Investing in Tacoma real estate in 2023? We’re covering everything you need to know to make great investment decisions. From land use, to zoning changes, tenant protection laws, and more! We sat down with former city councilman, appraiser, and current Tacoma real estate agent Anders. We cover what the biggest questions investors in Tacoma real estate have right now. Watch the video here:
What is the Tacoma real estate market like in 2023?
As we enter 2023 the median home price in Pierce County is about $500,000. This is about 30% less than King County’s median home price of $725,000. Tacoma’s median home price in 2023 is about $450,000. Tacoma’s attractive median home price, proximity to Seattle, and strong long term outlook has attracted an increasing amount of interest from real estate investors across the country. Whether you’re a longtime Tacoman ready to buy your first house or you’re a seasoned investor interested in multi-family properties, you need information to make good decisions.
What are the biggest changes in Tacoma real estate in 2023?
Besides the shift in the overall market (see our post Tacoma Real Estate Market 2023) land use changes are the biggest shift for investors in the Tacoma real estate market in 2023. It’s less about just numbers and more about how single family zoning is going away statewide. While the proposed legislation is still being hashed out at the state level, Tacoma is passing Home in Tacoma. Home in Tacoma is going to increase the amount of multifamily properties allowed in neighborhoods across the city, especially in specific corridors.
On the landlord/tenant side, things are going to get more strict when it comes to rent increases. Effectively, rent control has been proposed. At this point it’s made it’s way through committee at the state level and it remains to be seen how it manifests statewide in Tacoma. But with rents having increased so quickly and so much over the past few years, investors should be building rent control into their business plans.
Additional resources for Tacoma real estate investors:
Want to invest in waterfront or water view properties? Check out our post about waterfront and water view neighborhoods in Tacoma.
As experienced investors know, buying and selling investment properties in Tacoma is more complex than regular real estate transactions.
Marguerite has been working in Tacoma real estate for over 15 years, and she knows all the best agents.
If you’re looking to buy or sell an investment property in Tacoma she can help connect you to an experienced agent who specializes in the type of investment property you are transacting.