Stay informed about business news and updates in Gig Harbor, WA.
The Gig Harbor real estate market is experiencing a rebound, with single-family home prices rising by 1.8% in January 2025, marking a record median price of $915,000. Despite a significant increase in new listings, strong buyer demand continues to favor sellers, indicating a competitive market environment.
Wild Earth Rocks, a beloved rock and crystal store on Key Peninsula, has closed its doors due to zoning issues and declining sales. The store, known for its unique offerings and community engagement, is now seeking a new location while the owners plan to sell their remaining inventory online.
James "Jim" Milgard, a prominent Gig Harbor resident and window manufacturing pioneer, passed away at 84. As a philanthropist, he significantly contributed to local health and education initiatives, including the Milgard Medical Pavilion and the Milgard School of Business at the University of Washington-Tacoma.
The Gig Harbor housing market showed resilience in 2024, with median home prices rising by 5.8% despite elevated interest rates and low real estate activity. Home sales remained below average, primarily due to homeowners hesitating to sell amid high mortgage rates, while critically low inventory levels contributed to a competitive seller's market.
Plans for a long-stalled shopping center in Gig Harbor may be revitalized, with the developer considering a mixed-use approach following community feedback. The project, initially set to feature a grocery store and various retail options, is now exploring multifamily housing as part of an evolving town center vision. Developer Jon Rose indicated strong interest from multiple grocery chains, hinting at potential progress.
Plans for a mixed-use development at the Village at Harbor Hill in Gig Harbor may be revitalized according to developer Jon Rose of Raydient/Rayonier. Despite previous setbacks, including the withdrawal of a grocery chain, community interest has shifted towards a multifamily and retail blend, with strong interest from multiple grocers. A significant public meeting in June demonstrated local support for diverse development ideas.