I have been watching the construction site of Lynnwood City Center Station for several years. With the arrival of the light rail, the landscape in this area has changed significantly. What used to be a single-family home neighborhood is now seeing the development of condos and townhome complexes.

The difference between areas near the station and those further away is clear. The supply of condos and townhomes has greatly increased near the station. In contrast, existing single-family home neighborhoods like Alderwood and Lindale still cater to families looking for homes with yards.

Looking at the numbers, according to Redfin data, the average median price for the three months leading up to May 2026 was $740,000, which is a 1.0% decrease from the previous year. Zillow reports that the average home value in March was $760,193, and the median price in April was recorded at $729,945.

By type, single-family homes are definitely higher. The median price for single-family homes sold in the last six months was $850,000. Existing neighborhoods like Alderwood and Lindale are around the $750,000 to $850,000 range. Condos range widely from $185,999 to $950,000. This wide range is due to the mix of newly built condos near the station and older small condos in the same market.

I have not yet fully confirmed the detailed prices for townhomes. However, looking at the trend of development near the station, newly built townhomes are generally priced higher than condos but lower than single-family homes. It is best to check each listing directly for accuracy.

We should also consider management fees. Condos have higher fees because the management association takes care of the building and facilities. Townhomes split responsibilities, with the HOA managing the exterior and the owner responsible for the interior. Single-family homes may have little to no management fees, but the owner is responsible for all maintenance.

Families that prioritize commuting prefer condos or townhomes near the station. Families that value yards and space tend to move to single-family home neighborhoods a bit further away. These two trends are likely to continue. As the light rail expands, the supply of new developments near the station is expected to keep increasing. Conversely, existing single-family home neighborhoods have limited supply, so prices tend to remain relatively stable.

One case I observed is that couples nearing retirement are increasingly downsizing from single-family homes with yards to condos near the station. In contrast, families with children are still looking for single-family homes in the Alderwood area. Preferences vary by generation.

The loan processes also differ. Condos require a review of the HOA's finances, which can take longer for approval. Single-family homes and townhomes focus more on personal credit, making the process simpler. Some may consider renting. Some condos have limits on rental ratios. Townhomes and single-family homes have fewer restrictions. However, vacancy risks exist everywhere.

There are also differences when reselling. Single-family homes attract a wider range of buyers. Condos and townhomes may have a narrower buyer pool depending on loan conditions and HOA status. It's wise to think about this in advance. When considering monthly costs, including management fees and property taxes, the gap between types can sometimes be smaller than the difference in purchase prices. It's best to obtain and compare management fee statements for each listing.

School districts should also be considered. Lynnwood has varying evaluations by school. I recommend checking the assigned schools through GreatSchools or district resources before making a contract.

The new housing market shows similar trends. Nationally, the proportion of townhomes in new supply is increasing, as confirmed by statistics from the National Association of Home Builders, and this trend is evident in Lynnwood, where station area development is active. Many new complexes are being built as condos or townhomes.

When calculating monthly costs, including management fees and taxes, the differences between types can sometimes be smaller than the differences in purchase prices. It's accurate to directly compare management fee statements and property tax bills for each listing.

Families moving from other states need to familiarize themselves with Washington's tax structure. There is no income tax, but a real estate excise tax applies when buying and selling. Please check the latest rates for accuracy. The market prices and statistics in this article are not investment or legal advice, and I recommend consulting with a broker and tax professional before finalizing any contracts.