Gig Harbor, WA—98335
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 $853,000, with a year-over-year change of 1.9%. This indicates that home prices in Gig Harbor, WA are increasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $853,000 | 1.9% |
| Single Family | $865,000 | 1.9% |
| Condos | $582,000 | 1.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $940,000 | 2.1% |
2 Bed | $667,000 | 2.1% |
3 Bed | $802,000 | 1.4% |
4 Bed | $1,028,000 | 2.6% |
| 5 Bed | $1,266,000 | 2.5% |
% of Housing Stock
Rental Trends — Gig Harbor, WA
As of July '25, Rentcast reports the average rent in Gig Harbor, WA is $2,810, with a year-over-year rent change of -4.1%. Per bedroom, the median rent as of July '25 in Gig Harbor, WA is 1-bedrooms: $1,940, 2-bedrooms: $2,300, 3-bedrooms: $3,240, 4-bedrooms: $3,450. The most common rental property sizes in Gig Harbor, WA are 2-bedroom and 3-bedroom, accounting for 38.4% and 29.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,800 | $2,810 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,080 | $1,940 |
| 2 Bed Rent | $1,880 | $2,300 |
| 3 Bed Rent | $3,000 | $3,240 |
| 4 Bed Rent | $3,250 | $3,450 |
% 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 53. This is a increase of 14.0% 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 | $937,000 | -7.0% |
Listing Count | 112 | 0.0% |
| Listings as % of Homes | 0.5% | 0.0% |
Days on Market | 53 | 14.0% |
Demographics — Gig Harbor, WA
As of the latest ACS Survey released in 2023, Gig Harbor, WA has a population of 28,000, which has increased by 9.5% over the past 5 years. Gig Harbor, WA is a moderately popular place for families, as children make up 22.8% of the population. The area has a highly educated workforce, with 51.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,000 | 9.5% |
% Under 18 | 22.8% | 4.6% |
% Seniors | 23.0% | 7.0% |
% WFH | 19.4% | 136.6% |
% w/ College Degree | 51.9% | 15.6% |
As of the latest ACS Survey released in 2023, Gig Harbor, WA is a predominantly white area, with 80.5% of the population identifying as white. The white population has shrunk by 6.9% in the last 5 years. The second most common race or ethnicity in Gig Harbor, WA is hispanic, making up 6.7% of the population. Foreign-born residents account for 4.7% of the population in Gig Harbor, WA, and this percentage has decreased by 20.3% 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 | 80.5% | -6.9% |
% Black | 0.3% | -66.7% |
% Hispanic | 6.7% | 55.8% |
% Asian | 3.2% | 6.7% |
% Foreign Born | 4.7% | -20.3% |
Mortgage and Risk — Gig Harbor, WA
According to HUD data as of 2023, there were 563 mortgage originations in Gig Harbor, WA, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Gig Harbor, WA. Investor activity is low, as 1.0% 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 | 563 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Gig Harbor, WA
As of 2024, the percent of homes in Gig Harbor, WA under the Section 8 program is 2.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Gig Harbor, WA, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 46 |
Total Units Section 8 | 46 |
% Rentals under Section 8 | 2.2% |
% Occupied Section 8 | 90.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$210 | $2,080 | $1,870 |
| 2 Bedroom | $420 | $1,880 | $2,300 |
| 3 Bedroom | $220 | $3,000 | $3,220 |
| 4 Bedroom | $430 | $3,250 | $3,680 |
Affordability — Gig Harbor, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6 |
| Median Home Price | $853,000 |
| Median Household Income | $130,000 |