Lake Forest Park, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Forest Park, WA Housing Market Trends

With 13,504 people, 5,274 houses or apartments, and a median cost of homes of $768,216, Lake Forest Park house prices are not only among the most expensive in Washington, Lake Forest Park real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Lake Forest Park, accounting for 81.67% of the city's housing units. Other types of housing that are prevalent in Lake Forest Park include large apartment complexes or high rise apartments ( 16.56%), row houses and other attached homes ( 1.10%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Forest Park. Owner-occupied housing accounts for 78.86% of Lake Forest Park's homes, and 67.24% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lake Forest Park's housing was primarily built during this period, from the '40s through the '60s. A full 46.04% of the city's housing hails from this era. Other housing ages represented in Lake Forest Park include homes built between 1970-1999 ( 42.87%) and housing constructed before 1939 ( 5.84%). There's also some housing in Lake Forest Park built between 2000 and later ( 5.26%).

Lake Forest Park Home Appreciation Rates

In the last 10 years, Lake Forest Park has experienced some of the highest home appreciation rates of any community in the nation. Lake Forest Park real estate appreciated 88.06% over the last ten years, which is an average annual home appreciation rate of 6.52%, putting Lake Forest Park in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake Forest Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Lake Forest Park that despite a nationwide downturn in the housing market, Lake Forest Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Forest Park appreciation rates continue to be some of the highest in America, at 6.58%, which is higher than appreciation rates in 77.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake Forest Park. Lake Forest Park appreciation rates in the latest quarter were at 2.41%, which equates to an annual appreciation rate of 10.01%.

Relative to Washington, our data show that Lake Forest Park's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington.

Average Home Values

 

Median Home Value:
$768,216

Lake Forest Park, WA HOME PRICES

> $1,226,000
4.9%
4.9%
$920,001 - $1,226,000
19.4%
19.4%
$613,001 - $920,000
40.4%
40.4%
$490,001 - $613,000
17.4%
17.4%
$367,001 - $490,000
9.3%
9.3%
$245,001 - $367,000
3.9%
3.9%
$122,001 - $245,000
2.9%
2.9%
$61,001 - $122,000
0.7%
0.7%
$0 - $61,000
1.1%
1.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for WA

Value Relative To Nation

Number Of Homes And Apartments:
5,274

Lake Forest Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
164.81% 4.75%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,706 / per month

Homeownership Rate

Owners
78.9%
78.9%
Renters
21.1%
21.1%
Vacant
1.7%
1.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.3%
5.3%
1970 - 1999
42.9%
42.9%
1940 - 1969
46.0%
46.0%
1939 or Older
5.8%
5.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
81.7%
81.7%
Townhomes
1.1%
1.1%
Small Apt. Buildings
0.5%
0.5%
Apt. Complexes
16.6%
16.6%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.3%
1.3%
1 Bedroom
8.5%
8.5%
2 Bedrooms
14.4%
14.4%
3 Bedrooms
30.1%
30.1%
4 Bedrooms
37.1%
37.1%
5 or more bedrooms
8.6%
8.6%
0.0% 100.0%
% OF HOMES