Olympia, 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 Q2 2021. 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

Olympia, WA Housing Market Trends

With a population of 52,882, 22,409 total housing units (homes and apartments), and a median house value of $408,642, real estate costs in Olympia are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.

Single-family detached homes are the single most common housing type in Olympia, accounting for 52.50% of the city's housing units. Other types of housing that are prevalent in Olympia include large apartment complexes or high rise apartments ( 30.56%), duplexes, homes converted to apartments or other small apartment buildings ( 9.31%), and a few row houses and other attached homes ( 4.39%).

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

There is a lot of housing in Olympia 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 Olympia built between 2000 and later ( 19.85%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.59%). There's also some housing in Olympia built before 1939 ( 14.04%).

Olympia Home Appreciation Rates

In the last 10 years, Olympia has experienced some of the highest home appreciation rates of any community in the nation. Olympia real estate appreciated 73.79% over the last ten years, which is an average annual home appreciation rate of 5.68%, putting Olympia in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Olympia 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 Olympia that despite a nationwide downturn in the housing market, Olympia real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Olympia appreciation rates continue to be some of the highest in America, at 14.08%, which is higher than appreciation rates in 93.37% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Olympia. Olympia appreciation rates in the latest quarter were at 5.35%, which equates to an annual appreciation rate of 23.20%.

Importantly, NeighborhoodScout’s exclusive research found that Olympia's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Washington, our data show that Olympia'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 Olympia differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Olympia - 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 Olympia real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$408,642

Olympia, WA HOME PRICES

> $1,415,000
0.2%
0.2%
$1,060,001 - $1,415,000
0.8%
0.8%
$707,001 - $1,060,000
7.4%
7.4%
$566,001 - $707,000
10.4%
10.4%
$424,001 - $566,000
28.0%
28.0%
$283,001 - $424,000
35.5%
35.5%
$141,001 - $283,000
11.4%
11.4%
$71,001 - $141,000
1.1%
1.1%
$0 - $71,000
5.3%
5.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for WA

Value Relative To Nation

Number Of Homes And Apartments:
22,409

Olympia Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
156.99% 4.49%
7
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,766 / per month

Homeownership Rate

Owners
45.8%
45.8%
Renters
54.2%
54.2%
Vacant
5.5%
5.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.8%
19.8%
1970 - 1999
46.5%
46.5%
1940 - 1969
19.6%
19.6%
1939 or Older
14.0%
14.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
52.5%
52.5%
Townhomes
4.4%
4.4%
Small Apt. Buildings
9.3%
9.3%
Apt. Complexes
30.6%
30.6%
Mobile Homes
3.2%
3.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.6%
4.6%
1 Bedroom
14.9%
14.9%
2 Bedrooms
31.5%
31.5%
3 Bedrooms
32.5%
32.5%
4 Bedrooms
13.5%
13.5%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES