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Gig Harbor Real Estate | Inventory rises, but competition keeps prices climbing
The median price for a single-family home in the greater Gig Harbor area — spanning from the Purdy Bridge to the Narrows Bridge and including Fox Island — rose yet again in April to $925,000. It is now up nearly $100,000 since September 2023, when local home prices bottomed out after a brief dip when mortgage rates shot up sharply. The median home price is up 5.7% from April 2024 and up 2.9% from the first of the year.
However, while prices are up, purchase activity in April experienced a dip. Closed sales were down 16% and pending sales down 19% compared to April 2024. While those percentages may sound dramatic, it’s important to view them in context. Inventory remains historically low, and so is the number of buyers in the market. Even small shifts in the number of transactions can have an outsized effect on the data. In real numbers, 47 homes closed in April 2025 compared to 56 the year prior — a difference of just nine homes. Pending sales dropped by only 12 homes year-over-year.
Months of supply
Although the number of homes for sale in the area is rising, new listings — the fresh supply feeding that total — remain flat from last year. Both figures are still well below historical norms. To put it in perspective, 103 single-family homes were for sale in April 2025, compared to 189 during the same month in 2019, the last year before the pandemic disrupted the market. Similarly, just 70 new listings came on the market this April, down from 130 in April 2019.
To understand what rising inventory and slower pending sales mean for the housing market, real estate brokers look at “months of supply,” a key metric that estimates how long it would take to sell all available homes at the current sales pace, assuming no new listings. Generally, anything below 3.5 to 4 months indicates a seller’s market, while a figure above 6 months points to a buyer’s market. Values in between suggest a more balanced or neutral market. In the greater Gig Harbor area, months of supply reached 2.0 in April 2025, up slightly from 1.8 in March and 1.7 in April 2024. This figure often rises through spring and summer before tapering off in the fall.
Multiple offers
Another useful way to gauge market conditions is by digging into ZIP code-level details of pending sales — specifically, how many received multiple offers, included escalation clauses, or had contingencies like inspection or financing.
A 4-bedroom, fully remodeled home on a quarter acre with community beach access in Sea Cliff—listed at $835,000 by Alison Paoli with PropertiesNW.
In April, 30% of pending listings in the 98335 and 98332 ZIP codes received multiple offers, down slightly from 35% in April 2024. However, early May data suggests renewed competition: In just the first 20 days of the month, 42% of pending sales received multiple offers — an encouraging sign of strong buyer demand despite tight inventory.
The bottom line for April and into the early summer months is that inventory will likely rise, as it does this time every year, giving buyers more to select from. But so may prices, because supply and demand still favor sellers showing that there are not enough homes for those looking, and multiple offer situations are still quite high.
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].
Alison Paoli is a real estate broker with Properties NW in Gig Harbor. Her longtime love of real estate includes her integral role in helping build Zillow from the ground up, to years working closely with economists and analysts investigating the real estate collapse and recovery in the U.S. As a Gig Harbor resident for a decade now, she loves sharing local insider tips with newcomers and equips all her clients with hard data that helps empower well-informed real estate decisions. Super energetic, Alison’s a mom, wife, and local community volunteer, raising three girls active in athletics and arts.