What does a $2 million home look like in Thurston County? A dozen sold in 2025
A dozen Thurston County homes or property sold for $2 million or higher in 2025, according to new year-end data released by the Northwest Multiple Listing Service recently.
The Northwest MLS used to track $1 million sales in the county and region, but for 2025 those numbers were adjusted upward, a spokesperson for the organization said.
“The benchmark was updated from $1 million to $2 million following a review of longer-term market changes and the current state of the market,” said Madeline Feder in an email. “Given how pricing has shifted over time, raising the threshold provided a more meaningful benchmark for year-end reporting.”
The 12 homes and land sold in the following areas:
- West Olympia: 4 homes.
- Northeast Thurston County: 2.
- Tumwater: 1.
- Boston Harbor: 1.
- Yelm/Rainier: 1 (land).
- Black Hills: 1.
- Lacey: 1.
- Northwest Thurston County: 1.
Mitch Dietz, owner of Coldwell Banker Evergreen Olympic Realty in Olympia, added some details on the transactions, saying that many of them had one thing in common: they were near the water or had waterfront views.
Those locations included Budd and Eld inlets, Johnson Point — Boston Harbor is practically on the water — and Long Lake in the Lacey area, he said.
What will you get for $2 million? A waterfront view and about 5,000 square feet of space, Dietz said. What would $2 million get you 20 years ago in Thurston County?
It’s a hard comparison to make, he said, because the $2 million transaction is relatively new. Prior to 2022, there were only 10 such sales in the county, but after 2022 there have been 39, he said.
That change reflects what happened to the housing market during and after the pandemic. Mortgage interest rates plunged to new lows and home-buying demand surged in the face of low inventory, which pushed home prices higher.
Although Northwest MLS has decided to track the $2 million sale instead of the $1 million sale for its year-end data, that doesn’t mean Thurston County didn’t have any. In fact, 138 homes sold for $1 million last year, Dietz said.
How about the rest of the housing market?
As for the rest of the county housing market in 2025, the data showed that year-over-year sales of single-family residences were flat while median price inched higher by about 4%.
Single-family sales rose marginally higher to 3,333 units in 2025 from 3,316 units in 2024, a difference of 0.51%, the data show.
Median price climbed 3.88% to $535,000 in 2025 from $515,000 in 2024.
Although sales were flat in the year-over-year period, Dietz said he was encouraged by January activity. His office was busier in January than in December because mortgage interest rates have fallen.
Freddie Mac, which track rates, said the average rate on a 30-year mortgage was 6.1%, down from about 7% a year ago.
“Mortgage rates remain near their lowest levels in three years, which is encouraging for potential homebuyers who have waited to enter the market for some time,” said Sam Khater, Freddie Mac’s Chief Economist, in a statement.
$2 million sales in the region
Here are the totals for $2 million home sales in the region:
- King County: 2,287 units.
- Snohomish County: 142.
- Pierce County: 100.
- Kitsap County: 69.
- Thurston County: 12.
- Grays Harbor County: 2.
- Mason County: 1.
- Lewis County: 1.
Source: Northwest MLS.
