Mill Creek, 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

Mill Creek, WA Housing Market Trends

With 20,897 people, 8,362 houses or apartments, and a median cost of homes of $708,425, Mill Creek house prices are not only among the most expensive in Washington, Mill Creek 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 Mill Creek, accounting for 52.04% of the city's housing units. Other types of housing that are prevalent in Mill Creek include large apartment complexes or high rise apartments ( 34.10%), row houses and other attached homes ( 10.55%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.98%).

The most prevalent building size and type in Mill Creek are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.95% owning and 40.05% renting.

There is a lot of housing in Mill Creek 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 Mill Creek built between 2000 and later ( 35.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 3.30%).

Mill Creek Home Appreciation Rates

In the last 10 years, Mill Creek has experienced some of the highest home appreciation rates of any community in the nation. Mill Creek real estate appreciated 108.99% over the last ten years, which is an average annual home appreciation rate of 7.65%, putting Mill Creek in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mill Creek 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 Mill Creek that despite a nationwide downturn in the housing market, Mill Creek real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mill Creek appreciation rates continue to be some of the highest in America, at 10.55%, which is higher than appreciation rates in 71.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mill Creek. Mill Creek appreciation rates in the latest quarter were at 3.76%, which equates to an annual appreciation rate of 15.93%.

Importantly, this makes Mill Creek 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 Mill Creek's latest annual appreciation rate is lower than 80% 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 Mill Creek differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mill Creek - 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 Mill Creek real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$708,425

Mill Creek, WA HOME PRICES

> $1,320,000
2.1%
2.1%
$990,001 - $1,320,000
9.7%
9.7%
$660,001 - $990,000
38.7%
38.7%
$528,001 - $660,000
23.4%
23.4%
$396,001 - $528,000
15.1%
15.1%
$264,001 - $396,000
6.5%
6.5%
$132,001 - $264,000
2.3%
2.3%
$66,001 - $132,000
0.4%
0.4%
$0 - $66,000
1.8%
1.8%
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:
8,362

Mill Creek 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
153.27% 4.42%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,147 / per month

Homeownership Rate

Owners
59.9%
59.9%
Renters
40.1%
40.1%
Vacant
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
35.2%
35.2%
1970 - 1999
60.5%
60.5%
1940 - 1969
3.3%
3.3%
1939 or Older
0.9%
0.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
52.0%
52.0%
Townhomes
10.6%
10.6%
Small Apt. Buildings
3.0%
3.0%
Apt. Complexes
34.1%
34.1%
Mobile Homes
0.2%
0.2%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
14.5%
14.5%
2 Bedrooms
24.7%
24.7%
3 Bedrooms
31.5%
31.5%
4 Bedrooms
22.6%
22.6%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES