Where are the most affordable areas in Olympia, Washington to find homes on acreage? Check out this video for a tour of areas in Thurston County where you can find stick-built homes two to ten acres.
I’ve never met a buyer who says they want to live two inches away from their neighbor! Buyers want some space, and for those looking for a few acres of space, here are the top three most affordable areas.
#3 – Tenino and Rainier
Coming in at the second most affordable area for properties on acreage is the Tenino and Rainier areas of Thurston County. These towns are just west of Yelm, also in the south county area.
The average sales price for the last year was $481,572.
For this average sales price, buyers found homes on two to five acres and only a few of these homes had any outbuildings. These properties that sold last year were not typical horse properties but offered shops.
The most expensive sale was a home in McIntosh Ridge, a gated neighborhood with a minimum of five-acre parcels. This was a 3,453 square foot home built in 2013 on 5.4 acres. The acreage was for privacy and featured a guest cottage attached to the garage and sold for $755,000.
#2 – Yelm
The Yelm area is located in the southeast part of Thurston County. Yelm is the third most affordable area to buy properties on acreage but it also had the most choices for acreage properties for sale last year. In this steep seller’s market, Yelm out of the three will give buyers the most choices for homes on acreage.
The average sales price within the last year was $484,997.
Although this average price is higher than in Tenino and Rainier, for this average price, buyers were able to find homes on larger parcels. Buyers found properties on five to six acres with homes about 2,000 square feet. Some were older homes but had outbuildings; others were newer homes without outbuildings.
The most expensive property under ten acres was a property that sold for $775,000. This was marketed as a horse business with sixteen stalls, an indoor arena with eleven paddocks and more on 9.95 acres. The house was a 1,752 square foot rambler built in 1992. It sold in June 2020.
#1 – Rochester
To get the most for your money, Rochester is the most affordable area for homes on acreage and comes in at number one. Rochester is located in the southwest corner of Thurston County.
The average sales price for the last year was $432,440.
For this average sales price, buyers found two to five acre parcels with 1,800 to 2,000 square foot homes. These properties featured shops and barns and they varied in age from homes built in the 1970s to nearly new homes.
The most expensive home within the year was a 3,085 square foot home built in 2007 on 4.95 acres. This is an equestrian property with a four-stall barn, tack room, wash rack, shop, covered arena and six pastures. It sold in May 2020 for $725,000.
Types of Acreage
Just as there are many types of homes, there are many types of acreage with different uses and purposes. Buyers will also find the amenities on these properties vary upon its current use.
Equestrian Properties
Buyers looking for equestrian properties are looking for homes in their budget that may already have the necessary outbuildings, fencing, and set-up for horses.
Thurston County has some amazing equestrian properties from anything with just a simple barn with a couple of stalls to properties fully built out with an arena, pastures, paddocks, and more.
Crops
Some buyers want more than just a backyard vegetable garden, and are looking for the space to grow vegetables, have an orchard of apples and other fruit trees, hay, plants for nurseries, and much more.
Acreage that has good soil, flat and not a lot of trees are ideal traits.
Privacy
The most common reason why people seek acreage is the privacy it can offer. Buyers looking for this privacy can often tolerate properties where part of the land is unusable or unbuildable due to slopes or wetlands, and existing outbuildings may not be a priority.
Building the Dream Home
Some buyers looking to build their dream home may expand their search from just vacant land to also consider properties with existing homes. They may tear down or add to the existing structure.
FAQ from Buyers Looking for Homes on Acreage
Are there different lending guidelines for financing homes on acreage?
For most properties under ten acres, most buyers will not have lending challenges but it’s worth to note that zoning, parcel size, intended land use can affect a buyer’s ability to obtain financing.
The property and the buyer may also qualify for USDA financing, which can offer zero down options.
Be sure to consult with your lender before starting your home search for homes on acreage. A qualified and experienced lender can help you with the best financing options and can spot red flags when you are considering buying a home on acreage. Ask me for some lending contacts who can help.
Why is land so expensive in the Olympia area?
Olympia, Washington is in one of 18 counties in Washington State that has a Growth Management Act. In short, this GMA is a land use guide to manage population growth. This includes limiting urban sprawl. If the amount of land available for development is being constrained, then what land is available to develop increases the costs and prices of homes.
I’m not looking for such a large parcel of land but I still want to have horses. How do I know if I can have horses on a property?
Not everyone is looking for two or more acres but still want a little elbow room from their neighbors and like the thought of having livestock or chickens. If you live on a smaller parcel and want to know if you can have horses, goats or chickens on your property, click here to my post on how to determine what you can raise on your property throughout the Thurston County area.
Where are the most expensive areas of Olympia to buy homes on acreage?
The most expensive area for properties on acreage is West Olympia. Within the last year, the average sales price for homes on two to ten acres was $712,536. For this average sales price, buyers found homes under five acres and typically did not include outbuildings. These are larger homes (3,000+ square feet) and use the acreage for privacy. West Olympia also has waterfront and water view properties that are close to downtown, which increases the home prices.
The most expensive home under ten acres was a 4,782 square foot home on 9.5 acres that sold within the year sold for $1,070,000 in January 2020.
Where else should I look for affordable homes on acreage?
Be sure to check out the neighboring counties of Mason and Lewis counties for homes on acreage.
In the Centralia and Chehalis area of Lewis County, which is about 35 to 50 minutes from Olympia by I-5, you can find three-acre properties in the low $300,000s.
In the Shelton area of Mason County, which is about 30 minutes from Olympia, the median sales price was higher in the low to mid $400,000s for homes under five acres.
What about manufactured homes on acreage?
Manufactured homes on acreage offer buyers the most affordable options to get a home on acreage. For example, in Yelm, the average sales price for a double-wide manufactured homes on five acres is $321,000, well below the average for a stick-built home for $485,000.
Conclusion
Start your search for homes on acreage here and then let’s chat about your next steps! Call or email me anytime at (360) 359-0689 or francine.viola@cbolympia.com.
Sales data was compiled by Francine Viola from Northwest Multiple Listing Service Data.