Gig Harbor, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Gig Harbor, WA Housing Market Trends

With 10,717 people, 4,169 houses or apartments, and a median cost of homes of $610,358, Gig Harbor house prices are not only among the most expensive in Washington, Gig Harbor real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Gig Harbor, accounting for 56.02% of the city's housing units. Other types of housing that are prevalent in Gig Harbor include large apartment complexes or high rise apartments ( 25.83%), duplexes, homes converted to apartments or other small apartment buildings ( 10.85%), and a few row houses and other attached homes ( 4.97%).

The most prevalent building size and type in Gig Harbor are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.95% owning and 42.05% renting.

There is a lot of housing in Gig Harbor built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Gig Harbor built between 2000 and later ( 42.19%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.99%). There's also some housing in Gig Harbor built before 1939 ( 4.01%).

Vacant housing appears to be an issue in Gig Harbor. Fully 10.99% of the housing stock is classified as vacant. Left unchecked, vacant Gig Harbor homes and apartments can be a drag on the real estate market, holding Gig Harbor real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Gig Harbor Home Appreciation Rates

In the last 10 years, Gig Harbor has experienced some of the highest home appreciation rates of any community in the nation. Gig Harbor real estate appreciated 64.23% over the last ten years, which is an average annual home appreciation rate of 5.09%, putting Gig Harbor in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Gig Harbor definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Gig Harbor that despite a nationwide downturn in the housing market, Gig Harbor real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Gig Harbor appreciation rates continue to be some of the highest in America, at 6.66%, which is higher than appreciation rates in 80.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Gig Harbor. Gig Harbor appreciation rates in the latest quarter were at 2.49%, which equates to an annual appreciation rate of 10.33%.

Relative to Washington, our data show that Gig Harbor's latest annual appreciation rate is lower than 60% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Gig Harbor differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gig Harbor - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Gig Harbor real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$610,358

Gig Harbor, WA HOME PRICES

> $1,264,000
6.3%
6.3%
$948,001 - $1,264,000
14.3%
14.3%
$632,001 - $948,000
28.5%
28.5%
$506,001 - $632,000
18.4%
18.4%
$379,001 - $506,000
20.7%
20.7%
$253,001 - $379,000
7.2%
7.2%
$127,001 - $253,000
1.8%
1.8%
$63,001 - $127,000
1.2%
1.2%
$0 - $63,000
1.8%
1.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for WA

Value Relative To Nation

Number Of Homes And Apartments:
4,169

Gig Harbor Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
158.76% 4.63%
9
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,056 / per month

Homeownership Rate

Owners
58.0%
58.0%
Renters
42.0%
42.0%
Vacant
11.0%
11.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
42.2%
42.2%
1970 - 1999
43.8%
43.8%
1940 - 1969
10.0%
10.0%
1939 or Older
4.0%
4.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.0%
56.0%
Townhomes
5.0%
5.0%
Small Apt. Buildings
10.8%
10.8%
Apt. Complexes
25.8%
25.8%
Mobile Homes
2.2%
2.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.6%
4.6%
1 Bedroom
10.7%
10.7%
2 Bedrooms
32.5%
32.5%
3 Bedrooms
32.8%
32.8%
4 Bedrooms
17.1%
17.1%
5 or more bedrooms
2.3%
2.3%
0.0% 100.0%
% OF HOMES