House prices are rising in Olympia. Check costs in your ZIP code with our interactive map
For the first time in over 10 years, the United States has witnessed a nationwide decrease in year-over-year median home prices, but Olympia is working against the trend.
A study from the National Association of Realtors found that the median price for all types of existing homes fell by 0.2% in February 2023 compared with February 2022 to a median price of $363,000.
The last time the U.S. saw a year-to-year decrease was from June 2011 to June 2012.
“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” National Association of Realtors chief economist Lawrence Yun stated in a news release. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
Olympia and the rest of Thurston County are behind the national curve in price decreases. ZIP codes including Olympia, Tumwater and Lacey have witnessed a 1.2% increase in median home value over the past year.
As a result, home prices for the same Olympia-area ZIP codes remain well above the national average. As of February 2023, the median home value for the corresponding ZIP codes was $498,800 — a $135,800, or 37.4%, increase.
Across the western U.S., home values have decreased on average by 5.6%. The same data also shows that existing-home sales have reduced across the west by 28.3% in the last year.
According to data from Zillow, ZIP code 98327 — which encompasses nearby DuPont and Joint Base Lewis-McChord — saw the most significant yearly decrease at 3.4%. The median price for the same ZIP code remains higher than the Olympia-area average at $521,451.
ZIP code 98506 in Olympia, South Bay and Boston Harbor saw the largest increase at 2.9%. The median price is $493,047, far above the national but slightly below Thurston County averages.
According to data from the National Association of Realtors, housing markets in the western U.S. are primarily responsible for the year-over-year decrease. Home values in the Midwest and South have increased over the past year, while houses in the Northeast and West have decreased.
The total number of homes sold in Olympia was down over 41% this past February compared to the same time last year, according to data from real-estate site Redfin. Sold homes dipped below 50 for this past February, January and December, representing the lowest sales for the city since 2019.
