Soap Lake, WA 98851 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Soap Lake, WA—98851

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$299,000

1.4% YoY Growth

Household Income

$67,000

44.4% YoY Growth

Days on Market

21.0% Shorter YoY

Home Price Forecast

1.6%

Median Rent

$800

6.0% YoY Growth

1-Bed Rent

$795

6.7% YoY Growth

2-Bed Rent

$1,400

16.7% YoY Growth

3-Bed Rent

N/A

Home Price Trends — Soap Lake, WA

As of Dec '25, the median home price in Soap Lake, WA is $299,000, with a year-over-year change of -1.4%. This indicates that home prices in Soap Lake, WA are decreasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$299,000	-1.4%
Single Family	$302,000	-1.3%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Soap Lake, WA

As of July '25, Rentcast reports the average rent in Soap Lake, WA is $1,100, with a year-over-year rent change of -6.0%. Per bedroom, the median rent as of July '25 in Soap Lake, WA is studios: $783, 1-bedrooms: $798, 2-bedrooms: $1,500, 4-bedrooms: $1,880. The most common rental property sizes in Soap Lake, WA are 1-bedroom and 3-bedroom, accounting for 29.8% and 27.9% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$800	$1,100
Studio Rent	$800	$783
1 Bed Rent	$795	$798
2 Bed Rent	$1,400	$1,500
3 Bed Rent	N/A	N/A
4 Bed Rent	$1,880	$1,880

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% of Rental Stock

Studio

8.4%

1 Bedroom

29.8%

2 Bedrooms

16.3%

3 Bedrooms

27.9%

4 Bedrooms

8.6%

5+ Bedrooms

9.1%

Property Listings — Soap Lake, WA

As of Dec '25, Realtor.com reports that the median days on market for a home in Soap Lake, WA is 51. This is a decrease of -13.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$492,000	7.0%
Listing Count	29	38.0%
Listings as % of Homes	0.6%	38.0%
Days on Market	71	-21.0%

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Demographics — Soap Lake, WA

As of the latest ACS Survey released in 2023, Soap Lake, WA has a population of 5,000, which has increased by 16.3% over the past 5 years. Soap Lake, WA is a popular place for families, as children make up 30.7% of the population. The area has a poorly educated workforce, with 14.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	5,000	16.3%
% Under 18	30.7%	31.8%
% Seniors	16.7%	-32.9%
% WFH	12.4%	74.6%
% w/ College Degree	14.6%	4.3%

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As of the latest ACS Survey released in 2023, Soap Lake, WA is a predominantly white area, with 64.3% of the population identifying as white. The white population has shrunk by 19.4% in the last 5 years. The second most common race or ethnicity in Soap Lake, WA is hispanic, making up 26.5% of the population. Foreign-born residents account for 14.9% of the population in Soap Lake, WA, and this percentage has increased by 4.9% 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	64.3%	-19.4%
% Black	0.0%	-100.0%
% Hispanic	26.5%	65.6%
% Asian	1.6%	166.7%
% Foreign Born	14.9%	4.9%

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Mortgage and Risk — Soap Lake, WA

According to HUD data as of 2023, there were 69 mortgage originations in Soap Lake, WA, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Soap Lake, WA. Investor activity is low, as 4.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	69
% Conventional Loans	74.0%
% Government Loans	26.0%
% Investor Loans	4.0%
% Second Loans	4.0%
% Cash Out Refinance	7.0%

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Rentals and Section 8 — Soap Lake, WA

Soap Lake, WA lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	65
Total Units Section 8	39
% Rentals under Section 8	N/A
% Occupied Section 8	94.1%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$5	$795	$800
2 Bedroom	-$400	$1,400	$1,000
3 Bedroom	N/A	N/A	$1,410
4 Bedroom	-$180	$1,880	$1,700

Soap Lake, WA—98851

Key Metrics at a Glance

Home Price Trends — Soap Lake, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Soap Lake, WA

% of Rental Stock

Property Listings — Soap Lake, WA

Demographics — Soap Lake, WA

Race and Ethnicity

Mortgage and Risk — Soap Lake, WA

Mortgages

Rentals and Section 8 — Soap Lake, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Soap Lake, WA

Home Price to Income Ratio

Soap Lake, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Ephrata, WA

Coulee City, WA

Moses Lake, WA

Wilson Creek

Hartline, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.3
Median Home Price	$299,000
Median Household Income	$67,000

Soap Lake, WA—98851

Key Metrics at a Glance

Home Price Trends — Soap Lake, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Soap Lake, WA

% of Rental Stock

Property Listings — Soap Lake, WA

Demographics — Soap Lake, WA

Race and Ethnicity

Mortgage and Risk — Soap Lake, WA

Mortgages

Rentals and Section 8 — Soap Lake, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Soap Lake, WA

Home Price to Income Ratio

Soap Lake, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Ephrata, WA

Coulee City, WA

Moses Lake, WA

Wilson Creek

Hartline, WA

Frequently Asked Questions

What is the average home price in Soap Lake, WA 98851?

How have home prices in Soap Lake, WA 98851 changed over the past year?

What is the home price projection for Soap Lake, WA 98851?

What are the demographics of Soap Lake, WA 98851?

How long does it take homes to sell in Soap Lake, WA 98851?

What is the average rent price in Soap Lake, WA 98851?