In a market where every saltwaterfront listing turns heads, here’s what stopped me cold: in 2024, Thurston County saw just three sales over $2 million – down from nine the previous year. This dramatic shift tells a bigger story about our changing saltwaterfront landscape.
| Price Range | 2024 Sales | Market Share |
|---|---|---|
| Under $700K | 10 | 17.2% |
| $700K-$799K | 4 | 6.9% |
| $800K-$899K | 4 | 6.9% |
| $900K-$999K | 4 | 6.9% |
| $1M-$2M | 33 | 56.9% |
| $2M-$3M | 3 | 5.2% |
The middle luxury segment ($1M-$2M) dominated our market, representing over half of all transactions. Let’s unpack what this means for buyers and sellers.
| Region | Average Sales from Prior Year | Market Insight |
|---|---|---|
| Boston Harbor/South Bay | +13% | Leading performer with strong community appeal |
| Steamboat Island | +9% | Consistent growth, limited inventory |
| Johnson Point | -13% | More diverse property mix affecting averages |
| Cooper Point | -15% | Luxury segment adjustment |
This area’s 13% price increase wasn’t just luck. With its proximity to Olympia and established infrastructure, Boston Harbor continues to attract buyers seeking both luxury and convenience. Average sale prices here reached $1,417,875, with particularly strong activity in the $1M-$2M range.
Despite inventory challenges, Steamboat Island’s 9% price appreciation reflects its enduring appeal. The average sale price of $990,372 represents significant value for waterfront property, especially considering the area’s tight-knit community feel.
Here’s what makes our current market unique:
This isn’t just about numbers – it’s about opportunity. When 52% of available properties are already spoken for, buyers need to act decisively.
Most significant shifts in 2024:
The window for action has narrowed. With only 10 truly available properties across all of Thurston County’s waterfront, success requires:
Despite reduced transaction volume, pricing power remains strong in most areas. Key considerations:
imited new development opportunities and current owners retaining properties due to favorable existing mortgage rates.
Yes, average sales prices increased 9.5% in 2024 due to limited supply and consistent demand.
62% of sales were over $1 million in 2024.
Only two vacant land sales occurred in 2024, down from seven in 2023, due to limited undeveloped waterfront property.
Spence Weigand is Thurston County’s leading waterfront property specialist, with over two decades of experience in the South Puget Sound market. As the publisher of OlympiaWaterfront.com and founder of the annual Thurston County Waterfront Report (now in its 34th year), he maintains the area’s most comprehensive database of waterfront transactions and market trends. A South Sound native and active community member, Spence has completed over 500 waterfront transactions throughout his career. When not analyzing market data or helping clients, he can often be found exploring the same waterways.
