What’s happening with the real estate market in Pierce County right now?
Here are market stats for the past month, but below you’ll find out what these numbers actually mean for home buyers and sellers.
There’s no sugar coating it. If you’re trying to buy a house in Tacoma, things this year have gotten harder, not easier. The current median sales price is an 11% increase since last year. Right now, the median sold price in Pierce County is $431,500, and last year in September 2019 the Pierce County median home price was at $383,000.
There are simply not enough homes for sale under $700,000. This means that multiple offers are common and Tacoma home prices keep increasing.
If you have a house to sell, now is definitely the time. If you have a home to sell under $700,000, now is a great time to sell your home and move up into a higher price range with less competition while interest rates are at record lows.
King County’s median home price is 30% more than Pierce County’s median. With working from home being more common for many people, it may be easier for people in King County to move to Pierce County.
Pierce County currently has about 1 month of inventory. This means that if no other homes came onto the market (and if the same number of homes sold), all of Pierce County’s inventory would be gone around the end of the month. A more typical market is around 5-6 months of inventory, so as you can see, our market is *very* active right now.
At this point, with everyone hunkering down and looking to nest during the pandemic, the demand for homes does not look like it will be easing anytime soon. Tacoma looks like it will remain a sellers market for a while still.