Medical Lake, 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 Q2 2021. 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

Medical Lake, WA Housing Market Trends

With 4,966 people, 1,769 houses or apartments, and a median cost of homes of $304,182, Medical Lake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Medical Lake, accounting for 69.10% of the city's housing units. Other types of housing that are prevalent in Medical Lake include large apartment complexes or high rise apartments ( 13.29%), mobile homes or trailers ( 8.54%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.29%).

The most prevalent building size and type in Medical Lake are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.99% owning and 38.02% renting.

There is a lot of housing in Medical Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Medical Lake built between 2000 and later ( 31.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.13%). There's also some housing in Medical Lake built before 1939 ( 2.76%).

Medical Lake Home Appreciation Rates

In the last 10 years, Medical Lake has experienced some of the highest home appreciation rates of any community in the nation. Medical Lake real estate appreciated 83.31% over the last ten years, which is an average annual home appreciation rate of 6.25%, putting Medical Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Medical Lake 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 Medical Lake that despite a nationwide downturn in the housing market, Medical Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Medical Lake appreciation rates continue to be some of the highest in America, at 14.22%, which is higher than appreciation rates in 93.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Medical Lake. Medical Lake appreciation rates in the latest quarter were at 5.68%, which equates to an annual appreciation rate of 24.75%.

Importantly, this makes Medical Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Washington, our data show that Medical Lake's latest annual appreciation rate is higher than 60% of the other cities and towns in Washington.

Average Home Values

 

Median Home Value:
$304,182

Medical Lake, WA HOME PRICES

> $1,472,000
0.9%
0.9%
$1,104,001 - $1,472,000
0.7%
0.7%
$736,001 - $1,104,000
3.4%
3.4%
$589,001 - $736,000
2.1%
2.1%
$441,001 - $589,000
7.3%
7.3%
$294,001 - $441,000
35.4%
35.4%
$147,001 - $294,000
46.0%
46.0%
$74,001 - $147,000
4.2%
4.2%
$0 - $74,000
0.1%
0.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for WA

Value Relative To Nation

Number Of Homes And Apartments:
1,769

Medical Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
147.33% 4.30%
5
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,052 / per month

Homeownership Rate

Owners
62.0%
62.0%
Renters
38.0%
38.0%
Vacant
4.4%
4.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
31.2%
31.2%
1970 - 1999
52.9%
52.9%
1940 - 1969
13.1%
13.1%
1939 or Older
2.8%
2.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
69.1%
69.1%
Townhomes
1.8%
1.8%
Small Apt. Buildings
7.3%
7.3%
Apt. Complexes
13.3%
13.3%
Mobile Homes
8.5%
8.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
11.5%
11.5%
2 Bedrooms
25.7%
25.7%
3 Bedrooms
39.1%
39.1%
4 Bedrooms
19.7%
19.7%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Medical Lake

Zip Codes in Medical Lake, WA