Metropolitan Statistical Area (MSA):
Olympia-Tumwater, WA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Olympia-Tumwater, WA metropolitan statistical area (MSA) is one of the most desirable places to live in the United States. The combination of a mild climate, beautiful scenery, and proximity to Seattle make it a highly sought-after destination for both homebuyers and renters.
The Olympia-Tumwater MSA has seen a number of real estate trends in recent years that have made it an even more attractive place to live. One of the most notable trends has been the increasing prices of homes in the area. According to Zillow, the median home value in Olympia-Tumwater was $360,000 in September 2020, which is up 11.4% from the previous year.
Rising home values are not only being driven by strong demand from buyers, but also by limited supply. The number of homes for sale in Olympia-Tumwater has decreased significantly over the past few years, reaching an all-time low in August 2020. This decrease in inventory has led to more competition among buyers and higher prices for sellers.
Another trend that is impacting the real estate market in Olympia-Tumwater is population growth. The MSA's population has been growing steadily for several years and is projected to reach nearly 600,000 by 2030. This population growth is being driven by both natural increases (more births than deaths) and net migration (more people moving into the area than moving out).
As more people move into Olympia-Tumwater, there will be even more demand for housing. This population growth is likely to put even more upward pressure on home prices and could lead to even more competition among buyers.