Des Moines, WA 98198 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Des Moines, WA—98198

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$598,000

1.3% YoY Growth

Household Income

$83,900

32.6% YoY Growth

Days on Market

10.0% Shorter YoY

Home Price Forecast

-1.6%

Median Rent

$1,800

8.2% YoY Growth

1-Bed Rent

$1,600

4.3% YoY Growth

2-Bed Rent

$1,950

9.3% YoY Growth

3-Bed Rent

$2,900

10.4% YoY Growth

Home Price Trends — Des Moines, WA

As of May '26, the median home price in Des Moines, WA is $598,000, with a year-over-year change of -1.3%. This indicates that home prices in Des Moines, WA are decreasing. According to Zillow, the 1-year price projection is -1.6%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$598,000	-1.3%
Single Family	$631,000	-1.4%
Condos	$349,000	-4.6%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Des Moines, WA

As of July '25, Rentcast reports the average rent in Des Moines, WA is $2,250, with a year-over-year rent change of -8.2%. Per bedroom, the median rent as of July '25 in Des Moines, WA is studios: $1,390, 1-bedrooms: $1,560, 2-bedrooms: $2,120, 3-bedrooms: $2,980, 4-bedrooms: $4,280. The most common rental property sizes in Des Moines, WA are 2-bedroom and 1-bedroom, accounting for 54.0% and 20.0% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,800	$2,250
Studio Rent	$1,330	$1,390
1 Bed Rent	$1,600	$1,560
2 Bed Rent	$1,950	$2,120
3 Bed Rent	$2,900	$2,980
4 Bed Rent	$4,250	$4,280

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% of Rental Stock

Studio

7.1%

1 Bedroom

20.0%

2 Bedrooms

54.0%

3 Bedrooms

13.0%

4 Bedrooms

4.1%

5+ Bedrooms

1.8%

Property Listings — Des Moines, WA

As of May '26, Realtor.com reports that the median days on market for a home in Des Moines, WA is 30. This is a decrease of -10.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 33.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$560,000	-1.0%
Listing Count	97	-6.0%
Listings as % of Homes	0.3%	-6.0%
Days on Market	30	-10.0%

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Demographics — Des Moines, WA

As of the latest ACS Survey released in 2023, Des Moines, WA has a population of 39,800, which has increased by 4.5% over the past 5 years. Des Moines, WA is a moderately popular place for families, as children make up 22.8% of the population. The area has a moderately educated workforce, with 31.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.0% reporting working from home.

Metric	Latest Census	YoY % Change
Population	39,800	4.5%
% Under 18	22.8%	5.6%
% Seniors	14.5%	-5.8%
% WFH	13.0%	170.8%
% w/ College Degree	31.5%	27.5%

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As of the latest ACS Survey released in 2023, Des Moines, WA is a predominantly white area, with 41.5% of the population identifying as white. The white population has shrunk by 10.4% in the last 5 years. The second most common race or ethnicity in Des Moines, WA is hispanic, making up 23.8% of the population. Foreign-born residents account for 29.3% of the population in Des Moines, WA, and this percentage has increased by 20.6% 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	41.5%	-10.4%
% Black	12.7%	25.7%
% Hispanic	23.8%	16.7%
% Asian	12.7%	-1.6%
% Foreign Born	29.3%	20.6%

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Mortgage and Risk — Des Moines, WA

According to HUD data as of 2023, there were 555 mortgage originations in Des Moines, WA, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Des Moines, WA. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	555
% Conventional Loans	88.0%
% Government Loans	12.0%
% Investor Loans	3.0%
% Second Loans	1.0%
% Cash Out Refinance	10.0%

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Rentals and Section 8 — Des Moines, WA

As of 2024, the percent of homes in Des Moines, WA under the Section 8 program is 7.3%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Des Moines, WA, because HUD payments exceed market rent, while 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	460
Total Units Section 8	460
% Rentals under Section 8	7.3%
% Occupied Section 8	100.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$450	$1,600	$2,050
2 Bedroom	$440	$1,950	$2,390
3 Bedroom	$260	$2,900	$3,160
4 Bedroom	-$570	$4,250	$3,680

Des Moines, WA—98198

Key Metrics at a Glance

Home Price Trends — Des Moines, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Des Moines, WA

% of Rental Stock

Property Listings — Des Moines, WA

Demographics — Des Moines, WA

Race and Ethnicity

Mortgage and Risk — Des Moines, WA

Mortgages

Rentals and Section 8 — Des Moines, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Des Moines, WA

Home Price to Income Ratio

Des Moines, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Burien, WA

Kent, WA

Tukwila, Seatac, WA

Normandy Park, Burien, WA

Federal Way, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	6.9
Median Home Price	$598,000
Median Household Income	$83,900

Des Moines, WA—98198

Key Metrics at a Glance

Home Price Trends — Des Moines, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Des Moines, WA

% of Rental Stock

Property Listings — Des Moines, WA

Demographics — Des Moines, WA

Race and Ethnicity

Mortgage and Risk — Des Moines, WA

Mortgages

Rentals and Section 8 — Des Moines, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Des Moines, WA

Home Price to Income Ratio

Des Moines, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Burien, WA

Kent, WA

Tukwila, Seatac, WA

Normandy Park, Burien, WA

Federal Way, WA

Frequently Asked Questions

What is the average home price in Des Moines, WA 98198?

How have home prices in Des Moines, WA 98198 changed over the past year?

What is the home price projection for Des Moines, WA 98198?

What are the demographics of Des Moines, WA 98198?

How long does it take homes to sell in Des Moines, WA 98198?

What is the average rent price in Des Moines, WA 98198?