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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 5,016, 1,761 total housing units (homes and apartments), and a median house value of $356,303, 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 64.31% of the city's housing units. Other types of housing that are prevalent in Medical Lake include large apartment complexes or high rise apartments ( 18.33%), duplexes, homes converted to apartments or other small apartment buildings ( 7.63%), and a few mobile homes or trailers ( 7.41%).
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 62.99% owning and 37.01% 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 ( 24.82%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.01%). There's also some housing in Medical Lake built before 1939 ( 6.71%).
Appreciation rates for homes in Medical Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 114.68%, which ranks in the top 30% nationwide. This equates to an annual average Medical Lake house appreciation rate of 7.94%.
Over the last year, Medical Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Medical Lake's appreciation rate has been -4.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Medical Lake were at 0.85%, which equates to an annual appreciation rate of 3.46%.
Relative to Washington, our data show that Medical Lake's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington.
$356,303
for Washington
for nation
1,761
$1,062 / per month