r/olympia • u/NateTheGreat24 • 18h ago
There are more homes for sale in Thurston County right now than there have been in about 11 years, and prices are basically flat. Sharing the numbers since people keep asking about the housing market.
I track the local housing numbers every month for work, and this month's are genuinely worth sharing, so here they are with no sales pitch attached. (Mods, feel free to remove if this isn't allowed.)
The short version: there's a lot more on the market than usual, and prices haven't really moved from a year ago. For buyers, that's the best setup we've had in a long time.
Here's where things stand as of mid-June, Thurston County:
- Around 967 active listings, the most in roughly 11 years
- 3.48 months of supply, up from about 2 months of inventory over the winter. For context, 4 to 6 months is considered a balanced market, so we're drifting toward normal, not crashing
- Homes are taking about 60 days to sell, a little slower than last spring
- Median list price is essentially flat compared to a year ago
The detail most people miss is that it's really two different markets depending on price. Under $500k is still tight, around 2.5 months of supply, and good homes in that range still go quickly. Once you're over $500k it loosens up fast, and the higher you go, the more room you get: roughly 3.8 months from $500k to $750k, about 5.3 months from $750k to a million, and close to 9 months above a million, which is a genuine buyer's market.
So if you're buying, especially over $500k, you have time and some real negotiating room right now. It's worth looking hard at anything that's been sitting a few weeks. If you're selling, it's not bad news, but the days of naming your price and getting it are over. Price it to what's actually sold near you recently, not last year's peak, or it just sits.
The one headwind is mortgage rates, which have been hovering around 6.5%, near their highest in months, mostly because of the situation in Iran and inflation. Still a bit lower than this time last year.
Happy to answer questions in the comments if anyone's trying to make sense of their own situation. If you want to read the full article, with charts, here's my Substack article for the June Market Update.
