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What a South King County Condo Costs Right Now
I talk with a lot of first-time buyers who are tired of rent and want to know if a condo gets them in the door. Here is the honest picture, city by city.
| Condo, 12 months through September | Median price | Change | Months of supply | 20% down at 7.43% | 3.5% down FHA at 7.04% |
|---|---|---|---|---|---|
| Federal Way | $292,472 | down 2.3% | 6.8 | $1,625 | $1,885 |
| Renton | $362,500 | down 7.8% | 5.1 | $2,014 | $2,337 |
| Kent | $376,250 | down 3.3% | 5.8 | $2,090 | $2,425 |
| Auburn | $379,600 | down 9.3% | 5.5 | $2,109 | $2,447 |
| King County | $529,500 | down 7.1% | 6.4 | $2,942 | $3,413 |
Sources: NWMLS monthly data through September 2026. Rates from Mortgage News Daily, October 19, 2026: 30-year fixed 7.43%, 30-year FHA 7.04%. Payments are principal and interest only. Property tax, insurance, HOA dues, and FHA mortgage insurance are extra.
These four cities are about $150,000 to $237,000 below the county condo median. Each sale is a small sample, so I use 12-month medians and not single-month prices. September had only a handful of closed condo sales in each city.
Why Buyers Have Leverage Right Now
Condos are the softest part of the King County market. Across the county, condo closed sales were down 29% from last year in September. Sellers got 94.4% of their original asking price, the lowest in the data series that starts in 2016. Supply is 6.4 months countywide, which favors buyers.
South King County shows the same thing. In the last four weeks, 47 condos sold in Kent, Renton, Auburn, and Federal Way combined. About half, 23 of 47, included seller concessions. About 1 in 5 used an FHA loan. That is a small four-week sample, so read it as direction, not a rule.
What does leverage get you? Room to ask for a lower price, a credit toward closing costs, or money to buy down your rate. My post on seller concessions explains how those credits work.
The Catches With a Condo
A condo is not just a cheaper house. You are buying into an association, and that changes the math.
HOA dues. Every condo has a monthly fee, and lenders count it when they size your loan. Two condos at the same price can have very different dues. Add them to the payments in the table before you decide.
The association’s health. Low reserves can mean a special assessment later, which is a bill you share with your neighbors.
My condo due diligence checklist lists the documents to ask for.
Loan rules on the building. With FHA, the building has to meet FHA’s approval rules, not just you. Some conventional loans also have building requirements. Ask your lender to check the building early. My FHA vs. conventional guide covers the trade-offs.
Resale. Condos have taken longer to sell than houses this year, and 12-month condo medians are down in all four cities. If you might move in two or three years, that matters.
When a Condo Makes Sense as a First Home
A condo works best when you plan to stay five years or more, the payment plus dues fits with room to spare, and the association checks out. It is also a fair way to start building equity while saving toward a house later.
If you want more space, a townhome is the middle step. My post on condo vs. townhouse vs. single-family compares them. If renting still wins for you, that is fine too. My rent vs. buy in Renton post runs that math with real rents.
Short on a down payment? Look at the King County down payment assistance programs. For city-by-city steps, see my first-time buyer guides for Kent and Federal Way, and my King County condo buyer guide.
Frequently Asked Questions
How much is a condo in South King County?
The 12-month median condo price through September 2026 was $292,472 in Federal Way, $362,500 in Renton, $376,250 in Kent, and $379,600 in Auburn. The King County condo median was $529,500.
Is now a good time to buy a condo in South King County?
Buyers have more leverage than they have had in years, with 5 to 7 months of supply and frequent seller concessions. But condo prices are still drifting down, so buy for the long term and check the association closely.
Can I use an FHA loan to buy a condo?
Often, yes, but the building has to meet FHA’s approval rules. Ask your lender to check the building before you make an offer.
What should I check before buying a condo?
Check the monthly dues, the reserve fund, any planned or past special assessments, and the association’s finances. A professional review of the association after your offer is accepted is worth the cost.
Your guide to life outside Seattle.
253-350-0045 · greg@livingoutsideseattle.com · www.livingoutsideseattle.com
Market data from NWMLS, monthly data through September 2026 (12-month condo medians, supply, county closed sales and percent of original price) and NWMLS, week of October 19, 2026 (trailing 4-week sold counts). Rates from Mortgage News Daily, October 19, 2026. Payments are principal and interest only. Condo samples are small. This post is for information only and is not financial advice.
