Gig Harbor, WA—98332
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 $874,000, with a year-over-year change of 1.4%. 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 | $874,000 | 1.4% |
| Single Family | $878,000 | 1.2% |
| Condos | $715,000 | 1.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $631,000 | 1.1% |
2 Bed | $698,000 | 1.5% |
3 Bed | $809,000 | 1.3% |
4 Bed | $1,004,000 | 1.4% |
| 5 Bed | $986,000 | 1.0% |
% of Housing Stock
Rental Trends — Gig Harbor, WA
As of July '25, Rentcast reports the average rent in Gig Harbor, WA is $3,000, with a year-over-year rent change of -5.1%. Per bedroom, the median rent as of July '25 in Gig Harbor, WA is 1-bedrooms: $1,720, 2-bedrooms: $2,080, 3-bedrooms: $3,090, 4-bedrooms: $4,780. The most common rental property sizes in Gig Harbor, WA are 3-bedroom and 2-bedroom, accounting for 39.4% and 39.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,850 | $3,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,700 | $1,720 |
| 2 Bed Rent | $2,250 | $2,080 |
| 3 Bed Rent | $2,900 | $3,090 |
| 4 Bed Rent | $4,500 | $4,780 |
% 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 54. This is a increase of 7.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,040,000 | 3.0% |
Listing Count | 105 | 32.0% |
| Listings as % of Homes | 0.7% | 32.0% |
Days on Market | 54 | 7.0% |
Demographics — Gig Harbor, WA
As of the latest ACS Survey released in 2023, Gig Harbor, WA has a population of 19,800, which has increased by 8.0% over the past 5 years. Gig Harbor, WA is a moderately popular place for families, as children make up 20.2% of the population. The area has a highly educated workforce, with 52.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,800 | 8.0% |
% Under 18 | 20.2% | 1.0% |
% Seniors | 25.6% | 11.8% |
% WFH | 20.8% | 139.1% |
% w/ College Degree | 52.4% | 17.8% |
As of the latest ACS Survey released in 2023, Gig Harbor, WA is a predominantly white area, with 82.1% of the population identifying as white. The white population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Gig Harbor, WA is hispanic, making up 4.5% of the population. Foreign-born residents account for 6.3% of the population in Gig Harbor, WA, and this percentage has decreased by 24.1% 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 | 82.1% | -2.1% |
% Black | 1.3% | -38.1% |
% Hispanic | 4.5% | -15.1% |
% Asian | 4.4% | -2.2% |
% Foreign Born | 6.3% | -24.1% |
Mortgage and Risk — Gig Harbor, WA
According to HUD data as of 2023, there were 466 mortgage originations in Gig Harbor, WA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Gig Harbor, WA. Investor activity is low, as 0.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 466 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
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 | 1 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $540 | $1,700 | $2,240 |
| 2 Bedroom | $510 | $2,250 | $2,760 |
| 3 Bedroom | $970 | $2,900 | $3,870 |
| 4 Bedroom | -$80 | $4,500 | $4,420 |
Affordability — Gig Harbor, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.6 |
| Median Home Price | $874,000 |
| Median Household Income | $123,000 |