2020 has been a year full of surprises. For a while, it wasn’t clear how the COVID-19 pandemic would impact real estate, but we have seen a year filled with increasing property values, low interest rates, and record highs. Tacoma Real Estate Agent and founder of MovetoTacoma.com Marguerite Martin was quoted in this recent Seattle Times article “Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs.” Written by Seattle Times Business Reporter Katherine Khashimova Long and published on October 7, 2020, this article shares important insights about the King County and Seattle real estate markets.
Here are a few big takeaways from the Seattle Times article:
– Home prices in King County hit an all-time high in September 2020. The median home price in King County is now at $753,600. This is 14% more than September 2019.
– Homes less than $800,000 in King County is intense. There is much more competition in this price range, and low inventory contributes to this.
– Pierce County and Snohomish County (both neighbors to King County) are experiencing record-breaking real estate numbers as well. Homes in these counties are selling faster than anytime in the past 5 years according to the Seattle Times article.
– In Pierce County, the median home price was at $434,999 in September 2020.
– In Snohomish County, the median home price was at $569,997 in September 2020.
– People want more space due to the impacts of COVID-19. Those who live in condos or “starter” homes are ready for more square footage.
– Interest rates are at all-time lows, giving buyers more buying power.
What do Seattle and King County real estate have to do with Tacoma?
Tacoma is the largest city in Pierce County, which is directly south of King County. As prices in Seattle and King County hit all-time highs, many people find themselves seeking less expensive housing costs to the south. Of course, this only causes prices in Pierce County to go up. Median home prices in Pierce County hit an all-time high in September 2020.
Here is Tacoma real estate agent and MovetoTacoma.com creator Marguerite’s quote in the Seattle Times article:
“The price hikes are ‘awesome for people who own property,’ said Tacoma agent Marguerite Martin. ‘And that’s pretty much the only people for whom this is awesome news.’”
What other cities are people moving to?
Those who may need to stay closer to Seattle for work are looking to Southeast King County for less expensive housing costs. Friend and colleague Kim Colleprete of Team Diva Real Estate in Seattle is also quoted in the Seattle Times article:
“The rush of new demand from first-time buyers and people transitioning out of smaller spaces is driving up prices in places like Burien, Des Moines and Renton, said Seattle broker Kim Colaprete, who said that’s where most of her brokerage’s first-time homebuyers are looking. Home prices in Southeast King County jumped nearly 18% over last year, to a new all-time high of $552,000.”
“The market for higher-end homes, though, has cooled down slightly in the past month, Colaprete said. In more expensive Seattle, prices dipped slightly from last month, to $820,000 — still an increase of 9.3% over last year.”
Thinking About Moving to Tacoma? Here’s What You Need to Know
MovetoTacoma.com was created by Tacoma real estate agent Marguerite Martin and is filled with helpful community info and also has its fair share of real estate advice. If you’re considering a move to Tacoma or Pierce County, here are a few resources you may find useful: