ZIP Code Market Report
98506 — Olympia, WA
Data through February 2026 · Updated monthly
Avg Home Value
$534,597
▼ 0.8% year-over-year
Month-over-Month
-0.3%
▼ 0.3%
Single Family
$536,699
Condo / Co-op
--
The average home value in the 98506 ZIP code (Olympia, Washington) is $534,597 as of February 2026. Home prices are stable, down 0.8% compared to last year.
A 3-bedroom home in 98506 is valued at $541,258. 1-bedroom units start around $435,621.
The market in 98506 has a $333,556 spread between bottom-tier homes at $422,180 and top-tier homes at $755,736. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 98506 ZIP code will decrease 0.8% over the next 12 months, bringing the projected average to approximately $530,321. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Thurston County market area in Washington. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Thurston County report.
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Market Snapshot
98506 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $539,491 | $536,264 | $534,597 | ▼ 0.9% |
| Single Family Value | $533,971 | $535,310 | $536,699 | ▲ 0.5% |
Home Values
98506 Home Value Trend
Historical home values for ZIP code 98506. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 98506
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $435,621 |
| 2 Bedrooms | $428,104 |
| 3 Bedrooms | $541,258 |
| 4 Bedrooms | $638,891 |
Property Types
Home Values by Property Type in 98506
How different property types compare in this ZIP code.
All Homes
$534,597
Single Family
$536,699
Bottom Tier
$422,180
Top Tier
$755,736
Forecast
12-Month Home Value Forecast for 98506
Zillow projects home values in 98506 will decrease 0.8% over the next year, reaching approximately $530,321.
Current Value
$534,597
Projected Change
-0.8%
▼ 0.8%
Projected Value
$530,321
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 98506 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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