University Place, 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

University Place, WA Housing Market Trends

With 34,001 people, 13,318 houses or apartments, and a median cost of homes of $470,108, real estate costs in University Place are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.

Single-family detached homes are the single most common housing type in University Place, accounting for 56.27% of the city's housing units. Other types of housing that are prevalent in University Place include large apartment complexes or high rise apartments ( 26.20%), row houses and other attached homes ( 8.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.10%).

The most prevalent building size and type in University Place are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.14% owning and 43.86% renting.

There is a lot of housing in University Place 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 University Place built between 1940-1969 ( 28.73%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.58%). There's also some housing in University Place built before 1939 ( 2.96%).

University Place Home Appreciation Rates

In the last 10 years, University Place has experienced some of the highest home appreciation rates of any community in the nation. University Place real estate appreciated 65.70% over the last ten years, which is an average annual home appreciation rate of 5.18%, putting University Place in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, University Place 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 University Place that despite a nationwide downturn in the housing market, University Place real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, University Place appreciation rates continue to be some of the highest in America, at 6.62%, which is higher than appreciation rates in 79.00% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in University Place. University Place appreciation rates in the latest quarter were at 2.44%, which equates to an annual appreciation rate of 10.14%.

Relative to Washington, our data show that University Place's latest annual appreciation rate is lower than 70% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within University Place differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in University Place - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best University Place real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$470,108

University Place, WA HOME PRICES

> $1,264,000
1.6%
1.6%
$948,001 - $1,264,000
3.1%
3.1%
$632,001 - $948,000
12.6%
12.6%
$505,001 - $632,000
20.7%
20.7%
$379,001 - $505,000
34.3%
34.3%
$253,001 - $379,000
21.1%
21.1%
$126,001 - $253,000
4.4%
4.4%
$63,001 - $126,000
0.7%
0.7%
$0 - $63,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for WA

Value Relative To Nation

Number Of Homes And Apartments:
13,318

University Place 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
136.18% 4.18%
7
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,923 / per month

Homeownership Rate

Owners
56.1%
56.1%
Renters
43.9%
43.9%
Vacant
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
12.6%
12.6%
1970 - 1999
55.7%
55.7%
1940 - 1969
28.7%
28.7%
1939 or Older
3.0%
3.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.3%
56.3%
Townhomes
8.1%
8.1%
Small Apt. Buildings
8.1%
8.1%
Apt. Complexes
26.2%
26.2%
Mobile Homes
1.3%
1.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
11.3%
11.3%
2 Bedrooms
27.3%
27.3%
3 Bedrooms
34.8%
34.8%
4 Bedrooms
19.1%
19.1%
5 or more bedrooms
5.6%
5.6%
0.0% 100.0%
% OF HOMES