98516 — Lacey, WA Home Values
Typical home value $583,765 as of June 2026 · 1st of 12 in Olympia-Lacey-Tumwater, WA
Blue: typical home value (Zillow ZHVI) in ZIP code 98516, June 2021 to June 2026. This page shows observed data only; no forecast.
How 98516 compares in the Olympia-Lacey-Tumwater, WA area
ZIP code 98516 (Lacey, WA) has a typical home value of $583,765 as of June 2026, ranking 1st of 12 ZIP codes tracked in the Olympia-Lacey-Tumwater, WA area, the most expensive ZIP code in the metro. Prices here have moved -0.3% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +13.1%, from $516,349 in June 2021 to $583,765 in June 2026. Against observed rent, the typical home here sells for 22.2× the annual rent ($2,196/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 98516 has a population of 28,286, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 66.5% White, 12% Asian, 8.4% Hispanic or Latino, 7.5% two or more races, 3.7% Black or African American, 0.7% American Indian or Alaska Native, 0.7% Native Hawaiian or Pacific Islander, and 0.5% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| Salish Middle School | 8605 Campus Glen Dr NE, Lacey, WA | 1.8 mi |
| South Bay Elementary | 3845 Sleater Kinney Rd NE, Lacey, WA | 2.5 mi |
| Olympic View Elementary | 1330 Horne Ave NE, Lacey, WA | 2.8 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 98516?
$583,765 as of June 2026, the latest month Zillow has published observed data for.
Is 98516 an expensive ZIP code in the Olympia-Lacey-Tumwater, WA area?
98516 ranks 1st of 12 ZIP codes in the Olympia-Lacey-Tumwater, WA area by typical home value, the most expensive ZIP code in the metro.
How much have home values in 98516 changed over the past year?
-0.3% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 98516?
The typical home price is 22.2× the observed annual rent in this ZIP code ($2,196/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 98516?
28,286, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 98516?
Salish Middle School (1.8 mi), South Bay Elementary (2.5 mi), Olympic View Elementary (2.8 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 98516?
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.