Gig Harbor, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Gig Harbor Neighborhoods Since 2000




Gig Harbor, WA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Gig Harbor Housing Market Information

With a population of 8,753, 3,486 total housing units (homes and apartments), and a median house value of $511,419, 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 53.27% of the city's housing units. Other types of housing that are prevalent in Gig Harbor include large apartment complexes or high rise apartments ( 23.54%), duplexes, homes converted to apartments or other small apartment buildings ( 11.31%), and a few row houses and other attached homes ( 6.59%).

People in Gig Harbor primarily live in small (one, two or no bedroom) single-family detached homes. Gig Harbor has a mixture of owner-occupied and renter-occupied housing.

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 ( 23.49%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.36%). There's also some housing in Gig Harbor built before 1939 ( 3.32%).

Vacant housing appears to be an issue in Gig Harbor. Fully 10.98% 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

Appreciation rates for homes in Gig Harbor have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.93%, which ranks in the top 50% nationwide. This equates to an annual average Gig Harbor house appreciation rate of 0.29%.

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 10.61%, which is higher than appreciation rates in 95.35% 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 2.83%, which equates to an annual appreciation rate of 11.81%.

Importantly, this makes Gig Harbor one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Washington, our data show that Gig Harbor's latest annual appreciation rate is higher 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

 

Median Home Value:
$511,419

Gig Harbor, WA HOME PRICES

Value Range
> $1,284,000 3.5
$963,001 - $1,284,000 10.3
$642,001 - $963,000 17.7
$514,001 - $642,000 17.2
$385,001 - $514,000 21.5
$257,001 - $385,000 18.7
$128,001 - $257,000 6.3
$64,001 - $128,000 0.8
$0 - $64,000 3.9

Very High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
5.66623696238134 10.2836879432624

Number Of Homes And Apartments:
3,486

Gig Harbor Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
97.10% 4.01% 9 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,873 / per month

Homeownership Rate

Homeownership
Owners 55.03
Renters 44.97
Vacant 10.98

Housing Market Details

 

Age of Homes

AGE OF Gig Harbor HOMES
2000 or Newer 23.5
1970 - 1999 60.8
1940 - 1969 12.4
1939 or Older 3.3

Types of Homes

TYPE OF Gig Harbor HOMES
Single-Family 53.3
Townhomes 6.6
Small Apt. Buildings 11.3
Apt. Complexes 23.5
Mobile Homes 5.0
Other 0.3

Home Size

SIZE OF Gig Harbor HOMES
No Bedroom 3.06
1 Bedroom 9.40
2 Bedrooms 37.59
3 Bedrooms 36.34
4 Bedrooms 11.26
5 or more bedrooms 2.35