Port Townsend, WA 98368 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Port Townsend, WA—98368

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$642,000

2.1% YoY Growth

Household Income

$67,100

22.2% YoY Growth

Days on Market

10.0% Longer YoY

Home Price Forecast

N/A

Median Rent

$1,600

28.8% YoY Growth

1-Bed Rent

$950

9.2% YoY Growth

2-Bed Rent

$2,250

26.7% YoY Growth

3-Bed Rent

$2,500

6.4% YoY Growth

Home Price Trends — Port Townsend, WA

Port Townsend, WA lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$642,000	2.1%
Single Family	$661,000	1.2%
Condos	$427,000	-4.0%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	$511,000	1.4%

Rental Trends — Port Townsend, WA

As of July '25, Rentcast reports the average rent in Port Townsend, WA is $1,850, with a year-over-year rent change of -28.8%. Per bedroom, the median rent as of July '25 in Port Townsend, WA is studios: $1,620, 1-bedrooms: $1,190, 2-bedrooms: $2,280, 3-bedrooms: $2,620. The most common rental property sizes in Port Townsend, WA are 3-bedroom and 2-bedroom, accounting for 31.5% and 29.9% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,600	$1,850
Studio Rent	$1,500	$1,620
1 Bed Rent	$950	$1,190
2 Bed Rent	$2,250	$2,280
3 Bed Rent	$2,500	$2,620
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

6.9%

1 Bedroom

29.0%

2 Bedrooms

29.9%

3 Bedrooms

31.5%

4 Bedrooms

2.1%

5+ Bedrooms

0.6%

Property Listings — Port Townsend, WA

As of May '26, Realtor.com reports that the median days on market for a home in Port Townsend, WA is 45. This is a increase of 10.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$734,000	-19.0%
Listing Count	78	33.0%
Listings as % of Homes	0.4%	33.0%
Days on Market	45	10.0%

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Demographics — Port Townsend, WA

As of the latest ACS Survey released in 2023, Port Townsend, WA has a population of 17,400, which has increased by 9.8% over the past 5 years. Port Townsend, WA is a less popular place for families, as children make up 11.6% of the population. The area has a highly educated workforce, with 50.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 24.6% reporting working from home.

Metric	Latest Census	YoY % Change
Population	17,400	9.8%
% Under 18	11.6%	-17.7%
% Seniors	40.1%	17.6%
% WFH	24.6%	158.9%
% w/ College Degree	50.8%	-1.9%

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As of the latest ACS Survey released in 2023, Port Townsend, WA is a predominantly white area, with 86.7% of the population identifying as white. The white population has shrunk by 5.0% in the last 5 years. The second most common race or ethnicity in Port Townsend, WA is hispanic, making up 4.1% of the population. Foreign-born residents account for 5.8% of the population in Port Townsend, WA, and this percentage has decreased by 7.9% 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	86.7%	-5.0%
% Black	0.5%	-44.4%
% Hispanic	4.1%	32.3%
% Asian	1.6%	-11.1%
% Foreign Born	5.8%	-7.9%

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Mortgage and Risk — Port Townsend, WA

According to HUD data as of 2023, there were 285 mortgage originations in Port Townsend, WA, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Port Townsend, WA. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	285
% Conventional Loans	90.0%
% Government Loans	10.0%
% Investor Loans	2.0%
% Second Loans	4.0%
% Cash Out Refinance	10.0%

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Rentals and Section 8 — Port Townsend, WA

Port Townsend, WA lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	213
Total Units Section 8	213
% Rentals under Section 8	N/A
% Occupied Section 8	93.5%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$160	$950	$1,110
2 Bedroom	-$1,020	$2,250	$1,230
3 Bedroom	-$780	$2,500	$1,720
4 Bedroom	N/A	N/A	$2,070

Port Townsend, WA—98368

Key Metrics at a Glance

Home Price Trends — Port Townsend, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Port Townsend, WA

% of Rental Stock

Property Listings — Port Townsend, WA

Demographics — Port Townsend, WA

Race and Ethnicity

Mortgage and Risk — Port Townsend, WA

Mortgages

Rentals and Section 8 — Port Townsend, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Port Townsend, WA

Home Price to Income Ratio

Port Townsend, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Sequim, WA

Coupeville, WA

Greenbank, WA

Freeland, WA

Hansville, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	9.3
Median Home Price	$642,000
Median Household Income	$67,100

Port Townsend, WA—98368

Key Metrics at a Glance

Home Price Trends — Port Townsend, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Port Townsend, WA

% of Rental Stock

Property Listings — Port Townsend, WA

Demographics — Port Townsend, WA

Race and Ethnicity

Mortgage and Risk — Port Townsend, WA

Mortgages

Rentals and Section 8 — Port Townsend, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Port Townsend, WA

Home Price to Income Ratio

Port Townsend, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Sequim, WA

Coupeville, WA

Greenbank, WA

Freeland, WA

Hansville, WA

Frequently Asked Questions

What is the average home price in Port Townsend, WA 98368?

How have home prices in Port Townsend, WA 98368 changed over the past year?

What is the home price projection for Port Townsend, WA 98368?

What are the demographics of Port Townsend, WA 98368?

How long does it take homes to sell in Port Townsend, WA 98368?

What is the average rent price in Port Townsend, WA 98368?