Multi-Family Properties: Listing Data & Market Trends

Published on: July 1, 2025

Multi-family homes—like duplexes, triplexes, and converted houses—offer an appealing mix of income potential, long-term value, and relative stability. Here are some of the main benefits:

✔️ Built-in Rental Income

With more than one unit under a single roof, multi-family properties offer built-in income streams. Whether you’re house-hacking (living in one unit and renting the others) or investing purely for cash flow, the opportunity to offset your mortgage or generate passive income is one of the top reasons buyers are drawn to this property type.

✔️ High Housing Demand

Across the Pacific Northwest, housing supply remains tight—especially for renters. Rising home prices, population growth, and ongoing affordability challenges are keeping demand strong for multi-family rentals. This makes owning rental units a strategic long-term plan, especially in markets like Seattle, Tacoma, and Everett.

✔️ Economies of Scale

Owning a multi-family means you can streamline property management, maintenance, and expenses—particularly when compared to managing several single-family rentals. Insurance, landscaping, and even utilities can be more cost-effective on a per-unit basis.

We’ve taken a look at the NWMLS database (which contains hundreds of thousands of listings, dating back to the 1990s) to check out where to find the most multi-family properties and what you can expect to spend.

Cities with the Most Multi-Family Properties Sold

In 2024, NWMLS brokers sold 1,717 multi-family properties with a median sale price of $903,116. Here’s a quick break-down of the top ten cities for multi-family property sales last year:

Key Takeaways:

• Seattle dominates the market in volume and price, with a median sale price well above $1.4 million.
• Tacoma, Everett, and Lakewood offer more affordable alternatives within commuting distance of major employment hubs.
• Moses Lake stands out as a value market, with a median sale price under $400,000—potentially attractive for new investors seeking lower entry points.

Market Trends for Multi-Family Properties

When compared to single-family homes, are multi-family properties a good investment?

Based on housing data, both property types increased in value over the last decade. The gap between median sale price widened between 2018 and 2022, indicating growing investor demand for multi-family properties. However, both property types show a dip around 2023, likely reflecting market adjustments due to increased interest rates.

Despite short-term fluctuations, the long-term value for single family and multi-family homes remained strong.

Charts include data for all reported MLS sales in Washington State.