Olympia, WA—98501
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Olympia, WA
As of Oct '25, the median home price in Olympia, WA is $543,000, with a year-over-year change of 0.5%. This indicates that home prices in Olympia, WA are flat. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $543,000 | 0.5% |
| Single Family | $546,000 | 0.6% |
| Condos | $304,000 | -0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $358,000 | -2.2% |
2 Bed | $411,000 | 0.7% |
3 Bed | $530,000 | 0.4% |
4 Bed | $619,000 | 0.8% |
| 5 Bed | $651,000 | 1.1% |
% of Housing Stock
Rental Trends — Olympia, WA
As of July '25, Rentcast reports the average rent in Olympia, WA is $2,000, with a year-over-year rent change of -7.0%. Per bedroom, the median rent as of July '25 in Olympia, WA is studios: $1,390, 1-bedrooms: $1,600, 2-bedrooms: $1,910, 3-bedrooms: $2,650, 4-bedrooms: $2,820. The most common rental property sizes in Olympia, WA are 2-bedroom and 1-bedroom, accounting for 39.7% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,880 | $2,000 |
| Studio Rent | $1,250 | $1,390 |
| 1 Bed Rent | $1,600 | $1,600 |
| 2 Bed Rent | $1,950 | $1,910 |
| 3 Bed Rent | $2,650 | $2,650 |
| 4 Bed Rent | $2,800 | $2,820 |
% of Rental Stock
Property Listings — Olympia, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Olympia, WA is 46. This is a increase of 5.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $616,000 | 1.0% |
Listing Count | 145 | 0.0% |
| Listings as % of Homes | 0.4% | 0.0% |
Days on Market | 46 | 5.0% |
Demographics — Olympia, WA
As of the latest ACS Survey released in 2023, Olympia, WA has a population of 46,900, which has increased by 12.6% over the past 5 years. Olympia, WA is a moderately popular place for families, as children make up 22.4% of the population. The area has a highly educated workforce, with 47.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 23.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 46,900 | 12.6% |
% Under 18 | 22.4% | 5.7% |
% Seniors | 16.1% | -2.4% |
% WFH | 23.7% | 404.3% |
% w/ College Degree | 47.7% | 11.4% |
As of the latest ACS Survey released in 2023, Olympia, WA is a predominantly white area, with 74.2% of the population identifying as white. The white population has shrunk by 6.3% in the last 5 years. The second most common race or ethnicity in Olympia, WA is hispanic, making up 8.8% of the population. Foreign-born residents account for 6.2% of the population in Olympia, WA, and this percentage has decreased by 18.4% 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 | 74.2% | -6.3% |
% Black | 2.4% | -4.0% |
% Hispanic | 8.8% | 23.9% |
% Asian | 5.2% | -1.9% |
% Foreign Born | 6.2% | -18.4% |
Mortgage and Risk — Olympia, WA
According to HUD data as of 2023, there were 597 mortgage originations in Olympia, WA, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Olympia, WA. Investor activity is low, as 2.0% 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 | 597 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Olympia, WA
As of 2024, the percent of homes in Olympia, WA under the Section 8 program is 8.6%. 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. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Olympia, WA, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 639 |
Total Units Section 8 | 639 |
% Rentals under Section 8 | 8.6% |
% Occupied Section 8 | 84.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$80 | $1,600 | $1,520 |
| 2 Bedroom | -$180 | $1,950 | $1,770 |
| 3 Bedroom | -$220 | $2,650 | $2,430 |
| 4 Bedroom | $170 | $2,800 | $2,970 |
Affordability — Olympia, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $543,000 |
| Median Household Income | $95,700 |