Elma, WA—98541
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elma, WA
As of Oct '25, the median home price in Elma, WA is $366,000, with a year-over-year change of -1.9%. This indicates that home prices in Elma, WA are decreasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $366,000 | -1.9% |
| Single Family | $366,000 | -1.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $316,000 | 0.6% |
3 Bed | $418,000 | 1.0% |
4 Bed | $510,000 | 2.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elma, WA
As of July '25, Rentcast reports the average rent in Elma, WA is $1,280, with a year-over-year rent change of -3.0%. Per bedroom, the median rent as of July '25 in Elma, WA is 1-bedrooms: $1,260, 2-bedrooms: $1,250, 3-bedrooms: $1,550. The most common rental property sizes in Elma, WA are 2-bedroom and 1-bedroom, accounting for 53.0% and 27.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,290 | $1,280 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,180 | $1,260 |
| 2 Bed Rent | $1,290 | $1,250 |
| 3 Bed Rent | $1,550 | $1,550 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Elma, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Elma, WA is 70. This is a increase of 53.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $481,000 | 4.0% |
Listing Count | 47 | 21.0% |
| Listings as % of Homes | 0.4% | 21.0% |
Days on Market | 70 | 53.0% |
Demographics — Elma, WA
As of the latest ACS Survey released in 2023, Elma, WA has a population of 10,300, which has remained stable by 0.7% over the past 5 years. Elma, WA is a moderately popular place for families, as children make up 21.7% of the population. The area has a poorly educated workforce, with 15.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,300 | 0.7% |
% Under 18 | 21.7% | -8.8% |
% Seniors | 19.7% | 1.5% |
% WFH | 10.6% | 116.3% |
% w/ College Degree | 15.6% | 10.6% |
As of the latest ACS Survey released in 2023, Elma, WA is a predominantly white area, with 80.3% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Elma, WA is hispanic, making up 13.2% of the population. Foreign-born residents account for 6.2% of the population in Elma, WA, and this percentage has increased by 40.9% 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 | 80.3% | -4.5% |
% Black | 0.7% | 250.0% |
% Hispanic | 13.2% | 22.2% |
% Asian | 0.1% | -75.0% |
% Foreign Born | 6.2% | 40.9% |
Mortgage and Risk — Elma, WA
According to HUD data as of 2023, there were 133 mortgage originations in Elma, WA, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Elma, WA. Investor activity is low, as 1.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 133 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Elma, WA
Elma, WA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 90 |
Total Units Section 8 | 82 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 81.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$240 | $1,180 | $940 |
| 2 Bedroom | -$130 | $1,290 | $1,160 |
| 3 Bedroom | $80 | $1,550 | $1,630 |
| 4 Bedroom | N/A | N/A | $1,700 |
Affordability — Elma, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $366,000 |
| Median Household Income | $64,700 |