Why Live in Steel Lake
Steel Lake in Federal Way is a neighborhood characterized by its elevated homes and towering pine trees, many of which have private docks and patios overlooking the tranquil waters of Steel Lake. The area features a mix of classic single-level, raised ranch-style, and split-level homes, with prices ranging from $400,000 to $900,000. The Overlook, a three-story condominium complex, offers more affordable options between $250,000 and $350,000. Steel Lake Park, a 53-acre green space, is a local attraction with a sandy beach, boat launches, beach volleyball, a skate park, and a large playground. Nearby Wildwood Park and Sacajawea Park provide additional recreational facilities, including sports fields and paved trails. The neighborhood is car-dependent, bordered by Route 99 and I-5, with easy access to Tacoma (14 miles south) and Seattle (22 miles north). Public transportation is available via Sound Transit buses, and a light rail system is under construction, set to connect the area by 2026. The city center, just south of Steel Lake, offers retail options, supermarkets, and diverse dining experiences, such as 85°C Bakery Café and Mirak Korean BBQ.
Home Trends in Steel Lake, WA
On average, homes in Steel Lake, Federal Way sell after 44 days on the market compared to the national average of 70 days. The median sale price for homes in Steel Lake, Federal Way over the last 12 months is $454,985, down 19% from the median home sale price over the previous 12 months.
Median Sale Price
$454,985
Median Single Family Sale Price
$467,810
Median Townhouse Sale Price
$250,000
Median 2 Bedroom Sale Price
$275,000
Average Price Per Sq Ft
$269
Number of Homes for Sale
8
Last 12 months Home Sales
70
Median List Price
$425,000
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
-19%
