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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Mountlake Terrace, 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 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Mountlake Terrace, WA Housing Market Trends

With 21,543 people, 8,937 houses or apartments, and a median cost of homes of $685,746, real estate costs in Mountlake Terrace 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 Mountlake Terrace, accounting for 50.86% of the city's housing units. Other types of housing that are prevalent in Mountlake Terrace include large apartment complexes or high rise apartments ( 32.88%), duplexes, homes converted to apartments or other small apartment buildings ( 8.37%), and a few row houses and other attached homes ( 5.92%).

People in Mountlake Terrace primarily live in small (one, two or no bedroom) single-family detached homes. Mountlake Terrace has a mixture of owner-occupied and renter-occupied housing.

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. Mountlake Terrace's housing was primarily built during this period, from the '40s through the '60s. A full 48.54% of the city's housing hails from this era. Other housing ages represented in Mountlake Terrace include homes built between 1970-1999 ( 39.68%) and housing constructed between 2000 and later ( 11.00%).

Mountlake Terrace Home Appreciation Rates

In the last 10 years, Mountlake Terrace has experienced some of the highest home appreciation rates of any community in the nation. Mountlake Terrace real estate appreciated 149.08% over the last ten years, which is an average annual home appreciation rate of 9.56%, putting Mountlake Terrace in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mountlake Terrace definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Mountlake Terrace appreciation rates have trailed the rest of the nation. In the last twelve months, Mountlake Terrace's appreciation rate has been 1.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mountlake Terrace were at 3.14%, which equates to an annual appreciation rate of 13.15%.

Importantly, this makes Mountlake Terrace 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 Mountlake Terrace's latest annual appreciation rate is lower than 50% 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 Mountlake Terrace differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mountlake Terrace - 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 Mountlake Terrace real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$685,746

Mountlake Terrace, WA Home Prices
> $1,293,000
$970,001 - $1,293,000
$647,001 - $970,000
$518,001 - $647,000
$388,001 - $518,000
$258,001 - $388,000
$129,001 - $258,000
$64,001 - $129,000
$0 - $64,000
3.2%
3.2%
14.7%
14.7%
43.6%
43.6%
21.9%
21.9%
7.5%
7.5%
5.6%
5.6%
1.0%
1.0%
0.7%
0.7%
1.7%
1.7%
0% 100.0%
% of Homes
High

for Washington

Very High

for nation

Number of Homes And Apartments:

8,937

Mountlake Terrace Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,130 / per month

Homeownership Rate

Owners
Renters
57.7%
57.7%
42.3%
42.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.0%
4.0%
96.0%
96.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.0%
11.0%
39.7%
39.7%
48.5%
48.5%
0.8%
0.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
50.9%
50.9%
5.9%
5.9%
8.4%
8.4%
32.9%
32.9%
2.0%
2.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.9%
1.9%
15.2%
15.2%
32.8%
32.8%
32.2%
32.2%
13.0%
13.0%
4.9%
4.9%
0% 100.0%
% of Homes