98506 — Olympia, WA Home Values
Typical home value $548,321 as of June 2026 · 5th of 12 in Olympia-Lacey-Tumwater, WA
Blue: typical home value (Zillow ZHVI) in ZIP code 98506, June 2021 to June 2026. This page shows observed data only; no forecast.
How 98506 compares in the Olympia-Lacey-Tumwater, WA area
ZIP code 98506 (Olympia, WA) has a typical home value of $548,321 as of June 2026, ranking 5th of 12 ZIP codes tracked in the Olympia-Lacey-Tumwater, WA area, more expensive than about 67% of ZIP codes in the metro. Prices here have moved -1.3% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +12.1%, from $489,235 in June 2021 to $548,321 in June 2026. Against observed rent, the typical home here sells for 22.8× the annual rent ($2,006/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Olympia-Lacey-Tumwater, WA forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Olympia.
Population and demographics
ZIP code 98506 has a population of 18,763, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 82.8% White, 5.2% Asian, 4.9% Hispanic or Latino, 4.6% two or more races, 1.2% Black or African American, 1% American Indian or Alaska Native, 0.2% another race, and 0.1% Native Hawaiian or Pacific Islander.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| Boston Harbor Elementary | 7300 ZANGLE RD NE, OLYMPIA, WA | 2 mi |
| South Bay Elementary | 3845 Sleater Kinney Rd NE, Lacey, WA | 2.3 mi |
| Reeves Middle School | 2200 QUINCE ST NE, OLYMPIA, WA | 3.2 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 98506?
$548,321 as of June 2026, the latest month Zillow has published observed data for.
Is 98506 an expensive ZIP code in the Olympia-Lacey-Tumwater, WA area?
98506 ranks 5th of 12 ZIP codes in the Olympia-Lacey-Tumwater, WA area by typical home value, more expensive than about 67% of ZIP codes in the metro.
How much have home values in 98506 changed over the past year?
-1.3% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 98506?
The typical home price is 22.8× the observed annual rent in this ZIP code ($2,006/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 98506?
18,763, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 98506?
Boston Harbor Elementary (2 mi), South Bay Elementary (2.3 mi), Reeves Middle School (3.2 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 98506?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Olympia-Lacey-Tumwater, WA forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.