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Gig Harbor Real Estate | Activity jumps to three-year highs in August
Pending sales of single-family homes and condos in the greater Gig Harbor area — spanning from the Purdy Bridge to the Narrows Bridge and including Fox Island — rose significantly in August to their highest point in three years. More than one out of five pending sales having multiple offers, according to data from the Northwest MLS.
In August 2023 and 2024, the greater Gig Harbor area had 55 and 54 pending sales, respectively. This year, that number is 83, a 54% increase from one year ago and up 9.2% from July 2025. However, one thing that sets this year’s numbers apart from recent years is the timing of the surge in pending sales.
Historically, the area experiences peak sales activity in late spring or early summer, with pending sales most often peaking in May.
This year, however, is much different. Pending sales are not trending downward in late summer as they typically do. Instead, they have risen every month since May. It is too early to say if this will continue, but it is more likely that pending sales will drop off in September as families settle in for the school year, even with the lower interest rates, which took a tumble in early September.
The added demand served to keep prices elevated and push supply and demand ratios closer to favoring sellers.
The median sale price for a single-family home in the greater Gig Harbor area in August was $949,500, up 5.5% from August 2024, when the median home price was $900,000. The median home price is now up 58.2% from the beginning of the COVID-19 pandemic, when the median home price for a single-family home was just $599,500.
Supply and demand for single-family homes, as evidenced by months of supply, fell from 3.6 months in July to 3.2 months in August. This slightly favors a seller’s market, but not by much. In fact, based on my on-the-ground experience in this market, I can say it is really a house-by-house thing. While some homes are flying off the market in days, others are lingering – even really good ones that are priced right!
A nearly 2,000-square-foot, three-bedroom rambler on a third of an acre in the Maplewood community in northeast Gig Harbor— listed for $739,500 by Patrick Mercado with PropertiesNW.
Looking ahead, what I am watching the closest is interest rates. According to Mortgage News Daily, in early June, the 30-year fixed mortgage rate was hovering around 7%. As of Sept. 17, it was close to 6.25% with the most significant drop happening over the past few weeks.
While there are a number of reasons why rates have fallen, the speculation leading up to the Federal Reserve’s latest cut in the benchmark interest rate was a big driver. Rates have gone up slightly since the rate cut, however.
Have a question about the data in this article, your home, or how the current real estate market impacts you? Connect with me at [email protected].
