Median home price climbs to $550,000 in Thurston County

The spring home buying season ended on a high note for sellers, as the median price for a single-family residence and condominium climbed despite a dip in sales.

The median price for a residence in Thurston County rose to $550,000 in June from $525,945 in June 2024, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 4.57 percent in the period.

At the same time, the residential market recorded 353 sold listings, down from 356 sold listings.

While fewer condos were sold in the June-over-June period, the median price climbed to $364,000 from $339,750. That marked a gain of 7.13 percent in the period; it was also the second highest median price for a month this year behind $365,000 in March.

The hike in the median price came amid an ease in condo sales to 15 in June from 16 in June 2024.

Condo and home sales have been influenced by continued low inventory levels in the region — something that has carried over from the previous year.

A total of 2.19 months of inventory existed in June, which ranked Thurston County as the third lowest in the state, the data showed. That marked the second straight month the inventory level has been above 2.00 months.

Kitsap County ranked lowest at 2.05 months of inventory, followed by Snohomish County at 2.12 months. Pierce County and King County rounded out the top five with 2.65 months and 2.72 months, respectively.

“A balanced market is considered to be (four) to (six) months by most industry experts,” the Northwest Multiple Listing Service (NWMLS) said in its Monthly Market Update.

“At the current rate of sales, it would take a little less than (three) months (2.96) to sell every home that is active in the NWMLS inventory.”

Active residential listings were much higher for the second consecutive month, as the number leaped 40.76 percent to 770 in June from 547 in June 2024. At the same time, active condo listings were up 16.66 percent to 35 from 30.

New residential listings increased 16.86 percent to 492 in June from 421 in June 2024, while new condo listings inched up to 16 from 14 in the same period.

Pending residential sales weighed in at 385 in June, down from 411 in June 2024, while pending condo sales doubled to 20 from 10.