Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Sitka | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $500,000 | $303,164 | $242,182 |
| Price Trend (Annual %) | 14.1% | 5.4% | 8.2% |
| Median Gross Rent | $1,350 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sitka is about 65% higher than in Alaska. Rent is about 3% lower than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Sitka, up about 14.1% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Sitka rose about 27.7% between 2015 and 2023, from $1,057 to $1,350. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Sitka.
Buying the median-priced home in Sitka costs roughly 30.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sitka. The price-to-rent ratio in Alaska is about 18.2.
| Metric | Sitka | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $500,000 | $303,164 | $242,182 |
| Median Household Income | $101,979 | $90,338 | $78,145 |
| Price-to-Income Ratio | 4.9 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sitka rose about 63.7%, while median household income rose about 76.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sitka | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.8% | 54.5% | 58.2% |
| Rental Rate | 32.2% | 27.3% | 31.3% |
| Vacancy Rate | 15.9% | 18.2% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Sitka has a homeownership rate of 51.8%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 15.9%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Sitka | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1978 | 1985 | 1978 |
| Median Number of Rooms | 5.1 | 4.8 | 5.5 |
The typical housing unit in Sitka was built around 1978. On average, 2.3 people live in a home with about 5.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sitka, Alaska.
What is the median home price in Sitka, Alaska?
The median home price in Sitka, Alaska is $500,000, higher than the Alaska average of $303,164.
What is the average home price in Sitka, Alaska?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Sitka, Alaska?
The median gross rent in Sitka, Alaska is $1,350 per month, lower than the Alaska average of $1,387.
What was the median gross rent in Sitka in 2020?
In 2020, the median gross rent in Sitka, Alaska was $1,159 per month.
What is the price-to-rent ratio in Sitka, Alaska?
The price-to-rent ratio in Sitka, Alaska is about 30.9, meaning it would take roughly 30.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sitka.
Are home prices or rent rising faster in Sitka, Alaska?
Both home prices and rent are rising in Sitka, up about 14.1% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sitka, Alaska?
51.8% of households in Sitka, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Sitka, Alaska?
The housing vacancy rate in Sitka, Alaska is 15.9%, lower than the Alaska average of 18.2%.