Olympia, WA—98506
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 $532,000, 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 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $532,000 | -0.5% |
| Single Family | $534,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $435,000 | -2.0% |
2 Bed | $431,000 | -1.4% |
3 Bed | $546,000 | -0.7% |
4 Bed | $646,000 | -0.3% |
| 5 Bed | $707,000 | -2.2% |
% of Housing Stock
Rental Trends — Olympia, WA
As of July '25, Rentcast reports the average rent in Olympia, WA is $2,170, with a year-over-year rent change of 12.4%. Per bedroom, the median rent as of July '25 in Olympia, WA is 1-bedrooms: $1,440, 2-bedrooms: $2,150, 3-bedrooms: $2,350, 4-bedrooms: $2,800. The most common rental property sizes in Olympia, WA are 2-bedroom and 1-bedroom, accounting for 46.4% and 22.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,170 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,420 | $1,440 |
| 2 Bed Rent | $2,000 | $2,150 |
| 3 Bed Rent | $2,300 | $2,350 |
| 4 Bed Rent | $2,800 | $2,800 |
% 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 52. This is a increase of 12.0% 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 | $625,000 | 9.0% |
Listing Count | 106 | 146.0% |
| Listings as % of Homes | 0.3% | 146.0% |
Days on Market | 52 | 12.0% |
Demographics — Olympia, WA
As of the latest ACS Survey released in 2023, Olympia, WA has a population of 18,800, which has increased by 8.0% over the past 5 years. Olympia, WA is a less popular place for families, as children make up 13.9% 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 21.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,800 | 8.0% |
% Under 18 | 13.9% | -14.7% |
% Seniors | 27.8% | 25.2% |
% WFH | 21.8% | 202.8% |
% w/ College Degree | 50.8% | 12.4% |
As of the latest ACS Survey released in 2023, Olympia, WA is a predominantly white area, with 80.7% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Olympia, WA is hispanic, making up 5.4% of the population. Foreign-born residents account for 8.2% of the population in Olympia, WA, and this percentage has increased by 28.1% 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 | 80.7% | -4.2% |
% Black | 1.3% | -50.0% |
% Hispanic | 5.4% | -6.9% |
% Asian | 5.0% | 51.5% |
% Foreign Born | 8.2% | 28.1% |
Mortgage and Risk — Olympia, WA
According to HUD data as of 2023, there were 242 mortgage originations in Olympia, WA, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Olympia, WA. Investor activity is low, as 4.0% 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 | 242 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% 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 9.4%. 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. 1-bedroom and 3-bedroom and 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 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 368 |
Total Units Section 8 | 239 |
% Rentals under Section 8 | 9.4% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $50 | $1,420 | $1,470 |
| 2 Bedroom | -$290 | $2,000 | $1,710 |
| 3 Bedroom | $40 | $2,300 | $2,340 |
| 4 Bedroom | $70 | $2,800 | $2,870 |
Affordability — Olympia, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $532,000 |
| Median Household Income | $94,000 |