Gig Harbor, WA—98329
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gig Harbor, WA
As of Oct '25, the median home price in Gig Harbor, WA is $597,000, with a year-over-year change of 1.0%. This indicates that home prices in Gig Harbor, WA are increasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $597,000 | 1.0% |
| Single Family | $597,000 | 0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $469,000 | 0.9% |
2 Bed | $517,000 | 1.2% |
3 Bed | $582,000 | 0.7% |
4 Bed | $795,000 | 0.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gig Harbor, WA
As of July '25, Rentcast reports the average rent in Gig Harbor, WA is $2,530, with a year-over-year rent change of 2.0%. Per bedroom, the median rent as of July '25 in Gig Harbor, WA is 1-bedrooms: $1,750, 2-bedrooms: $2,030, 3-bedrooms: $3,140. The most common rental property sizes in Gig Harbor, WA are 3-bedroom and 4-bedroom, accounting for 38.9% and 21.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,530 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,600 | $1,750 |
| 2 Bed Rent | $2,100 | $2,030 |
| 3 Bed Rent | $2,750 | $3,140 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gig Harbor, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Gig Harbor, WA is 78. This is a increase of 15.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $800,000 | 28.0% |
Listing Count | 42 | -5.0% |
| Listings as % of Homes | 0.7% | -5.0% |
Days on Market | 78 | 15.0% |
Demographics — Gig Harbor, WA
As of the latest ACS Survey released in 2023, Gig Harbor, WA has a population of 11,400, which has remained stable by 0.4% over the past 5 years. Gig Harbor, WA is a moderately popular place for families, as children make up 20.8% of the population. The area has a moderately educated workforce, with 29.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,400 | 0.4% |
% Under 18 | 20.8% | -9.2% |
% Seniors | 19.5% | 21.9% |
% WFH | 12.4% | 55.0% |
% w/ College Degree | 29.2% | 15.9% |
As of the latest ACS Survey released in 2023, Gig Harbor, WA is a predominantly white area, with 85.0% of the population identifying as white. The white population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Gig Harbor, WA is hispanic, making up 5.1% of the population. Foreign-born residents account for 3.8% of the population in Gig Harbor, WA, and this percentage has decreased by 5.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 85.0% | -0.5% |
% Black | 0.7% | -36.4% |
% Hispanic | 5.1% | 10.9% |
% Asian | 1.4% | 0.0% |
% Foreign Born | 3.8% | -5.0% |
Mortgage and Risk — Gig Harbor, WA
According to HUD data as of 2023, there were 238 mortgage originations in Gig Harbor, WA, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Gig Harbor, WA. Investor activity is low, as 0.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 238 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Gig Harbor, WA
Gig Harbor, WA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 17 |
Total Units Section 8 | 11 |
% Rentals under Section 8 | 2.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $130 | $1,600 | $1,730 |
| 2 Bedroom | $30 | $2,100 | $2,130 |
| 3 Bedroom | $230 | $2,750 | $2,980 |
| 4 Bedroom | N/A | N/A | $3,410 |
Affordability — Gig Harbor, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $597,000 |
| Median Household Income | $108,000 |