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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Jefferson County | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $404,383 | $471,160 | $242,182 |
| Price Trend (Annual %) | 5.0% | 12.1% | 8.2% |
| Median Gross Rent | $1,290 | $1,681 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jefferson County is about 14% lower than in Washington. Rent is about 23% lower than the Washington 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 Jefferson County, up about 5.0% and 6.0% a year respectively. Rent is changing faster.
Median rent in Jefferson County rose about 52.9% between 2015 and 2023, from $844 to $1,290. Over the same span, rent in Washington rose about 65.7%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Jefferson County.
Buying the median-priced home in Jefferson County costs roughly 26.1 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 Jefferson County. The price-to-rent ratio in Washington is about 23.4.
| Metric | Jefferson County | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $404,383 | $471,160 | $242,182 |
| Median Household Income | $71,567 | $95,177 | $78,145 |
| Price-to-Income Ratio | 5.7 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Jefferson County rose about 51.6%, while median household income rose about 54.4% 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 | Jefferson County | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.5% | 59.1% | 58.2% |
| Rental Rate | 16.9% | 33.4% | 31.3% |
| Vacancy Rate | 16.5% | 7.4% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Jefferson County has a homeownership rate of 66.5%, higher than the Washington average of 59.1%. Its housing vacancy rate is 16.5%, compared with 7.4% in Washington.
Housing Stock
| Metric | Jefferson County | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.02 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1988 | 1982 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Jefferson County was built around 1988. On average, 2.0 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Jefferson County, Washington.
What is the median home price in Jefferson County, Washington?
The median home price in Jefferson County, Washington is $404,383, lower than the Washington average of $471,160.
What is the average home price in Jefferson County, Washington?
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 Jefferson County, Washington?
The median gross rent in Jefferson County, Washington is $1,290 per month, lower than the Washington average of $1,681.
What was the median gross rent in Jefferson County in 2020?
In 2020, the median gross rent in Jefferson County, Washington was $961 per month.
What is the price-to-rent ratio in Jefferson County, Washington?
The price-to-rent ratio in Jefferson County, Washington is about 26.1, meaning it would take roughly 26.1 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 Jefferson County.
Are home prices or rent rising faster in Jefferson County, Washington?
Both home prices and rent are rising in Jefferson County, up about 5.0% and 6.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Jefferson County, Washington?
66.5% of households in Jefferson County, Washington own their home, higher than the Washington average of 59.1%.
What is the vacancy rate in Jefferson County, Washington?
The housing vacancy rate in Jefferson County, Washington is 16.5%, higher than the Washington average of 7.4%.