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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Gig Harbor, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Gig Harbor, WA Housing Market Trends

With 12,484 people, 4,969 houses or apartments, and a median cost of homes of $879,169, Gig Harbor house prices are not only among the most expensive in Washington, Gig Harbor real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Gig Harbor, accounting for 57.71% of the city's housing units. Other types of housing that are prevalent in Gig Harbor include large apartment complexes or high rise apartments ( 24.87%), row houses and other attached homes ( 7.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.35%).

The most prevalent building size and type in Gig Harbor are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.89% owning and 41.11% renting.

Gig Harbor homes and real estate are some of the newest in America. 45.11% of Gig Harbor's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Gig Harbor real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 44.86%), and between 1940-1969 ( 7.05%). There's also some housing in Gig Harbor built before 1939 ( 2.98%).

Gig Harbor Home Appreciation Rates

In the last 10 years, Gig Harbor has experienced some of the highest home appreciation rates of any community in the nation. Gig Harbor real estate appreciated 117.13% over the last ten years, which is an average annual home appreciation rate of 8.06%, putting Gig Harbor in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Gig Harbor definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Gig Harbor appreciation rates have trailed the rest of the nation. In the last twelve months, Gig Harbor's appreciation rate has been -0.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gig Harbor were at -1.24%, which equates to an annual appreciation rate of -4.88%.

Notably, Gig Harbor's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Washington, our data show that Gig Harbor's latest annual appreciation rate is lower than 50% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Gig Harbor differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gig Harbor - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Gig Harbor real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$879,169

Gig Harbor, WA Home Prices
> $1,230,000
$923,001 - $1,230,000
$615,001 - $923,000
$492,001 - $615,000
$369,001 - $492,000
$246,001 - $369,000
$123,001 - $246,000
$62,001 - $123,000
$0 - $62,000
13.8%
13.8%
27.0%
27.0%
37.6%
37.6%
11.9%
11.9%
3.5%
3.5%
1.3%
1.3%
1.3%
1.3%
1.5%
1.5%
2.0%
2.0%
0% 100.0%
% of Homes
Very High

for Washington

Very High

for nation

Number of Homes And Apartments:

4,969

Gig Harbor Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,070 / per month

Homeownership Rate

Owners
Renters
58.9%
58.9%
41.1%
41.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.8%
6.8%
93.2%
93.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
45.1%
45.1%
44.9%
44.9%
7.1%
7.1%
3.0%
3.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
57.7%
57.7%
7.5%
7.5%
7.4%
7.4%
24.9%
24.9%
2.2%
2.2%
0.4%
0.4%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.9%
2.9%
7.7%
7.7%
33.6%
33.6%
35.8%
35.8%
15.7%
15.7%
4.2%
4.2%
0% 100.0%
% of Homes