Published October 11, 2026 in Market Update

National price growth is modest, but one part of Gig Harbor is still gaining

By Bre Enbom

Real estate, Gig Harbor, WA

The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. That is modest. But in ZIP 98402, the Real Estate Data Aggregator counted a median sale price of $475,000, up 15.2% from a year before. That gap is worth knowing if you own a home in Gig Harbor.

The Real Estate Data Aggregator counted 19 homes sold in ZIP 98402 in the three months ending August 31, 2026. That is up 58.3% from the same months of 2025. More homes sold, and they sold for more. That is a meaningful shift in one part of this market.

Homes in ZIP 98402 are also selling faster. The Real Estate Data Aggregator put the median days on market at 26 days, which is 89 days shorter than the same period a year ago. That is a big move. Buyers are deciding quickly.

Not every part of Gig Harbor reads the same way

ZIP 98403 tells a different story. The Real Estate Data Aggregator shows the median sale price there dipped 9.7% to $631,200. Homes sold fell 32.4%. Prices are still well above the other ZIPs, but the trend moved the other direction. Not every part of this market is gaining.

ZIP 98404 and ZIP 98405 sit closer to flat. The Real Estate Data Aggregator shows ZIP 98404 with a median sale price of $445,000, down just 0.9%. ZIP 98405 held steady at $475,000, unchanged from a year before. Supply crept up in both, which gives buyers a little more room.

The national picture adds pressure

CNBC reported the average contract rate on a 30-year fixed mortgage reached 7.49% last week. Realtor.com reported mortgage rates climbed above 7% for the first time since January 2025. Higher rates slow buyers down. That shows up in some of the pending sales numbers across these ZIPs.

Realtor.com also reported that 20.8% of listings nationally had a price cut in September, the highest share since October 2022. Redfin reported that 24.3% of Seattle-area home sellers cut their asking price during the four weeks ending September 20. That is above the national figure of 21.1% Redfin reported for the same period. Gig Harbor sits in that broader Seattle market. Not every home here will feel that pressure, but it is real in some ZIP codes.

Speed of sale shows where demand is firmest

The Real Estate Data Aggregator found that 33.3% of homes in ZIP 98402 went under contract within two weeks of listing, up 14.5 points from a year before. In ZIP 98403, that share was 69.6%, up 23.6 points. In ZIP 98405, it was 52%, up 9.1 points. Those numbers say buyers in these areas are still moving with purpose.

ZIP 98418 and ZIP 98408 also show firm demand. The Real Estate Data Aggregator put the sale-to-list ratio in ZIP 98418 at 101.2%, with 54.6% of homes selling above list price. In ZIP 98408, 52.9% of homes went under contract within two weeks. Prices in both dipped slightly, but buyer activity stayed solid.

These numbers cover the three months ending August 31, 2026. One street can read very differently from the whole ZIP code. If you want to know where your home sits, send me your address.