Redmond, WA—98053
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Redmond, WA
Home Price Trends — Redmond, WA
As of Oct '25, the median home price in Redmond, WA is $1,432,000, with a year-over-year change of 1.7%. This indicates that home prices in Redmond, WA are increasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,432,000 | 1.7% |
| Single Family | $1,480,000 | 1.2% |
| Condos | $648,000 | -2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $1,039,000 | -0.3% |
3 Bed | $1,205,000 | -0.2% |
4 Bed | $1,774,000 | 2.1% |
| 5 Bed | $2,138,000 | 1.9% |
% of Housing Stock
Rental Trends — Redmond, WA
As of July '25, Rentcast reports the average rent in Redmond, WA is $4,200, with a year-over-year rent change of -3.7%. Per bedroom, the median rent as of July '25 in Redmond, WA is studios: $1,800, 1-bedrooms: $1,770, 2-bedrooms: $2,600, 3-bedrooms: $4,240, 4-bedrooms: $4,600. The most common rental property sizes in Redmond, WA are 2-bedroom and 4-bedroom, accounting for 44.5% and 20.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,300 | $4,200 |
| Studio Rent | $1,800 | $1,800 |
| 1 Bed Rent | $1,770 | $1,770 |
| 2 Bed Rent | $2,600 | $2,600 |
| 3 Bed Rent | $4,300 | $4,240 |
| 4 Bed Rent | $4,700 | $4,600 |
% of Rental Stock
Property Listings — Redmond, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Redmond, WA is 48. This is a increase of 17.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,580,000 | -2.0% |
Listing Count | 72 | 24.0% |
| Listings as % of Homes | 0.4% | 24.0% |
Days on Market | 48 | 17.0% |
Demographics — Redmond, WA
As of the latest ACS Survey released in 2023, Redmond, WA has a population of 22,800, which has increased by 3.0% over the past 5 years. Redmond, WA is a popular place for families, as children make up 25.9% of the population. The area has a highly educated workforce, with 72.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 41.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 22,800 | 3.0% |
% Under 18 | 25.9% | 2.8% |
% Seniors | 20.3% | 4.1% |
% WFH | 41.0% | 294.2% |
% w/ College Degree | 72.2% | 6.6% |
As of the latest ACS Survey released in 2023, Redmond, WA is a predominantly white area, with 58.5% of the population identifying as white. The white population has shrunk by 15.1% in the last 5 years. The second most common race or ethnicity in Redmond, WA is asian, making up 27.9% of the population. Foreign-born residents account for 30.4% of the population in Redmond, WA, and this percentage has increased by 18.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 58.5% | -15.1% |
% Black | 1.1% | 22.2% |
% Hispanic | 5.8% | 52.6% |
% Asian | 27.9% | 19.7% |
% Foreign Born | 30.4% | 18.8% |
Mortgage and Risk — Redmond, WA
According to HUD data as of 2023, there were 113 mortgage originations in Redmond, WA, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Redmond, WA. Investor activity is low, as 0.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 113 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Redmond, WA
As of 2024, the percent of homes in Redmond, WA under the Section 8 program is 3.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Redmond, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 40 |
Total Units Section 8 | 40 |
% Rentals under Section 8 | 3.3% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,300 | $1,770 | $3,070 |
| 2 Bedroom | $980 | $2,600 | $3,580 |
| 3 Bedroom | $420 | $4,300 | $4,720 |
| 4 Bedroom | $800 | $4,700 | $5,500 |
Affordability — Redmond, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $1,432,000 |
| Median Household Income | $180,000 |