Soap Lake, WA—98851
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Soap Lake, WA
As of Oct '25, the median home price in Soap Lake, WA is $299,000, with a year-over-year change of -1.5%. This indicates that home prices in Soap Lake, WA are decreasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $299,000 | -1.5% |
| Single Family | $303,000 | -1.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $224,000 | -1.8% |
3 Bed | $347,000 | -0.3% |
4 Bed | $409,000 | -1.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Soap Lake, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Soap Lake, WA is 50. This is a increase of 4.0% 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 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 | $536,000 | 27.0% |
Listing Count | 30 | 21.0% |
| Listings as % of Homes | 0.6% | 21.0% |
Days on Market | 50 | 4.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Soap Lake, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $299,000 |
| Median Household Income | $67,000 |