Olympia, WA—98512
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 $546,000, with a year-over-year change of -0.0%. This indicates that home prices in Olympia, WA are flat. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $546,000 | -0.0% |
| Single Family | $551,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $421,000 | 1.4% |
2 Bed | $417,000 | 0.0% |
3 Bed | $543,000 | 0.2% |
4 Bed | $606,000 | 0.5% |
| 5 Bed | $675,000 | 0.9% |
% of Housing Stock
Rental Trends — Olympia, WA
As of July '25, Rentcast reports the average rent in Olympia, WA is $2,380, with a year-over-year rent change of 12.3%. Per bedroom, the median rent as of July '25 in Olympia, WA is studios: $1,510, 1-bedrooms: $1,720, 2-bedrooms: $2,180, 3-bedrooms: $2,540, 4-bedrooms: $3,120. The most common rental property sizes in Olympia, WA are 2-bedroom and 3-bedroom, accounting for 37.2% and 30.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,380 |
| Studio Rent | $1,520 | $1,510 |
| 1 Bed Rent | $1,720 | $1,720 |
| 2 Bed Rent | $2,020 | $2,180 |
| 3 Bed Rent | $2,500 | $2,540 |
| 4 Bed Rent | $3,250 | $3,120 |
% 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 49. This is a increase of 20.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $604,000 | 2.0% |
Listing Count | 134 | 56.0% |
| Listings as % of Homes | 0.5% | 56.0% |
Days on Market | 49 | 20.0% |
Demographics — Olympia, WA
As of the latest ACS Survey released in 2023, Olympia, WA has a population of 31,300, which has increased by 5.4% over the past 5 years. Olympia, WA is a moderately popular place for families, as children make up 19.0% of the population. The area has a moderately educated workforce, with 36.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,300 | 5.4% |
% Under 18 | 19.0% | 2.7% |
% Seniors | 18.5% | 16.4% |
% WFH | 19.8% | 288.2% |
% w/ College Degree | 36.5% | -1.6% |
As of the latest ACS Survey released in 2023, Olympia, WA is a predominantly white area, with 72.4% of the population identifying as white. The white population has shrunk by 14.4% in the last 5 years. The second most common race or ethnicity in Olympia, WA is hispanic, making up 9.0% of the population. Foreign-born residents account for 5.6% of the population in Olympia, WA, and this percentage has increased by 16.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.4% | -14.4% |
% Black | 2.9% | 107.1% |
% Hispanic | 9.0% | 38.5% |
% Asian | 4.1% | 32.3% |
% Foreign Born | 5.6% | 16.7% |
Mortgage and Risk — Olympia, WA
According to HUD data as of 2023, there were 404 mortgage originations in Olympia, WA, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 28.0% 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. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 404 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Olympia, WA
As of 2024, the percent of homes in Olympia, WA under the Section 8 program is 4.6%. 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. 3-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 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 173 |
Total Units Section 8 | 173 |
% Rentals under Section 8 | 4.6% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,720 | $1,620 |
| 2 Bedroom | -$140 | $2,020 | $1,880 |
| 3 Bedroom | $80 | $2,500 | $2,580 |
| 4 Bedroom | -$90 | $3,250 | $3,160 |
Affordability — Olympia, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.5 |
| Median Home Price | $546,000 |
| Median Household Income | $93,700 |