Median home price slides, active listings soar in Thurston County

The regional housing market was a mixed bag last month, as residential and condominium prices went in different directions amid a big jump in the number of active listings in Thurston County.

The median price for a condo climbed to $364,500 in May from $315,000 in May 2025, according to the Northwest Multiple Listing Service’s (NWMLS) Monthly Market Update for May 2026. That marked an increase of 15.71 percent in the period.

But condo sales continued to unimpress, slumping to 10 in May from 16 in May 2025. That continued a string of months in which sales have been in the low double digits.

On the residential side, the median price of a single-family home eased to $530,000 in May from $547,000 in May 2026, while sales inched up to 338 from 314.

Condo and home sales have been influenced by low inventory levels in the region this year.

While total inventory climbed to 3.4 months in January, it retreated to 2.59 months in February and lower yet in March at 2.09 months. Inventory then rose to 2.54 months in April, and then hit 2.7 months in May.

“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 approximately 3.44 months to sell every home currently active in the NWMLS inventory, up from 3.27 months in April.”

Listings 

Active residential and condo listings leaped to 891 in May from 658 in May 2025. That marked a gain of 35.41 percent in the period and ranked Thurston County third in the state for largest year-over-year inventory increases.

Okanogan County recorded the largest increase at 43.7 percent, followed by Walla Walla County at 38 percent. Snohomish County (33.6 percent) and Chelan County (29 percent) rounded out the top five.

“Buyers had access to 2,818 more homes than the previous month, continuing a trend of rapidly expanding inventory across the Northwest MLS service area,” said the Northwest Multiple Listing Service in its Monthly Market Update.

“While inventory levels remain below historical norms in many areas, the number of available homes is at its highest level so far in 2026.”

New residential listings rose to 582 in May from 560 in May 2025, while new condo listings inched up to 20 from 16 in the same period. Pending sales slipped to 420 in May from 426 in May 2025.