Redmond, Washington Housing Market Prices
Redmond Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 35% above the Washington median$656,083
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Median rent 36% above the Washington median$2,400
Housing Market Overview
| Metric | Redmond | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $656,083 | $485,016 | $248,835 |
| Price Trend (Annual %) | 6.3% | 10.9% | 7.5% |
| Median Gross Rent | $2,400 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Redmond is about 35% higher than in Washington. Rent is about 36% higher than the Washington average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Redmond, up about 6.3% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Redmond rose about 62.4% between 2015 and 2024, from $1,477 to $2,400. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Redmond.
Buying the median-priced home in Redmond costs roughly 22.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Redmond. The price-to-rent ratio in Washington is about 23.0.
| Metric | Redmond | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $656,083 | $485,016 | $248,835 |
| Median Household Income | $160,130 | $98,224 | $80,455 |
| Price-to-Income Ratio | 4.1 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Redmond rose about 60.6%, while median household income rose about 75.6% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Redmond | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.8% | 59.1% | 58.5% |
| Rental Rate | 53.8% | 33.6% | 31.2% |
| Vacancy Rate | 5.4% | 7.3% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Redmond has a homeownership rate of 40.8%, lower than the Washington average of 59.1%. Its housing vacancy rate is 5.4%, compared with 7.3% in Washington.
Housing Stock
| Metric | Redmond | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1993 | 1983 | 1978 |
| Median Number of Rooms | 4.2 | 5.5 | 5.5 |
The typical housing unit in Redmond was built around 1993. On average, 2.3 people live in a home with about 4.2 rooms, staying for about 11.0 years on average.
Redmond, WA Housing Compared With Nearby Cities
Redmond, WA is the 3rd largest of the 4 cities compared here, 71,994 residents against a local median of 87,547. Where Redmond, WA breaks from the cities next to it is median home price, sitting 39% below the local median of $1,067,104 at $656,083.
Homeownership tells the same story from another angle: 43.1% against a local median of 61.3%, 30% below it. The one measure here that carries a verdict is homeownership, and at 30% below the local median it puts Redmond, WA at the weaker end of the local range. The cities themselves spread $839,621 on median home price, so Redmond, WA sits at one end of an already wide local range rather than apart from it. Redmond, WA has the 4th highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Redmond, WA | 71,994 | $656,083 #4/4 | $2,400 #4/4 | 43.1% #4/4 |
| Union Hill-Novelty Hill, WA | 23,529 | $826,184 | $2,587 | 74.6% |
| Bellevue, WA | 149,047 | $1,665,806 | $2,554 | 51.2% |
| Kirkland, WA | 87,547 | $1,067,104 | $2,400 | 61.3% |
Frequently Asked Questions
Common questions about the housing market in Redmond, Washington.
What is the median home price in Redmond, Washington?
The median home price in Redmond, Washington is $656,083, higher than the Washington average of $485,016.
What is the average home price in Redmond, Washington?
The typical home price in Redmond, Washington, reported as the median sale price, is $656,083. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Redmond, Washington?
The median gross rent in Redmond, Washington is $2,400 per month, higher than the Washington average of $1,759.
What was the median gross rent in Redmond in 2020?
In 2020, the median gross rent in Redmond, Washington was $1,991 per month.
What is the price-to-rent ratio in Redmond, Washington?
The price-to-rent ratio in Redmond, Washington is about 22.8, meaning it would take roughly 22.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Redmond.
Are home prices or rent rising faster in Redmond, Washington?
Both home prices and rent are rising in Redmond, up about 6.3% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Redmond, Washington?
40.8% of households in Redmond, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Redmond, Washington?
The housing vacancy rate in Redmond, Washington is 5.4%, lower than the Washington average of 7.3%.
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