Homes worth over $1 million: 3.3%
Homeownership rate: 59.4%
Median household income: $81,362
Total population: 32,667

19. University Place

Median home value: $509,900
Homes worth over $1 million: 4.4%
Homeownership rate: 58.4%
Median household income: $89,658
Total population: 34,696

18. Lake Stevens

Median home value: $516,600
Homes worth over $1 million: 5.3%
Homeownership rate: 76.4%
Median household income: $111,821
Total population: 38,816

17. Bellingham

Median home value: $528,600
Homes worth over $1 million: 7.8%
Homeownership rate: 45.6%
Median household income: $64,026
Total population: 91,353

16. Burien

Median home value: $566,500
Homes worth over $1 million: 8.2%
Homeownership rate: 56.7%
Median household income: $84,583
Total population: 51,505

15. Renton

Median home value: $576,800
Homes worth over $1 million: 9.9%
Homeownership rate: 53.6%
Median household income: $92,292
Total population: 105,355

14. Lynnwood

Median home value: $596,200
Homes worth over $1 million: 2.9%
Homeownership rate: 52.3%
Median household income: $72,241
Total population: 39,867

13. Camas

Median home value: $603,000
Homes worth over $1 million: 11.5%
Homeownership rate: 79.9%
Median household income: $133,829
Total population: 26,387

12. Maple Valley

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Median home value: $622,100
Homes worth over $1 million: 4.9%
Homeownership rate: 85.0%
Median household income: $137,595
Total population: 27,889

11. Shoreline

Median home value: $711,500
Homes worth over $1 million: 15.0%
Homeownership rate: 66.5%
Median household income: $106,184
Total population: 58,673

10. Edmonds

Median home value: $761,300
Homes worth over $1 million: 26.8%
Homeownership rate: 69.7%
Median household income: $110,057
Total population: 42,705

9. Mill Creek East

Median home value: $769,600
Homes worth over $1 million: 14.3%
Homeownership rate: 84.9%
Median household income: $174,759
Total population: 25,302

8. Bothell

Median home value: $796,900
Homes worth over $1 million: 25.9%
Homeownership rate: 64.0%
Median household income: $127,944
Total population: 47,917

7. Seattle

Median home value: $879,900
Homes worth over $1 million: 36.4%
Homeownership rate: 44.5%
Median household income: $116,068
Total population: 734,603

6. Issaquah

Median home value: $891,500
Homes worth over $1 million: 39.1%
Homeownership rate: 57.8%
Median household income: $143,006
Total population: 39,400

5. Kirkland

Median home value: $937,700
Homes worth over $1 million: 43.4%
Homeownership rate: 62.1%
Median household income: $135,608
Total population: 92,015

4. Redmond

Median home value: $1,026,400
Homes worth over $1 million: 52.3%
Homeownership rate: 46.6%
Median household income: $155,287
Total population: 73,728

3. Sammamish

Median home value: $1,139,100
Homes worth over $1 million: 63.0%
Homeownership rate: 84.2%
Median household income: $215,047
Total population: 66,586

2. Bellevue

Median home value: $1,139,500
Homes worth over $1 million: 62.3%
Homeownership rate: 51.7%
Median household income: $149,551
Total population: 150,606

1. Mercer Island

Median home value: $1,683,600
Homes worth over $1 million: 84.9%
Homeownership rate: 68.0%
Median household income: $190,985
Total population: 25,464

Read more: Special Report, acs, census bureau, cheapest city to buy a home in Washington, cheapest place to own a home in Washington, home prices in Washington, median home value, most affordable housing market in Washington, most and least expensive Washington cities, most expensive place to buy a home in Washington, Housing

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