Do you want to know the most expensive neighborhoods to buy a house in Tacoma in 2023? You’ve come to the right place. The most expensive neighborhoods to buy a house in Tacoma are the Stadium District, Old Town, Point Ruston, Three Bridges, and The West Slope. All of these neighborhoods are located in North Tacoma.
Are home prices in Tacoma increasing or decreasing in 2023?
The median home price in Pierce County went from $491,000 at the beginning of 2022 before peaking in June and leveling off around $530,000. In a few of the most affordable neighborhoods in Tacoma home prices went down very slightly in 2023. In the most expensive neighborhoods in Tacoma home prices increased over 2022, and in some even exceed $1,000,000. Let’s dig in.
Home prices in the Stadium District neighborhood of Tacoma are the highest of any neighborhood in Tacoma. Between January 2022 and January 2023 median home prices in the Stadium District increased about 14% from $940,000 to $1,095,000. The average number of a days that home in Stadium spends on the market before going pending is about 30 days. To learn more about what living in the Stadium District is like check out the Stadium District Neighborhood Page.
The second most expensive neighborhood in Tacoma in 2023 is the Old Town neighborhood of Tacoma. It’s a very close second! Home prices in Old Town increased 17% from $900,000 in January 2022 to $1,090,000 in January of 2023. The average number of days a home is on the market in Old Town before going pending is about 26 days. If you’d like to learn more about Old Town check out the Old Town Neighborhood Guide.
This is our first year including Point Ruston on this list! Point Ruston is the third priciest neighborhood in Tacoma with a median sales price of $981,342. What sets Point Ruston apart is their sales are made up of Luxury Condominiums vs single family homes. Totally different vibes! To learn more about Pt Ruston visit the Point Ruston Neighborhood Guide.
The Three Bridges Neighborhood is the fourth priciest neighborhood in Tacoma in 2023. Three Bridges is located at the nexus of Proctor, Stadium, North Slope, UPS, and Old Town right around that area of 21st and Alder. The median home price here increased 33% from $635,000 in 2022 to $788,000 in 2023 (about 20%) and homes here are going pending in about 18 days. To learn more about the neighborhood check out our Three Bridges Neighborhood Guide.
The West Slope of Tacoma is the 5th most expensive neighborhood in Tacoma in 2023. The median sales price increased 6.5% from $699,500 in 2022 to $747,500 in 2023. The average time a home spends on the market in this neighborhood is about 17 days before they have an accepted offer. To learn more check out our West Slope Neighborhood Guide.
Are home prices in Tacoma’s most expensive neighborhoods going up or down?
While home prices in the most expensive neighborhoods have flattened out as mortgage interest rates have increased, they are higher in 2023 than they were in 2022. For example, the median home price in North Tacoma (including the west slope and west end) was about $480,000 at the start of 2022. As we start 2023 the median home price in the North End has been holding steady at about $625,000. That’s about 18% higher than in Pierce County in general right now. You can see how North Tacoma prices have changed compared to Pierce County at large in the chart below from the Northwest Multiple Listing Service.
Is it a good time to sell a house in Tacoma’s most expensive neighborhoods?
Homes in Tacoma’s most expensive neighborhoods are still selling, and are holding their value. The time that homes are spending on the market is increasing. For example, in the Stadium District the average home takes about 30 days to sell, compared to about 2 weeks last year. In Old Town homes have similarly increased from 19 days to 26 days on market. When it comes to higher end homes sellers need to prepare the property for sale (cleaning, staging, repairs, etc), price the property correctly from the start, and do a great job marketing the property online to buyers. For tips on hiring a great seller’s agent check out our post, “How to Hire the Best Real Estate Agent in Tacoma (For you!)”
Tacoma Real Estate 2023 Resources:
Marguerite Martin, Founder of MoveToTacoma.com is a real estate agent in Tacoma, WA . As a real estate “Matchmaker,” she specializes in connecting real estate clients to the perfect agent in Tacoma and across the country. Learn more at Meet Your Guide.