Is Gig Harbor Peninsula, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Gig Harbor Peninsula has remained a Seller's Market.
Key Takeaway
Gig Harbor Peninsula is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gig Harbor Peninsula, WA
How much do homes in Gig Harbor Peninsula, WA cost?
Median Sold Price
$844,375
$369/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gig Harbor Peninsula have sold for 3% more than they did a year ago.
Summary: The median home sold price in Gig Harbor Peninsula was $844,375 in May 2024, up 3% from last year, and the median price per square foot was $369.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $790.5K | $820K | +3.7% |
| 2 Bedrooms | $578K | $578K | 0.0% |
| 3 Bedrooms | $739.8K | $774.1K | +4.6% |
| 4 Bedrooms | $987.5K | $1.0M | +9.9% |
| 5+ Bedrooms | $919.9K | $950K | +3.3% |
Summary: Gig Harbor Peninsula housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes did not change, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
| Gig Harbor Peninsula | $819.6K | $844.3K | +3.0% |
| Key Peninsula-Anderson Island | $470K | $465K | -1.1% |
| Gig Harbor | $799.9K | $778.3K | -2.7% |
Housing Supply in Gig Harbor Peninsula, WA
How many homes are available in Gig Harbor Peninsula, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 214 | 251 | +17.3% |
Summary: The Gig Harbor Peninsula real estate market had 251 homes for sale in May 2024, a 17.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 22 | 23 | +4.5% |
| 3 Bedrooms | 117 | 134 | +14.5% |
| 4 Bedrooms | 55 | 72 | +30.9% |
| 5+ Bedrooms | 18 | 19 | +5.6% |
Summary: The Gig Harbor Peninsula housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 30.9%, and 5+ bedroom homes increased by 5.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 64 | 67 | +4.7% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gig Harbor Peninsula, you may be able to get a good deal. 38.8% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Gig Harbor Peninsula in May 2024, up by 4.7% month-over-month. Of the 67 sold homes, 39% were sold under asking, 31% were sold at asking, and 30% were sold over asking.
Days on Market for Gig Harbor Peninsula, WA
How long does it take to sell a home in Gig Harbor Peninsula, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 25 Days | +44.5% |
Summary: Homes in Gig Harbor Peninsula had an average of 25 days on market in May 2024, up by 44.5% compared to last year.
Breakdown of Home Sale Times
47 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gig Harbor Peninsula are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 67 homes were sold in Gig Harbor Peninsula; 70% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.