June 2025 Real Estate Market Update: Gig Harbor, Key Peninsula & Port Orchard

If you're thinking about buying or selling a home in the Gig Harbor, Key Peninsula, or Port Orchard areas, the current market offers a unique mix of opportunity and movement. Here's a quick snapshot of what’s happening as we move into summer.

📍 Gig Harbor

• Median Sale Price: $820,000

• Average Days on Market: 7

Gig Harbor’s housing market remains strong and dynamic. There’s an impressive range of homes available—from a $15,000 single-wide manufactured home in a local park to a luxurious $12.8 million waterfront estate.

The most competitive price point right now is in the $800,000s, where homes are selling in just 2 days on average and typically within 1% of their asking price. While some listings are seeing price reductions (often due to presentation, condition, or location), well-staged and appropriately priced homes are still commanding attention—and often selling above asking.

📍 Key Peninsula

• Median Sale Price: $537,500

• Average Days on Market: 27

Key Peninsula continues to offer excellent value and a quieter pace of life, making it a popular choice for those looking for space and affordability. While days on market are a bit longer, buyers are benefiting from increased inventory and more flexible seller terms.

📍 Port Orchard

• Median Sale Price: $552,000

• Average Days on Market: 9

• Active Listings: 188+

Port Orchard is currently offering a wide range of options—from an $80,000 single-wide manufactured home to investment properties in the low $200,000s. On the luxury end, many homes priced over $1 million feature waterfront access or beautiful water views, with the highest current listing just over $2 million.

📊 Regional Trends to Watch

• Inventory is up 15% year-over-year, giving buyers more choices than we've seen in years.

• Seller concessions are increasingly common, indicating a shift toward more motivated sellers.

• Prices are up 7–10% compared to this time last year, depending on the area.

• Interest rates remain in the 6% range, and while a drop into the 5s isn’t expected until sometime in 2026, buying now can help hedge against further price increases.

What This Means for Buyers and Sellers

For buyers, this is a welcome window of opportunity—more inventory, more negotiating room, and the ability to act before prices climb higher. For sellers, pricing and presentation remain key. Homes that are move-in ready and strategically priced are still generating strong interest and quick sales.

If you're curious about your home's value or want to explore the market, I’d be happy to provide a free home valuation or help you navigate your next move.

Want to stay updated on future trends or listings in your area? Feel free to reach out or subscribe to my monthly updates!

Kitchens and Bathrooms are often a major deciding factor on whether or not a potential buyer wants to purchase your home, but expensive renovations arent always the best choice... to get a couple of ideas on what you can do on a budget in a short time to help your homes appeal see this article

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