Home Values in Olympia, Washington — 2026 Market Report
Updated March 2026 | Balanced Market | +2.4% YoY
The median home value in Olympia, Washington is $445,000 as of March 2026, which is above the national median of $400,000. Home values in Olympia have increased by 2.4% over the past year and 12.6% over the last five years. With a population of 55,605 and a median household income of $62,250, the price-to-income ratio stands at 7.1x, making Olympia affordable for the average household.
Olympia Housing Market Conditions
| Metric | Olympia | National Avg |
|---|---|---|
| Median Home Value | $445,000 | $400,000 |
| YoY Appreciation | +2.4% | +3.8% |
| 5-Year Appreciation | +12.6% | +22.4% |
| Price per Sq Ft | $214 | $222 |
| Days on Market | 46 days | 45 days |
| Months of Supply | 4.1 | 3.5 |
| List-to-Sale Ratio | 98.5% | 98.5% |
| Monthly Homes Sold | 42 | — |
| Foreclosure Rate | 0.55% | 0.3% |
Home Value Trends in Olympia
A homeowner who purchased at the median price of $395,204 five years ago in Olympia would have gained approximately $49,796 in equity, representing a 12.6% return on investment. Over the past year alone, the typical homeowner gained $10,430 in home equity.
Affordability in Olympia, WA
With a median household income of $62,250 and a median home price of $445,000, the price-to-income ratio in Olympia is 7.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,352 compared to estimated monthly ownership costs of $2,458 gives a rent-vs-buy ratio of 1.05. In Olympia, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Olympia
The effective property tax rate in Washington is 0.93%. On a home valued at $445,000, the estimated annual property tax bill is $4,139, or approximately $345/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Olympia is 108.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Olympia, WA?
The median home value in Olympia, Washington is $445,000 as of March 2026. Home values have changed +2.4% over the past year, with a 5-year appreciation of 12.6%.
Is Olympia a buyer's or seller's market?
Olympia is currently a balanced market with 4.1 months of housing supply. Homes spend an average of 46 days on market, and the list-to-sale price ratio is 98.5%. Supply and demand are relatively balanced.
Are home values going up in Olympia?
Yes, home values in Olympia have increased by 2.4% over the past year. The 5-year appreciation rate is 12.6%, meaning a home worth $395,204 five years ago is now worth $445,000.
Is it better to rent or buy in Olympia?
The average monthly rent in Olympia is $2,352, while estimated monthly homeownership costs are approximately $2,458. The price-to-rent ratio is 15.8. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Washington Cities
Related Resources
Disclaimer: Home value data for Olympia, Washington is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.