Thursday, October 1, 2026
The Thurston County housing market was a bit mixed to start the year, with the median sales price for a single-family home and condominium heading in different directions.
The median price for a single-family residence fell to $506,500 in January from $540,000 in January 2025.
That marked a decrease of 6.20 percent in the period, according to the Northwest Multiple Listing Service’s (NWMLS) Monthly Market Update for January 2026.
Meanwhile, the median price for a condo jumped to $363,000 in January from $325,000 in January 2025. That marked a gain of 11.69 percent.
Sales of single-family homes and condos were also up, albeit marginally in the period. Sold residential listings rose to 177 in January from 172 in January 2025, while sold condo listings more than doubled to seven from three in the same period.
The activity came amid a backdrop of heavy activity on the inventory side of the market, as scores of homeowners put their properties on the market.
Active residential and condo listings leaped to 626 in January from 415 in January 2025. That marked a gain of 50.8 percent in the period to rank Thurston County third in the state for inventory increases.
Jefferson County paved the way with a 59.5 percent increase in inventory, followed by Walla Walla County at 58.6 percent. Okanogan County and Adams County rounded out the top five at 36.4 percent, each.
“Nearly all NWMLS counties experienced year-over-year inventory growth, with 16 of 27 counties posting double-digit increases,” said the Northwest Multiple Listing Service in its Monthly Market Update.
Condo and home sales have been influenced by low inventory levels in the region, something that changed course last year during the summer months before heading lower in October, rising in November and dropping in December 2025.
But total inventory levels changed course again in January, and ended up at 3.4 months. That ranked Thurston County seventh in the state last month.
Kitsap County had the lowest level of inventory at 2.4 months in January, followed by Pierce County at 2.82 months, Snohomish County at 2.84 months and Skagit County at 3.17 months. Island County and Clallam County rounded out the top six at 3.27 months, each.
“A balanced market is considered to be (four) to (six) months by most industry experts,” said the Northwest Multiple Listing Service in its Monthly Market Update.
“At the current rate of sales, it would take three and a half months (3.57) to sell every home that is active in the NWMLS inventory.”
New residential listings in Thurston County increased to 341 in January from 299 in January 2025, while new condo listings were unchanged at 14.
Pending residential sales weighed in at 301 in January, up from 271 in January 2025, while pending condo sales slipped to eight from 10 in the same period.
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Yeti1981
Good to see housing coverage getting attention locally, but it’s important to add some context to these numbers.
The NWMLS data cited in the article is accurate, but January is one of the most volatile months of the year for housing data. Sales volume is low after the holidays, which means a relatively small number of transactions can swing the median price significantly. One month of data does not establish a long term trend.
The most important statistic in the report is actually inventory. Active listings increased from 415 to 626 year over year. That is a big jump, but even with that increase Thurston County still only has about 3.4 months of housing supply. A balanced market is generally considered four to six months. In other words, the market is loosening slightly, but we are still undersupplied.
Sales activity also increased slightly from 172 homes sold last January to 177 this year, which indicates buyers are still in the market despite higher mortgage rates and affordability pressures.
The condo price increase mentioned in the article should also be viewed cautiously. Only seven condos sold in January compared to three the year before. With numbers that small, one or two transactions can swing the median dramatically.
The bigger issue that monthly summaries rarely capture is housing production. Thurston County continues to face a structural housing shortage driven by population growth, regulatory costs, and a limited pipeline of new homes. Until we consistently produce enough housing to meet demand, affordability will remain a challenge for many families.
What the January numbers really show is a market beginning to normalize after several years of extremely tight supply. Inventory is improving slightly, buyers are still active, and prices are stabilizing. The long term solution remains increasing housing supply so more families can afford to live here.
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