Thurston County median home price rises to a new high. Here’s what the July data showed
It was business as usual for the Thurston County housing market in July as the number of sales fell and inventory remained low.
The median sales price rose nearly 6% to a new high, according to data released Monday by the Northwest Multiple Listing Service, which tracks housing market data across several counties in the state, including Thurston.
Between July 2023 and July 2024, the median price of a single-family residence rose 5.8% to $539,750. The previous high for median price was $535,000 in April, The Olympian reported.
Although sales were down last month, there is still enough demand to push median price higher because inventory remains below two months, the data show. It’s a market that continues to favor sellers over buyers. A market that doesn’t favor either party is thought to have four to six months of inventory, a range not seen in the county in years.
A higher median price is not welcome news for buyers, but there was some encouraging news on mortgage interest rates, which recently fell to their lowest point since February, according to Freddie Mac, which tracks interest rates.
The average 30-year mortgage rate was 6.73%, the data show.
“Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind,” said Freddie Mac Chief Economist Sam Khater in a statement.
Over the past 52 weeks, the 30-year mortgage has averaged between 6.6% and 7.79%, according to Freddie Mac.
The Thurston County data
▪ Single-family home sales fell 5.9% last month to 334 units from 355 units in July 2023.
▪ Single-family home median price rose 5.8% to $539,750 from $510,000 over the same period.
▪ Single-family home pending sales fell 4.6% to 372 units from 390 units over the same period.
▪ Condominium sales were unchanged at nine units over the same period.
▪ Condo median price rose to $370,000 from $294,500 over the same period.
▪ Condo pending sales fell to 15 units from 24 units over the same period.
Thurston County median price by area
▪ Northwest Thurston County: $715,000.
▪ Boston Harbor: $690,000.
▪ Black Hills: $655,500.
▪ South Olympia: $600,500.
▪ Northeast Thurston County: $592,241.
▪ East Olympia: $580,000.
▪ Tumwater: $569,250.
▪ West Olympia: $567,450.
▪ Hawks Prairie: $550,000.
▪ Southeast Thurston County: $545,000.
▪ South Thurston: $502,500.
▪ North Olympia: $497,922.
▪ Lacey: $480,000.
▪ Yelm/Rainier: $475,000.
▪ Rochester: $474,950.
Source: Northwest MLS.
