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 | Thurston County | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $429,634 | $471,160 | $242,182 |
| Price Trend (Annual %) | 13.3% | 12.1% | 8.2% |
| Median Gross Rent | $1,634 | $1,681 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Thurston County is about 9% lower than in Washington. Rent is about 3% 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 Thurston County, up about 13.3% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Thurston County rose about 54.9% between 2015 and 2023, from $1,055 to $1,634. Over the same span, rent in Washington rose about 65.7%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Thurston County.
Buying the median-priced home in Thurston County costs roughly 21.9 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 Thurston County. The price-to-rent ratio in Washington is about 23.4.
| Metric | Thurston County | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $429,634 | $471,160 | $242,182 |
| Median Household Income | $93,531 | $95,177 | $78,145 |
| Price-to-Income Ratio | 4.6 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Thurston County rose about 131.8%, while median household income rose about 57.4% between 2009 and 2023 — 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 | Thurston County | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.4% | 59.1% | 58.2% |
| Rental Rate | 30.6% | 33.4% | 31.3% |
| Vacancy Rate | 5.0% | 7.4% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Thurston County has a homeownership rate of 64.4%, higher than the Washington average of 59.1%. Its housing vacancy rate is 5.0%, compared with 7.4% in Washington.
Housing Stock
| Metric | Thurston County | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1988 | 1982 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Thurston County was built around 1988. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Thurston County, Washington.
What is the median home price in Thurston County, Washington?
The median home price in Thurston County, Washington is $429,634, lower than the Washington average of $471,160.
What is the average home price in Thurston 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 Thurston County, Washington?
The median gross rent in Thurston County, Washington is $1,634 per month, lower than the Washington average of $1,681.
What was the median gross rent in Thurston County in 2020?
In 2020, the median gross rent in Thurston County, Washington was $1,275 per month.
What is the price-to-rent ratio in Thurston County, Washington?
The price-to-rent ratio in Thurston County, Washington is about 21.9, meaning it would take roughly 21.9 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 Thurston County.
Are home prices or rent rising faster in Thurston County, Washington?
Both home prices and rent are rising in Thurston County, up about 13.3% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Thurston County, Washington?
64.4% of households in Thurston County, Washington own their home, higher than the Washington average of 59.1%.
What is the vacancy rate in Thurston County, Washington?
The housing vacancy rate in Thurston County, Washington is 5.0%, lower than the Washington average of 7.4%.