Olympia, Washington Housing Market Prices
Olympia Home Prices and Rent at a Glance
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 5% below the Washington median$460,751
-
Median rent 8% below the Washington median$1,612
Housing Market Overview
| Metric | Olympia | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,751 | $485,016 | $248,835 |
| Price Trend (Annual %) | 12.4% | 10.9% | 7.5% |
| Median Gross Rent | $1,612 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Olympia is about 5% lower than in Washington. Rent is about 8% lower than the Washington average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Olympia, up about 12.4% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Olympia rose about 67.1% between 2015 and 2024, from $965 to $1,612. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Olympia.
Buying the median-priced home in Olympia costs roughly 23.8 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 Olympia. The price-to-rent ratio in Washington is about 23.0.
| Metric | Olympia | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,751 | $485,016 | $248,835 |
| Median Household Income | $82,402 | $98,224 | $80,455 |
| Price-to-Income Ratio | 5.6 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Olympia rose about 132.4%, while median household income rose about 43.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Olympia | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.2% | 59.1% | 58.5% |
| Rental Rate | 47.4% | 33.6% | 31.2% |
| Vacancy Rate | 5.5% | 7.3% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Olympia has a homeownership rate of 47.2%, lower than the Washington average of 59.1%. Its housing vacancy rate is 5.5%, compared with 7.3% in Washington.
Housing Stock
| Metric | Olympia | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1977 | 1983 | 1978 |
| Median Number of Rooms | 5.0 | 5.5 | 5.5 |
The typical housing unit in Olympia was built around 1977. On average, 2.2 people live in a home with about 5.0 rooms, staying for about 11.0 years on average.
Olympia, WA Housing Compared With Nearby Cities
How Olympia, WA compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Olympia, WA | 51,739 | $460,751 #2/3 | $1,612 #3/3 | 49.9% #3/3 |
| Tumwater, WA | 23,169 | $588,830 | $1,728 | 57.7% |
| Lacey, WA | 50,062 | $443,044 | $1,808 | 57.7% |
Frequently Asked Questions
Common questions about the housing market in Olympia, Washington.
What is the median home price in Olympia, Washington?
The median home price in Olympia, Washington is $460,751, lower than the Washington average of $485,016.
What is the average home price in Olympia, Washington?
The typical home price in Olympia, Washington, reported as the median sale price, is $460,751. 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 Olympia, Washington?
The median gross rent in Olympia, Washington is $1,612 per month, lower than the Washington average of $1,759.
What was the median gross rent in Olympia in 2020?
In 2020, the median gross rent in Olympia, Washington was $1,214 per month.
What is the price-to-rent ratio in Olympia, Washington?
The price-to-rent ratio in Olympia, Washington is about 23.8, meaning it would take roughly 23.8 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 Olympia.
Are home prices or rent rising faster in Olympia, Washington?
Both home prices and rent are rising in Olympia, up about 12.4% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Olympia, Washington?
47.2% of households in Olympia, Washington own their home, lower than the Washington average of 59.1%.
What is the vacancy rate in Olympia, Washington?
The housing vacancy rate in Olympia, Washington is 5.5%, lower than the Washington average of 7.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →