Gig Harbor Housing Update – January 2025
Welcome to your Gig Harbor Housing Update for January 2025! As the new year begins, we’re excited to share the latest market trends, community happenings, and some fantastic local deals. Whether you’re buying, selling, or simply staying in the know, this blog is your go-to source for all things related to Gig Harbor real estate.
Gig Harbor Market Stats – A Deep Dive Into The Housing Trends
The Gig Harbor housing market has been reflecting some consistent patterns as we moved into the winter months. The overall market saw some slowdown due to the holiday season, but signs of growth are expected as we move into spring. Understanding market activity by price point and intensity is crucial when making decisions as a buyer or seller. Let’s break it down:
Market Activity By Price Point:
1. Under $500K – A Competitive Sweet Spot
The under $500K price range continues to see heightened competition. Homes in this range, particularly in neighborhoods close to the downtown core, enjoy significant demand. With the continued rise of remote work and people seeking quieter, more suburban lifestyles, Gig Harbor has become a top choice for those looking to escape city living while still being close to Tacoma and Seattle. These homes are typically smaller and often require some updates, but well-maintained properties are selling quickly. We’re seeing multiple offer situations, especially if the home is move-in ready.
2. $500K - $800K – Steady Growth
The $500K to $800K market in Gig Harbor is one of the most balanced in terms of both supply and demand. This price bracket remains popular due to the variety of homes it offers, from well-kept family homes in established neighborhoods to updated properties with a more modern design. Homes in this range are selling more slowly than those under $500K, but they are still in demand. Areas like the Key Peninsula and around Gig Harbor North are especially desirable for buyers seeking a little more space but still within reach of great amenities, schools, and the beautiful waterfront.
3. $800K - $1.5M – A Prime Market for Luxury
The $800K to $1.5M market in Gig Harbor is one of the strongest price points right now. With more buyers looking for larger homes with premium features, demand in this segment remains strong. Waterfront properties, private estates, and custom-designed homes are seeing solid interest. Although this market segment isn’t as competitive as the lower price points, homes in this range are still selling relatively quickly, especially when they have unique features, expansive views, or offer some degree of luxury living.
4. $1.5M+ – Luxury Market Remains Resilient
The luxury market in Gig Harbor continues to show resilience, despite some economic uncertainty and the cooler winter months. Waterfront homes, large estates, and properties with extensive acreage are still in demand, though inventory has remained relatively low. Homes in this price bracket are taking longer to sell than other segments, with some properties staying on the market for 60-90 days, depending on condition, location, and amenities. That said, sellers who have well-priced and well-presented homes are still seeing good offers. The luxury market is expected to heat up again as we move into the spring months, with potential buyers continuing to look for exceptional living experiences in the Gig Harbor area.
Market Intensity – Current Trends and Insights
As we transition into 2025, the intensity of the Gig Harbor housing market is moderate. The holiday season brought a seasonal slowdown, but with the new year comes new opportunities, and many buyers are starting to shift their focus toward securing their dream home before the busy spring market.
Seller’s Market or Buyer’s Market?
Currently, we’re in a bit of a balanced market overall, but there are still distinct pockets where it’s either a seller’s market or a buyer’s market, depending on the price point. For homes under $500K, it's still largely a seller’s market, with homes being snatched up quickly. The mid-range $500K to $800K market remains balanced but leans slightly in favor of buyers, as inventory is ample and interest rates continue to hover around 7%, leading buyers to be more cautious with their decisions.
For luxury homes, particularly those in the $800K+ range, the market is somewhat slower. Buyers are still showing interest, but with the higher interest rates, some are waiting for the spring market to pick up. Sellers in this category may have to adjust their expectations regarding sale price and market timelines, but those who have homes priced right and in excellent condition are still seeing movement.
Interest Rates Impact
Interest rates remain a significant factor for buyers in Gig Harbor and the surrounding areas. At just under 7%, rates are stable, but not ideal for many buyers, especially in the higher price brackets. For first-time buyers or those purchasing in the lower price ranges, the higher rates can be an obstacle, while others are deciding to act now before rates possibly climb further. With rates continuing to fluctuate, potential buyers should consult with a trusted lender to determine their best financing options before diving into the market.
Community Events – Local Happenings Around Gig Harbor
Gig Harbor is known for its vibrant community and picturesque setting, making it a wonderful place to live. Whether you're looking to engage with your neighbors or take part in fun, local events, here’s what’s happening this winter:
1. Local Business Spotlights
Gig Harbor is home to a variety of local businesses that are perfect for winter excursions. Here are some highlights:
- The Greenhouse Restaurant: With gracious service, delicious food, and an extensive wine list, Greenhouse is more than just a restaurant; it's a cherished gathering place appreciated for its romantic ambiance and culinary delights.
- The Gig Harbor Brewing Company: Sip on locally brewed craft beer while enjoying a relaxing afternoon.
- II Lucano Ristorante Italiano: Experience authentic Italian cuisine at Il Lucano Ristorante Italiano.
“Supporting local businesses not only helps keep the economy strong but also ensures you experience the best of what Gig Harbor has to offer.”
2. Gyms & Fitness Centers to Help You Meet Your New Year Goals
It's no surprise that January is a busy time for fitness centers, with many people looking to kickstart their New Year's resolutions. Whether you’re new to working out or an experienced gym-goer, there are a variety of gyms in Gig Harbor that cater to all fitness levels:
- The YMCA of Gig Harbor: Offering a full range of fitness classes, personal training, and a state-of-the-art gym.
- The Club at Gig Harbor: The Club is a close group family of people whose mission is to inspire members of the community to stay active by finding a workout program that meets the needs of whatever you are looking for. - **Anytime Fitness:** A great option for those who prefer the flexibility of a 24-hour gym with a welcoming community.
“Many of these gyms are offering discounts for new members or free trial classes, so now is the perfect time to explore them and get started on your fitness journey!”
Looking Ahead to 2025 – What’s Next for Gig Harbor’s Real Estate Market
Looking ahead, Gig Harbor’s real estate market is expected to remain steady, with potential for growth in the spring months. As we move out of the winter slowdown, we anticipate more homes will be listed, especially with sellers looking to take advantage of the spring market. Buyers can expect more options to become available in the coming months, and with some sellers adjusting their expectations, there could be more opportunities to negotiate favorable terms.
For sellers, it’s essential to get your home in prime condition now, preparing for the busy spring selling season. Staging, fresh landscaping, and pre-inspections can help you stand out from the competition.
Your Next Step – Questions?
Have questions about the Gig Harbor housing market, or wondering how to get started with buying or selling a home? Reach out today! Whether you’re looking for more detailed market information or personalized advice, I’m here to help you make your next move with confidence.
Thank you for reading this month's Gig Harbor Housing Update. Stay tuned for next month’s newsletter, where we’ll dive even deeper into the housing market and share more updates, local events, and exciting offers just for you!
Have any questions or ready to take the next step in your real estate journey? Let’s talk! Feel free to reach out to me at any time.
Gig Harbor Housing Update January 2025
