The Pierce County Median Home Price is $396,500
As of May 31st 2020 the median home price in Pierce County is $396,500. The median home price has been steadily increasing for years peaking at $410,000 in March and then settling right under $400,000 in May 2020. What does that mean for people considering moving to Tacoma or Tacomans considering buying a house in Tacoma? It means that so far, the deadly global pandemic is not slowing buyer’s appetite for housing in Tacoma.
Is Pierce County a buyer’s market or a seller’s market?
One of the biggest questions I’m getting these days is, “Is the Tacoma real estate market being impacted by Covid-19?” So far, the answer is no. We are still in a seller’s market. That means there are still more buyers than there are homes for sale in almost every neighborhood in Pierce County- including Tacoma. If you’re thinking about buying a house in Tacoma this year watch this video on what it means for Tacoma to be in a seller’s market:
Are Tacoma homes for sale still selling with multiple offers during Covid-19?
Yes. Especially homes that are around the median home price for Pierce County ($397,500) or the median home price for an individual neighborhood. For example, the median sales price for a house in Tacoma’s Proctor District is over $500,000, so anything priced under $600,000 in Proctor is going to get a lot of attention and sell very quickly. Because of the huge number of buyers the chances of selling a house in any neighborhood in Pierce County is 150% if that home is priced close to market price and in decent condition. Want to know how to choose a real estate agent when the market is so competitive? Check out our blog post here.
How many home have sold in Pierce County so far in 2020?
As of May 31st 2020 4,565 homes have sold in Pierce County. 820 homes sold in January 2020, 805 homes sold in February 2020, 1019 sold in March 2020, 930 sold in April of 2020, and 991 sold in May of 2020.
What is the median home price in Tacoma by neighborhood?
The median home price in Tacoma varies by neighborhood. The most affordable neighborhood in Tacoma is South Tacoma with a median home price that hovers right around $275,000. The most expensive neighborhood in Tacoma is the Stadium District, with a price right around $650,000. For a complete list of Tacoma neighborhoods and their median home prices check out our clickable neighborhood map and neighborhood guide.
We recently wrote a blog post called, “What you get for the money in Tacoma’s most expensive neighborhoods” to give people an idea of how far the median home price budget will get you in places like Stadium or Proctor. We also wrote “What you get for the money in Tacoma’s most affordable neighborhoods.”