98802
$489,900median sale price
The 98802 zip code, located in Gig Harbor, WA, is currently classified as a buyer's market. The median sale price stands at $489,900, representing a -0.1% change year over year. Homes in this area spend an average of 64 days on the market before going under contract. There are currently 66 active listings in the area, which influences how much negotiating power buyers and sellers have.
Understanding zip-code-level data is essential for making informed real estate decisions. City-wide averages can mask significant variation between neighborhoods, and the 98802 market may perform differently from surrounding areas depending on local school quality, proximity to employment centers, and housing stock characteristics. The metrics below are sourced from Redfin transaction data, Zillow home value estimates, and U.S. Census Bureau demographic statistics.
Homes sold
77
Last 12 weeks
Days on market
64
Average pace
Active listings
66
Sale-to-list
95.3%
Below asking
Market trends
Market analysis for 98802
The 98802 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a buyer's market, homes are selling at approximately 95.3% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 98802 have declined -0.1% compared to last year, which may present opportunities for buyers looking to enter the market at a lower price point. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 98802 stands at $503,139, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $2,249 per month. This gives a price-to-rent ratio of approximately 18.6, which sits in a moderate range where the buy-versus-rent decision depends heavily on individual financial circumstances and time horizon. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Community profile
Population
31,801
Median income
$88,816/yr
Median age
38.7 years
Owner-occupied
7150.0%
College grads
2370.0%
Avg commute
25.5 min
Living in 98802
Zip code 98802 is home to approximately 31,801 residents. The median household income is $88,816 per year, which shapes the types of homes and amenities available in the area. With a median age of 38.7 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 7150.0% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 2370.0% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 25.5 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 98802.
Frequently asked questions about 98802
What is the median home price in 98802?
The current median sale price in 98802 is $489,900, based on recent Redfin transaction data. Prices have changed -0.1% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 98802 a buyer's or seller's market?
The 98802 zip code is currently classified as a buyer's market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population and demographics of 98802?
Zip code 98802 has a population of approximately 31,801 residents. The median household income is $88,816 per year. About 7150.0% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 98802?
Properties Incorporated provides comprehensive data for 98802 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 98802 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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